Issa Asad Gives 3 Tips for Avoiding Overconfidence in Business
A new entrepreneurial illness has come to light and its name is overconfidence.
“Recent CB Insights reports have cited this problem as the downfall of many start ups,” exclaimed Issa Asad Florida entrepreneur and businessman since 1996. Mr. Asad is the CEO of Q Link Wireless and Quadrant Holdings, located in South Florida. He is also the author of 4 e-commerce and marketing e-books that can be purchased on Amazon.
Here, Issa Asad Gives 3 Tips for Avoiding Overconfidence in Business:
1) Understand the market’s status quo
Having a foggy comprehension of the market is why most businesses are doomed to fail right off the bat. You can get around this conundrum by analyzing what solutions are in place and how customers react to a new alternative. Also be sure to consider other essential aspects such as user-friendliness and important time variables such as the time required to educate the masses and the adoption period. All in all, do not make any assumptions of your market base rather base your assessment on actual data and facts.
2) Don’t try too hard
New startups often look to turn heads by imbuing their products with countless fancy functionalities and they end up forgetting the problem they set out to solve and rather concentrate their efforts on coming up with something new or out-of-the-box.
However, such techniques end up backfiring more often than not, so it’s prudent to keep it simple. If, for example, the problem you aim to solve is quite expansive, just identify a single area and tailor your solution toward that particular field. Build upon the existing solution chain taking into account the blueprint of your competitors and identify where you can add value to the process without deviating too much from the norm or the comfort zones of would-be customers. Remember, if your solution is unappealingly complex to the buyer, chances are they won’t give you a second thought.
3) Don’t get carried away by the solution
Work your way from the prevailing problem in the market to create a solution and not the other way around lest you come up with the best of solutions to solve a problem that really doesn’t exist. Moreover, have a flexible development process in place that is swayed by the ever-changing needs of the client base and allows you to tweak various aspects as necessary. The route you take should be systematic and should put the customer in the driving seat and not the product itself.
The overconfidence menace creeps in when you shift goalposts to your solution rather than the actual problem at hand. If you focus on the latter though, you’ll never lose sight of what’s important and that is the key to entrepreneurial success.