Entrepreneurs often make a common mistake …they assume, and then they extrapolate.
They assume because they are a member of a market and they have a problem others too want to pay to have this problem solved. Secondly they fail to do research (after all it’s expensive right?) so they extrapolate.
When Entrepreneurs assume and extrapolate they lose.
When leaders rely on their personal experience, their gut and intuition they become one of the 90% of small businesses launched each year that fail within 18 months. When leaders with an entrepreneurial spirit in large organizations launch without current market data, their products are discontinued and removed from the shelf within 12 months…(and sometimes the leader joins their products in the recycle bin.)
Keep in mind: YOU ARE NOT YOUR MARKET!
How about your organization…
Do you have entrepreneurial leaders who shoot from the hip based on their past experience, their gut and intuition?
Have you ever launched something you, your wife, and all your golf buddies thought was brilliant only to sell 1/10 of what you forecasted in the ROI to justify production?
How do entrepreneurial leaders build their discernment muscles to rely more on market data and less on their gut?
Every once in a while someone will get lucky and hit the market with a product that solves a pain they had, and luckily many others have. However I would prefer to mitigate my risk by doing more homework upfront…
How about you?