10 reasons why you must not start a new product, service or business (unless you know how to deal with each)

Risky Business (soundtrack)

It might seem ridiculous to put you off taking your idea and turning it into a product or service and starting a new business.

But I’ve seen too many would-be entrepreneurs’ dreams lying shattered because they didn’t plan beforehand, acquire the necessary know-how, skills and experience before they took the leap.

New product development and starting a business is risky. Unless you personally manage the risk every step of the way, you could lose a lot more than your shirt.

No incubator or six-week seed workshop will remove that risk nor will it give you the know-how to start and run a money-making business. You only develop know-how by doing.

Here are 10 reasons why you shouldn’t start a new product, service or business (unless you have a solid plan to rectify these weaknesses):

It is possible to correct these shortcomings. But ignore them and they’ll bite you. One way to put yourself on a smooth path is to get the best mentor you can find to guide you in the new product creation and development process. Take a look here to see if we have a match.

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By Chesney on November 11, 2013 · Posted in Main Content

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