The Very First Big Mistake Entrepreneurs Make On Day One

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The Very First Big Mistake Entrepreneurs Make On
Day One
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A recent study showed that the number one reason
people become entrepreneurs is to do what they
want to do, and not what someone else tells them
to do. Believe it or not, its not to make
money.  The first big mistake is just this. Its
doing what they want because this isnt
necessarily what customers want, and are willing
to pay for.
The Very First Big Mistake Entrepreneurs Make On
Day One
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So the old saying, Do want you love and the
money will follow isnt true. Its missing an
important piece of the puzzle, that is, only if
what you love is also what your customers or
clients love too.
The Very First Big Mistake Entrepreneurs Make On
Day One
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Validate Your Business Idea Quickly and Cheaply

• This is the reason why its important to conduct
  quick business experiments formulate a
  hypothesis and test it. If it fails, try again.
  If it works, go forward to the next step.  Weeks
  of research and analysis will tell you less than
  a quick experiment. And asking friends and
  colleagues wont tell you much either because
  people dont want to tell other people
  (particular those standing in front of them) that
  their idea is awful.

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Validate Your Business Idea Quickly and Cheaply

• This is why the Internet is awesome searchers
  dont care who you are, they dont care how old
  or young you are, whether you were a high-powered
  executive or a stay-at-home mom, it comes down to
  whether they like what you have to offer.  The
  Internet can be cold and cruel, but this gets you
  moving in the right direction more quickly.

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Why the Internet for Every Type of Business

• For example, if your business idea is to open a
  specialty retail store, then why not see if you
  can set up a niche website that is monetized
  through affiliate marketing or advertising. If
  your business idea is to develop software to
  solve a problem, why not start a blog talking
  about the problem and interview those offering
  the current solutions.

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Other Offline Ways of Getting a Business Started

• There are other ways to test out a business idea
  other than the Internet. My daughter likes baking
  and wanted to start a bakery. She started a
  website with unique baking ideas even garlic
  cookies! (BTW not a hit). She offered to bake
  and assist at bake sales for schools and clubs.
  She learned what people liked and didnt like.
  Her big lesson is people dont want a new type of
  cookie or cake, they want a familiar variety
  thats the best theyve ever had.

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The Very First Big Mistake Entrepreneurs Make On
Day One

• As a closing comment, all businesses are
  for-profit operations. It mystifies me why money
  isnt the prime reason for becoming an
  entrepreneur. I think its better to focus on the
  money. After all, if an entrepreneur were to put
  revenue first, then the entrepreneur becomes
  obsessed with providing customers with what they
  want and not what makes the entrepreneur happy.

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