I do not know about you but I love to watch Shark Tank. It motivates me to see others doing well,but also educated me when people do not do well. Many time I see Mark Cuban or Mr Wonderful Kevin O’Leary tell people who have nice products that are doing what people think is well on Amazon that they do not want to invest in their business because it is not a business. And they are 100% right.
“The difference between success and failure lies in knowing that a great idea, a great product and a great business are three completely different things.” Mark Payne
Look at successful companies that last and you will notice they put out new versions or new products on a regular schedule. Why would we not want to model companies like Apple, Samsung, and so on. There is an old saying in business, “your either growing, or your dying.” and that has to do with businesses growing in velocity of sales, and revenue, and products.
A great product does a useful things, changes the way we do those things, makes it easier, faster, or better in an effective, feasible and differentiated way. This is the easiest part of the equation and should not be the part that causes the most issues.
The trouble is that a great product is often mistaken for a business, rather than a important yet simple piece of it. Too many of the gurus obsess over the product at the expense of the rest of the business. But overall, a great product is necessary but not the major point in a businesses success.
We should be looking at this as a business that always needs to have or create the next thing in their product lines, to feed the masses of hungry whats next consumers that crave them, as that is what has lead me and many others I know to create multi-million dollar businesses.
A great business is defined by its ability to operate and grow over time, make healthy profits, create competitive advantages in the market, and intelligently use assets without overstretching what a company knows how to do. To know thyself and know thy company and what you can and cannot do is seemingly imperative to success. Do what you know how to do well in other words and do not try to be something your not. Trust me there is nothing that takes the place of experience, with over 30 years of legitimate business experience the challenge today is understanding that real business are built to last, flexible enough to change, and set up to succeed.
But what about the great idea? Well a great idea is just that an idea, it creates something new, fixes a need, or simply identifies a gap in the market that allows a product or service to enter and fill the need. But an idea is worthless without action, without products, without growing a business, not just an idea. The past is littered with great ideas that have ultimately failed. Look at TIVA which was positioned to own the DVR market, created the global demand but is worth 10% of it’s peak price as free DVRs are being offered by the cable companies now and soon we will not need them at all. Look at Vonage, which helped VoIP go mainstream but at a loss of 3k per customer signed up failed to hit the 25.00 per customer mark for IPO, was sued successfully by ATT, and is all but dead because of low cost free VoIP. Great ideas executed incorrectly are failures in the making. Even my company GDW Inc FBA business was created to fill a gap I recognized in the eCommerce market, logistical services. I took action, did market research, figured out what makes us different, and learned how to market to my targeted audience. Now our continued goals are to streamline the processes, automate as much as possible, and offer a single source for end to end product development, logistics, and prep. Why? Because we have to do it for my company why not offer what works for us and the progresses we make to our fellow sellers. See your not competition because the market is big enough for all of us. The same goes with selling product online, we identifying the gaps in the market that fill a need for products or services that people want to purchase already. This is exactly what we do when looking for products to launch.
Long Term Business Stability.
Diversification is important for long term stability, and to grow once you get past a few products. It takes more effort than launching 1 or 2 or even 5 products at a time. If we look at examples of people who have gone from zero to 100k a month (1.2MM a year) in 12 months it was 15 to 20+ product that got them there, even with branding, packaging etc. if we want to double our revenue we need to double our successful products and with many SKU’s that are bundles of similar items we need to add roughly 200 more successful products to get to 10mm a year. This is not a shotgun approach but an iteration of what we are already doing well.
Our goal is to show you all that we are taking the time to launch these with forethought, to add more products to existing niches we are in, to develop followings, and create repeat buyers. Not just list a bunch of generic products and see what sticks. So many one trick ponies are launching one or two products and do well for a little while, but due to competition and fads they cannot last the test of time.
If your new do not let this scare you, as you do not need to launch 50 products to be successful, you do not have to know or handle all of the three areas of business either, you should learn it, understand it, and partner with the right companies to support you. But always continue to grow your company and create something of value that lasts and could be purchased or funded in the Tank, you cannot be a one trick pony, or part of a business, you want to be the whole thing. Just watch Shark Tank and see the Sharks tell people who think they have a business like that that they have more of a product than a business. And you know what I agree 100%
So in hearing about how I am launching all these products so fast are there questions you may have about why, what, how? Feel free to comment below.
Would you benefit from launching more products faster? Come to China with me and learn to source like a pro, but also mastermind with me every night and learn how to determine good products and launch them. gdwinc.com/china-super-sourcing/
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