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How New Entrepreneurs Can Create The Right Product Mix

Magically, just by saying the words business owner, you think you'll instantly be viewed as an authority in your field. Right? Wrong.

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Photo: Lindsey Morando , Co-founder of Marketing Co-op; Source: Courtesy Photo
Photo: Lindsey Morando , Co-founder of Marketing Co-op; Source: Courtesy Photo

As you venture out into your entrepreneurial journey, you may think instant credibility is yours for the taking.

Your elevator pitch soon changes from, “I work so-and-so,” to the confident statement, “I own a business.”

Magically, just by saying the words business owner, you think you’ll instantly be viewed as an authority in your field. Right?

Wrong.

I know I thought this way when I first started my marketing business. Unfortunately, the reality is you don’t just get to be a business owner. First, you must ask yourself, “Is this a hobby? Or am I running this business as if I am the CEO?” If you answered CEO, then keep on reading.

So, now you have the title. You even have a business card. You are moving forward. But now it is time to figure out how you are going to rise to the top in a vast sea of business owners.

 

Forging Community

I remember when I left my nine-to-five job with my business partner by my side and our 20-plus years of marketing experience. I assumed I had instant authority in the business community. But I soon learned that when you venture out on your own, you must develop your own community.

You can no longer rely on the community of your old employer. While those people may still come to you, they need to discover what your business is all about and the products that best serve your new community.

 

The Right Product Mix

Many people assume you announce your presence by creating a slew of products and services because they see other entrepreneurs repeatedly doing the same—sometimes weekly.

Yes. All entrepreneurs learn through trial and error. We try something and see if it sticks. If it does not, we move on to the next idea. However, the number-one way seasoned business owners smell rookies (especially online) is when rookies launch a new product every single week.

When you introduce a new product every single week, it allows others to watch as you traverse the highs and lows of trial and error. Online business happens in the public eye. As you promote your products and programs, everyone can see the results of your test runs and initial failures.

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