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Never assume any venture is a sure thing. Remember that “haste makes waste,” and that every idea, no matter how great, needs refinement. Modify your business plan until it is error-free.
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Let someone else be the pioneer. Being the pioneer takes an incredible amount of resources to create your product, research the market, and create distribution channels. It may reduce your competitive advantage by draining your assets.
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Make sure the market is ready for your idea. Some ideas may actually be ahead of their time. Essential products such as toilet paper, dishwashers, and 3D printers were all reject
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Make sure your organization is ready before you start. Ensure that your organization is prepared to provide high-quality service and products before launching. Know your competition, have a risk-management plan, and understand regulations.
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Grow no faster than your organization can handle. It causes you to use up your assets far too quickly, causing premature bankruptcy. It is very difficult to turn away good opportunities and customers, but creating a sustainable business relies on slow, steady progress. It is more important to maintain close connections with loyal customers than to use overly aggressive marketing.
