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- Jun 17, 2019
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So, I've been reflecting on my past business failures and disasters, and I've noticed some common patterns. The other night, I took the time to jot down everything I could remember about my three or four false starts, and I was actually surprised by some of my observations.
Firstly, it appears that my previous ventures suffered from what I'll call the "excitement" factor. I would come up with an interesting idea and dive headfirst into creating it (often involving some sort of tech product or service), without a clear plan on how to market it. In fact, most of these ventures avoided the CENTS concept and lacked sufficient substance to truly attract customers in my opinion.
Additionally, there was a clear lack of foresight or a solid selling strategy in place for these endeavors. Many of the industries I ventured into would have required significant financial investment and effort to scale and become profitable.
It seems that I didn't do enough upfront work to validate the ideas and develop a genuine marketing plan for selling the product or service. As a result, once the initial novelty wore off, I would lose interest and the product would languish.
Now, I find myself harboring a cautious mindset when it comes to business. It feels like every venture becomes another sunk cost because I haven't been able to successfully execute in the past, often due to laziness or a lack of planning.
As I sit here, trying to come up with new ideas, I can feel the negative thoughts lingering in my mind whenever I encounter a problem to solve. I would appreciate any advice on overcoming this hurdle, and I'm curious if my experience is completely abnormal.
Firstly, it appears that my previous ventures suffered from what I'll call the "excitement" factor. I would come up with an interesting idea and dive headfirst into creating it (often involving some sort of tech product or service), without a clear plan on how to market it. In fact, most of these ventures avoided the CENTS concept and lacked sufficient substance to truly attract customers in my opinion.
Additionally, there was a clear lack of foresight or a solid selling strategy in place for these endeavors. Many of the industries I ventured into would have required significant financial investment and effort to scale and become profitable.
It seems that I didn't do enough upfront work to validate the ideas and develop a genuine marketing plan for selling the product or service. As a result, once the initial novelty wore off, I would lose interest and the product would languish.
Now, I find myself harboring a cautious mindset when it comes to business. It feels like every venture becomes another sunk cost because I haven't been able to successfully execute in the past, often due to laziness or a lack of planning.
As I sit here, trying to come up with new ideas, I can feel the negative thoughts lingering in my mind whenever I encounter a problem to solve. I would appreciate any advice on overcoming this hurdle, and I'm curious if my experience is completely abnormal.
