What do you consider the biggest failure in your business/career? Share your story and learnings 👇
Business Marketing with Nika
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Markk Tong@markk0217
AI Desk by Collov AI
One of the biggest failures in my business was when I launched a new product without doing thorough market research. I was so excited about the idea that I overlooked the importance of understanding my target audience and their needs. As a result, the product didn't gain traction and I ended up wasting a lot of time and resources.
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@markk0217 I feel this speak to many many many people! Nicely put. It should be mandatory to read a book called “the mom test” by Rob Fitzpatrick. It’s the best boom ok validation
@markk0217 Don't beat yourself up Markk....just pushing ahead and getting the product done and managing it through completion was an immediate win, it's crazy hard to just get to that point so well done. As for whether or not you hit a home run with market fit, it's all part of the journey. When we designed Ledger, our app, we never intended it for a target market, is was designed specifically to help my own team thrive. That led to the product we're launching now, but it's genesis wasn't a business plan or really studying the market. Our first iteration didn't stick great, but we kept refining and that's all part of hitting on something. Product fit/no product fit, there are nuances to why or when an idea can become successful and when there's timing for it. If you're always trying to hit the right market fit, by the time you're done studying this and developing it tastes may have changed. So luck's involved here, and the best hedge against being unlucky? Head down, one foot in front of the other, and taking it a day at a time. Some advice from the trenches brother....hope this helps AMA if you need to.
Here is my failure: I failed to get a single client for my design agency that offered brand identity to vegan businesses
Here is my learning: The businesses in the market didn't saw any value in my offer. Even when I addressed the problem they were having, they were not willing to solve it. This made me realize, how important the market it and I was in the wrong market
@busmark_w_nika My linkedIn is having some problem. Can we connect on X?
My biggest failure was choosing not to follow something more practical early on in my life. I was wowed by the idea of being in a Ranger battalion, or joining some elite combat position, and I accomplished those, but those skills do not transfer whatsoever to the civilian world and I was not thinking ahead. No one needs you call in an air strike on your usual day at the office. If I would have chosen possibly a dedicated computer or communications position, I would have maybe went a different way in life. Instead I chose what sounded like a really "cool" position, that I did not realize how dangerous, and how hard would actually be. I did well at it, but I could have made my life a lot easier early on. It all worked out in the end, I have a great set of benefits for life now, and am working on my dream career now, so maybe it was supposed to be that way, idk.
See my reply to @markk0217 below, my initial launch wasn't a crazy failure - though I've had many as an entrepreneur over the years - but we didn't hit on 'it' when we launched. So we assembled our thoughts, went back to the drawing board, and got back to work. 18 months later, we're looking to relaunch.
My advice when you work your butt off and think you landed hard?
Be. Stubborn. When you have an idea or a vision, endure the dip, just commit to the process and you will come out the other side. It's not the most incredible idea that wins, it's the ones who are most persistent about pursuing it.
Now stop reading this and get back to work on your own vision...👊