Entrepreneurs are intelligent, career-oriented as well as passionate individuals by their nature. Although, even if having all those traits, smartness and drive do not always turn out to be meant that each entrepreneur undergoes every right decision every time. Optimistically, the mistakes which are done are not enormous that it might fail the business. Mark Cuban, the tech billionaire, suggests a few things which the entrepreneurs do drives him crazy. As a long-time capitalize on ABC’s hit TV program Shark Tank, he has faced his impartial chunks of entrepreneurs who have taken wrong decisions. In case you are seeking for investment money or silently advancing your business, Cuban suggests to get rid of below mentioned wrong decisions at any cost.
Cuban feels crazy when entrepreneurs do not possess basic knowledge. An exclusive example according to him is when an entrepreneur does not understand the variation between feature and product. Prior an entrepreneur starts seeking for investing money, initiate the production of a product, even prior to research and development, they are required to have this basic insight.
Particularly, in case a competitor delivers solely blue shirts, and you sell solely in blue and red colors, the company has hardly generated any feature. Services and products help solving issues and customers want to buy them. Characteristics and features certainly add valuation to the products. Successful organizations are established on products instead of features according to Cuban.
Making something out of nothing is not an easy process. Persuading peoples that the company is providing a worthwhile service also to buy company’s products often many a time asks for many more things. According to Cuban, it is an enormous mistake to consider that an immense competition creeping into the company’s market approves the business. What it does or one should do is that it makes a smart entrepreneur overly uncomfortable. This actually means that the company is in extreme trouble except that one can out-innovate as well as outsell them according to Cuban.
There is an old saying which goes like this “Don’t put all your eggs in one basket.” This goes very well for recruiting as well as team building. Many a time, business person trusts that “their next recruit would clear up all their challenges, according to Cuban. Recruiting the utmost marketer in the whole industry does not mean that one would magically discover the ways to sell the company’s products and each one would be able to live the life happily ever after.