Last updated on February 21st, 2021. Posted in Mindset & Mission.
New product ideas are extremely dangerous. Statistics show that about 9 in 10 new products fail. Statistics also tell us that at least 80% of those new to business -- maybe even higher...maybe as high as 90% -- fail within their first 5 years.
Here are links and resources mentioned in today's video. Enjoy!
Therefore, using these commonly available stats, we know that it's extremely dangerous for someone who's brand new to business to try to succeed with a "magical big idea" for a product or service that's never been done before.
Sure, there are outlier success stories...and it's these types of "overnight successes" that get tons of media attention and hype...but probability tells us the truth. The stats aren't lying. The media is (I know...hard to imagine!).
A fatal mistake -- and we all make it -- is to think we're the exception...that we're the outlier. And of course we do, because we're biased towards ourselves. We think we're special. At the risk of crushing egos...statistically, we simply aren't.
None of this is meant to crush any dreams or dash any hopes -- I know none of this sounds very positive or motivational. Sobering truth rarely does. But to me, this kind of knowledge and understanding is liberating. The truth shall set you free!
See, a big part of my work with my online learning company, Ten Ton Online, is to try to lower these statistics. And that begins by teaching those who have a burning desire to start their own businesses, be their own boss, and run a successful business how all this stuff REALLY works.