Natural selection applies to business, emphasizing that most ideas will fail while only a few will succeed. Successful entrepreneurs, like Steve Madden, understand this concept and employ strategies to identify winners from numerous potential products. By testing small quantities in targeted markets, they can quickly determine what resonates with customers. Once successful items are identified, they scale production accordingly to maximize sales. This approach underscores the importance of experimentation and market feedback in achieving business success.
How do you know whether your ideas will fail or be successful? You can think about it for a month, a year or even an entire lifetime but thinking alone will do you ZERO good. At some point, you need to put your ideas out into the real world and see whether they will succeed or fail. The trick is to do it fast and with little cost/risk and in this podcast I provide you with one of the most beautiful examples there is – the story of Steve Madden shoes.