I've had a ton of different business ideas. At the time I dreamt them up, they all looked like winners.
It didn't always pan out that way. There have been a number of business ventures that I've started only to see them fizzle and die.
It's just a part of business. No one ever goes through life without making a mistake.
And fortunately some of those mistakes have turned out well too. I thought that iFart Mobile would be a fun little product that would generate a few smiles in the company and perhaps turn a buck or two if we were lucky. Become a best-seller though? A fart app?
Turns out I was wrong about that as well.
Whenever you come up with an idea, the enthusiasm you feel about it is never a completely accurate guide to how well it will do in the market. It's a gut feeling and it's helpful, but it's not a predictor of success.
The only real predictor of success is what happens after you launch.
If it sells, you're onto a winner. If it sits on the shelf, you need to start thinking again.
But you shouldn't necessarily be thinking about the idea again. The idea itself could still be sound. It could be the launch that's the problem.
The way you launch your product is the most important marketing moment of all. Whether you go for a soft launch with a beta version or a hard launch with trumpets blazing, you need to prepare your market and build up the enthusiasm before you hit the ground.
Social media now makes that so much easier. On Facebook and LinkedIn, you can create groups that canvas potential buyers for ideas and features... and which, at the same time, tell them that something big is coming. On Twitter, you can post updates every time you overcome a new challenge or meet a milestone. You can let followers know which problems you'll be solving and pick up instant feedback.
And when you launch, you can attract a pile of attention with giveaways, contests and announcements.
Social media has made product launching a great deal easier - provided you're organized enough to think ahead.
Coming up with good ideas though is something you still have to do alone.
It's Del.icio.us!
Furl It!
October 5, 2009 01:47 AM
Hi Joel,
I would say that it may make people look like a fool, but it is still really a wise decision to take up risky challenges & make our own mistakes rather than doing nothing significant in life. I totally agree with your view. I really admire your post for the sheer energy & courage to give personal examples.
October 5, 2009 07:40 PM
Nice article Joel.
Sounds like your message is to keep plugging away because you never know which one will be a hit and use technology to your advantage.