Do you know your target market?
I assume most of you immediately said yes but let us do some deep soul searching. EGO's aside....do you? I have personally worked with a few upcoming companies that chose EGO instead of being open minded to the actual needs of the consumer they were actually targeting and then at this point they became confused at why their product was not selling. Was it a bad product? Most likely not but selling ICE to Eskimos is kind of a bad plan. Laugh but many companies through the years have folded because they chose to stick to their business and would not budge. Whereas so many successful companies had no problem switching their businesses vision. Think about Coca-Cola or any of the other billion dollar companies that have switched whole campaigns on the drop of a dime. So even they have made bad calls. IT HAPPENS!
Now please note that your market is not just your customers but your suppliers and competitors. What your suppliers and competitors charge can make ya or break ya! So it is good to always be alert on what is going on in your industry. Simply using social media can help you drastically on what the masses want and how your mission and/or prices may have to go down a little or GO UP!!! Plus, you should know when to hold them and when to.....Thanks Kenny! Here is a great example of knowing when it may be time to fold them or modify your service or product!
1)AVON sells what? Well, Avon started in 1886 as a door-to-door book sales company. Sales were tough at first but he realized that he could gain women’s attention by offering perfume samples. Soon those perfume samples became more popular than the books, so he founded the California Perfume Company in New York, NY and it eventually became Avon.
He didn't see failure! He saw opportunity!
2) MICROSOFT? Bill Gates and Paul Allen started what eventually became Microsoft in 1968 when a local computer company gave the 13-year-olds access to a computer. They were quickly banned after they learned how to hack the system and crash the files. But the company ultimately re-hired them to find bugs and fix weaknesses in their systems.
Over the next five years they received sporadic programming gigs until Gates enrolled at Harvard. One year in, Allen showed Gates the latest issue of Popular Electronics featuring the Altair 8800 and Allen convinced Gates to drop out so they could develop software for personal computers.
THEY NEVER GAVE UP!!!!
3) NINTENDO? This one is great! Fusajiro Yamauchi founded Nintendo in 1889 as a playing card company. The game, Hanafuda, became very popular in Japan but they knew the market wasn’t that big. So they began to experiment in other industries. Between 1963 and 1968, Nintendo set up a taxi company, a hotel chain, a TV network, and a food company.
Finally, in 1974, Nintendo entered the video-gaming industry and today they’re third most valuable listed company in Japan.
Mr.Yamauchi kept hustling and trying knew things. No room for failure!! Just on to the next venture!!! Until he felt he had reached his pinnacle of success.
Don't let anyone call you a failure or that you are wasting your time! Believe in you and keep hustling until you reach your pinnacle!!!