2/3/2021 Tip: Avoid this Entrepreneurial Disease

Reminder Alert: Valentine’s Day is less than 2 weeks away. If you haven’t done so already, today’s a good day to buy any gifts you want to give.


Today’s Quote

“Do not go where the path may lead, go instead where there is no path and leave a trail.”
~ Ralph Waldo Emerson


Today’s Tip

Here’s an entrepreneurial disease to avoid: Perfectionitis

It’s found in entrepreneurs who won’t release products until they are absolutely perfect.

Perfection is often attainable, but at an enormous cost. And, since markets constantly change, the time needed to get your product to perfection could result in a market that no longer needs it.

The antidote? Create best-in-market products in less time. Set deadlines. Release your product to beta customers as soon as possible to get their feedback. Revise the product as needed and launch it!


Today’s Resource

How To Raise $1 Million (or More) to Grow Your Business

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Today’s Question: In an effort to show the commercial potential of the soybean, which famous American inventor and businessman attended a 1939 convention in a suit and tie made with soy “silk” fibers?

Previous Question: What resulted from the first national advertising campaign of deodorant targeting women?

Answer: 200 women canceling their magazine subscriptions.

The first major deodorant manufacturing company in the US that targeted women was called Odorono.

In 1919, Odorono’s first national ad referring to underarm odor was run in the “Ladies’ Home Journal.” The ad caused more than 200 offended women across the country to cancel their subscriptions to the popular magazine.

Despite the cancellations and the fact that body odor was still considered a taboo subject at the time, the creative advertisement helped sales of Odorono increase by more than 112% in the first year the ads were published.

The lesson here is that even if your product or service goes against social convention, a little creative advertising can help your company address subjects customers might find offensive.

Also realize that while women’s deodorant is now a multi-billion dollar market, the first major player (Odorono) is no longer around. This is often the case; the first mover doesn’t always win. Those who come in later and improve on offerings in an already educated and existing market can thrive.

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