I was recently quoted in Yahoo News about starting a business and mistakes that many small businesses make. I’ve found that the biggest problem that business owners make when starting a business is they aren’t really solving a problem or need. When there is no problem or real need, nobody will be willing to pay for it.
Entrepreneurs can build the most amazing product in the world but if nobody needs it, you will fail. I’ve seen this countless times. Some really cool products that I would use (maybe) if they were free. But they are more try it once and forget about it. #lame
Here is the quote in Yahoo News:
You might think that your business idea, selling handwoven wool mustache warmers to graphic designers, is an amazing one, but you’ve fallen into a trap — picking a niche that’s too small, or that just isn’t important enough. “A major cause of businesses failing is because they do not offer a product or service that nobody really cares about,” writes John Rampton in Forbes. If your potential customer base consists of only 10 people, your online business isn’t going to succeed. Do your research and make it so that the product or service you’re offering answers a real need in the market, and that you’ll get enough customers to ensure your business will thrive. “Choosing a larger market will give you the opportunity to grab a slice of the pie, despite your company’s size,” adds Rampton.
