Episode 13: Common Myths In Product Entrepreneurship
What if the things you believed you needed for success were myths? I'm outlining the top six things I hear from product entrepreneurs that just aren't true!
Lie #1: You Have To Follow Big Brands to Be Successful.
Truth: You don’t have to follow the Big Brands to be successful. Context is better than content.
Lie #2: You need to do more of everything - at once!
Truth: You don’t need to do more of everything, you need to have the clarity to focus on the right things at the right time for your stage of business. (More on what to focus on below.)
Lie #3: You just need to hustle harder, sweetheart.
Truth: You don’t need to simply hustle for growth. A lot of people work too hard just for the sake of working hard. Instead, you need to create boundaries for time management to own your time and stick to it. Otherwise, your to-do list will constantly grow. As the CEO, you should spend your time by focusing on profit-producing, needle-moving activities. You can't creating a thriving, scaling business if you're burnt out!
Lie #4: You need to market on every channel at once.
Truth: You don’t need to market on every channel at once. Pick one or two marketing activities and become an expert in them rather than diversifying and doing all activities at once. This will allow you to use your resources for marketing wisely.
Lie #5: You need to have many products for sale.
Truth: You don’t need a lot of products to be successful. Have a few great products that you can sell. This way, your products aren't eating your profits and you are not exhausting your resources in production. Having a few strong products also simplifies your processes so that you can develop reliable production that grows with you.
Lie #6: Top founders have it all figured out.
Truth: Top Founders don’t have everything figured out. They have a set of peers, mentors, consultants, and advisors that guide them towards success. They are not doing everything on their own. Instead, they trust experts to handle different areas of their business. This allows them to focus on the bigger picture and continue driving growth.
Wondering what you should focus on for your stage of business?
If you’re in the emerging stage, you should focus on:
- Defining your brand & creating a brand identity
- Building a community and audience who will purchase when you launch
- Selling your product however you can
If you’re in the growth stage, focus on:
- Understanding the metrics that govern your business so you know how to grow
- Become an expert in marketing to drive traffic to your business
- Be in a room with people who are doing what you’re doing
If you’re in the scaling stage, focus on:
- Move away from year to year mentality and thing vision long term with 3, 5, and 10 year goals
- Focus on building a team
- Innovation for new products to add to your business
- Diversifying distribution and sales channels