Famous entrepreneurs often had a vision that not many people believed in.  Sometimes it worked directly but very often it cost time, money, fights etc. to prove that the vision was right. In the Hollywood movie the entrepreneur is the hero of the movie who always wins.

the_social_network

But in practice it is much harder and many entrepreneurs resign during their journey to proof their vision by building a sustainable business .

What are the pitfalls?

1) Timing
The entrepreneur has an idea that is based on an experience in practice. Even better he is talking to many potential customers that all promise to buy the product when it is ready. The entrepreneur is going back to his ‘garage’ for a year, builds the 1st perfect version of the product but when it is ready nobody buys the product.

But What happened?
The interviewed client based his buying decision on an actual problem that looks bigger then it  actually was. After a year it wasn’t a problem anymore and he also didn’t have to buy the solution he ‘promised’ to the entrepreneur.

2) Overconfidence
An entrepreneur is very very confident about his new product. He overestimates the product when he explains it to a potential client. The potential client who doesn’t understand the problem completely and tries to refer it within his knowledge. The result  is that the product will not be what the client expected, as the client doesn’t understand it. So the client will not buy is.

3) Influence of entrepreneur
When an entrepreneur talks about his new product that still needs to be developed to a potential client. The client may think this entrepreneur is really smart so his product will also be good. In the end the final product doesn’t solve client’s problem so the client will not buy it.

Conclusion
My conclusion is that entrepreneurs do not have a better vision but instead they have to be aware of it. They need to validate their vision for product market fit within shortest time and investment.

Leave a Reply

Your email address will not be published.