When I look for new product ideas,
I tend to look in different industries,
different markets.
Why?
Because those trends are proven
(with the plus that it is easier to sell
using a point of reference).
Robyn Waters in The Trendmaster’s Guide says that
“Trends with real staying power are often
a series of smaller trends fused together.
Trends that intersect and
complement each other are more likely
to be embraced by the consumer.”
When compared to a James Bond villian,
rebel billionaire and serial entrepreneur
Sir Richard Branson told Stephen Colbert
that he likes to think of himself as
Dr. Yes, not Dr. No.
Having read numerous articles on the man,
this isn’t a flippant comment.
It is his personal philosophy.
When approached about new ventures,
his first response is why not?
What is your first response?
I’ve done it.
Almost every entrepreneur I know has done it.
Invested more than they expected and
more than they should
on a hungry little start up
that eventually did not succeed.
I learned the hard way what
Jennifer Openshaw in her book The Millionaire Zone
says most successful people do…
knowing before they start,
“how much they’re willing to risk”
and not going beyond that.
What about the…
“if I only spend x more,
I’ll earn y more” thinking?
She states that’s
“the problem with a lot of entrepreneurs.
They’re always looking at what they can make
rather than what they’re willing to lose.”
Lately there has been focus on quitting,
quitting the big idea,
quitting quickly, etc.
so when do I know when to quit?
Based on missed benchmarks.
Over a year ago, I started up a new venture.
I had benchmarks for testing and for implementation.
Cost benchmarks
(I had a price ceiling so
margins could only move so much),
time benchmarks (production)
and sales ramp up benchmarks
(in writing so I couldn’t fudge with them).
The first two, the venture aced.
The third? It bombed.
I tweaked. Still bombed.
I tweaked a few more times. Bombs away.
So I folded and moved onto the next venture.
Was it a difficult decision?
Of course it was.
But it had to be made.
Barney is the big purple dinosaur,
loved by children the world over.
Was Barney being purple a random choice?
I don’t think so.
In surveys,
75% of pre-adolescent children
prefer purple over any other color.
In package design
shades of a
color of sky are hotly debated.
Why?
Because it matters.
Every single aspect of the product matters.
August is a frustrating time
for project managers.
Fall launch deadlines are fast approaching
and team members are either on vacation
or wishing they were on vacation.
Oprah told BBC Newsnight about some of her
Oprah Winfrey Leadership Academy For Girls
project issues.
“I gave up the project for a time
because it was just so frustrating.
I ended up continuing only
because they were going to put
my name on the school anyway…
If my name is going to be on it,
then I’m going to have some control
over what’s going to happen.”
Problems are part of project management.
Even Oprah’s power and money can’t eliminate that.
In Guy Kawasaki’s interview
with Redfin’s Glenn Kelman,
Kelman says that most entrepreneurs
focus on the Eureka moment
when they should be focussing on hard work.
“If you don’t believe you have
any reliable competitive advantage,
you’re the kind of insecure person
who will work your competition into the ground,
so keep working.”
I tell myself “one more.”
I’ll send out “one more email”.
I’ll write “one more post.”
I’ll write “one more page.”
Combine those one more’s
and you have a competitive advantage.
No product is ever perfect.
There is always something to be tweaked.
Maybe the blue on the package
could be more blue
or the copy one word shorter
or one more bug taken out of the program
or…
That is why deadlines, even artificial,
are important.
Stick to the deadline
and get that product out.
If its successful and money flows in,
then consider “upgrades.”
An orange juice company I worked for
tried to change the perception of
not-from-concentrate vs from-concentrate juice.
Despite the from-concentrate juice
scoring higher in blind tastes,
customers insisted that the
not-from-concentrate juice was “better.”
Decades and millions of dollars
in advertising later and
the perception remained.
The juice company finally gave up
and launched its own
not-from-concentrate product.
A couple weekends ago,
my writing group had a forensic scientist speak.
He insisted that the crime shows (like CSI)
had it all wrong.
So which source of information
should we use in our romance novels?
The crime shows.
Why?
Because that is what the customer expects.
Rejection is usually a bad thing
…unless its your business.
First came the Rejection Phone Number,
a number you would give people
you didn’t want to call you.
Then came the Rejection Email Address.
The same concept, except for emails.
Proving once again that every negative
is a positive for someone else.