Very few people make it to the top of the mountain when it comes to business. It’s a competition-filled path with many opportunities to fall to the wayside or fall behind. So as you begin on your own path as a product entrepreneur, it’s important to learn lessons from the successful businesspeople who came before you.
Certainly, their own respective paths might not be the same as yours, but experience is a great teacher, and people who have made it to the top of the business ladder usually have some salient tips to pass along.
Even if it seems like they made it quickly, there was often a hidden struggle. So let’s take a look at some tips from successful entrepreneurs and see if they can help you along your way with your new product, whatever it might be.
Tip #1: Make your passion your job.
Chase Jarvis, CEO of CreativeLive, the largest educational live-streaming service in the country, says that if you’re going to create a business or a product, make sure it’s something you’re passionate about.
That way, you have something you’re excited about when times get tough, or when the process of manufacturing your product seems difficult. Jarvis says that you’re more likely to fail if you’re working on a moneymaking idea rather than something you care deeply about.
Tip #2: Your prototype is the key to your success.
Former Apple executive Guy Kawasaki says that the prototype of your new product is the key to your success. Stay focused on developing and constructing it as perfectly as possible. That prototype is what will ultimately encourage others to invest in your product.
Kawasaki says simply that the right prototype IS your business plan.
Tip #3: Hustle counts.
Jon Acuff, author of five best-selling books and a brand consultant, worked in different jobs for more than fifteen years while still following his dream. He says that no matter the distractions or detours, stay focused on your goal at all costs, and make sure every step you take leads you closer to achieving it.
Tip #4: Have a vision.
What kind of future do you see, and how does your product fit into it? Have you considered the role your product will play not just in today’s marketplace, but in the marketplace years down the road?
The clearer your vision, the more likely you are to achieve it. If you can’t imagine a world without your new product, you’re more apt to have the determination required to follow through on your vision.
Tip #5: Don’t take “no” personally. Sophia Amoruso, vintage-style clothing designer, founder of Nasty Gal, and author of #Girlboss, says that a true businessperson knows not to take things personally and not to give up. Inevitably, every new entrepreneur is going to hear “No” a lot, and it’s vital to move past those negative responses and keep working until you get a different one.
Amoruso even adds that through perseverance, she was often able to turn an initial “No” into a confident “Yes” further down the line. Note: Nasty Gal filed for Chapter 11 bankruptcy in November of 2016, but Amoruso’s meteoric rise from eBay seller to one of the richest self-made women in the world is still worthy of notice.
Tip #6: Be flexible.
Having a dream for a product or a business doesn’t mean it’s THE dream that’s going to get you where you want to go. Lewis Howes, author of the best-selling book The School Of Greatness, teacher and entrepreneur, was following his dream of being a professional athlete before injury cut his career short.
It was what he did afterwards that truly became his dream. Moving on from his crushing setback, Howes developed a new vision for himself as someone who could help others follow their own dreams.
That new vision led him to an incredibly successful career helping other budding businesspeople make their own ideas come true.
There’s no one way to become a successful product entrepreneur, and the advice from these successful business people may not fit your needs exactly. Whatever path you’re on, Pivot can help you design, manufacture and sell your new product in the modern marketplace.