Optimal Work Daily - Career, Productivity and Entrepreneurship 1692: Just Because Nobody is Doing it is not a Reason to Launch AND Honesty Makes You Stronger by Dr. Jeff Cornwall
May 19, 2025
Explore the myths of entrepreneurship as Jeff Cornwall highlights the pitfalls of launching ideas just for their uniqueness. Learn why market research is essential, using the Pets.com example as a cautionary tale. The discussion shifts to the importance of honesty in business, revealing how transparency not only builds trust but also strengthens entrepreneurial resilience. Cornwall addresses the challenge of fostering open dialogues in entrepreneurship education while emphasizing the role of constructive feedback for success.
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Validate Before Launching
- Avoid launching a business just because no one else is doing it.
- Research market needs thoroughly to validate your business idea before investing.
Competition Can Be Beneficial
- Entering markets with existing competitors can be an advantage.
- Competitors attract customers to the location, increasing visibility for your business.
Prepare for Customer Education Costs
- When launching a new concept, prepare for costly and lengthy customer education.
- Allocate a substantial budget for advertising or rely on a slow word-of-mouth growth process.