What is the single biggest mistake new entrepreneurs make?

I’m often asked… “What’s the biggest single mistake new entrepreneurs make when starting a new business?”
I believe the single biggest mistake is getting into a business where you don’t thoroughly understand the customer.
It’s one thing to know how to make the product or provide the service, it’s another to know how to get someone to actually buy enough of it to survive and thrive.
This requires the entrepreneur to understand WHO the potential customers are. Then to understand……
-What makes them tick?
-How do they think?
-What is their pain?
-How much would they be willing to pay to alleviate this pain?
-Does anyone have to approve their purchase?
-How do I find them and then sell them my product or service?
Just selecting a cool product or service isn’t enough. Make sure you know the customer inside and out before launching your new business. This will greatly increase your probability of success.

About Shark Tank Ratings

Author of "Unlocking Your Entrpreneurial Potential: Marketing, Money, and Management Strategies for the Self-Funded Entrepreneur"
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