Don't make the mistake of making the product or service meet an exit plan goal instead focusing on making the product or service a strong competitor in the market.
I see "inspirational" quotes often about making mistakes. You know, on Twitter, Facebook, etc. There seems to be confusion about making mistakes and failing (repeating similar mistakes). Let's talk about that.
Have you ever wanted something but, when told the amount of work it would take to achieve it, you decided you did not want it "that bad"?
Social media makes it very easy to meet people. Networking can be very valuable to entrepreneurs. Unfortunately, the term "friend" is overused and the meaning of "friends" has become diluted. For people who want a successful career, surrounding yourself with people with similar maturity and experience levels is crucial for success. The people who are serious about obtaining the quality of life they have goals for do this naturally. The people closest to them have similar goals and interests that bond them. Social media makes it easy to become friends with people who will distract your attention to almost guarantee you will not reach your goals. If you are a parent, it's like your child hanging around the "wrong" group of kids....can you relate to that?
I often say, "mo money, mo problems" and people usually respond with, "problems I'd love to have". I chuckle when they say this because it is clear they have absolutely no idea what they are talking about. It is also clear, if they had money and fame, they wouldn't have it for long.
I had a conversation the other day on Twitter about it being okay to make mistakes. I honestly do not understand the logic in thinking it is okay to screw up.
Unfortunately, it happens too often: companies have financial problems. Yesterday, it became clear that a design site had financial problems: Smashing Magazine.
Success is a beautiful thing but sometimes, it comes before the person receiving the success is ready to handle it. That is what happened, in my opinion, to Daniel Brusilovsky. Allegedly Daniel, a 17-year-old technology writer, tried to receive a Macbook Air as compensation in exchange for writing an article for TechCrunch. When the owners of TechCrunch found out what happened, they investigated, found the tip correct, fired Daniel and removed all of his content from the site. Everyone makes mistakes, some bigger than others. How does one recover?
Why do most start-ups fail? Same reason why many commercial bloggers do not have the success they would like. Unrealistic expectations. Everyone isn't meant to have their own business just as everyone isn't meant to be a doctor, lawyer, police officer, etc. A startling number of people enter into the commercial arena with zero business experience, and without the inclination to take some classes (gain some knowledge) to help them excel.
Let's talk about what makes a good business partner. And what doesn't.