Way back in 1957, Ford Motors faced one if its toughest product failures when new model “Edsel” was released at a premium price. The Americans at that point were looking for small-sized and economic models instead, which caused ‘Edsel’ to exit from the market in 1960. HP touchpad is another fine example of product failure. Launched in 2009, it was knocked off the store shelves in a matter of 49 days, since people felt that it had no differentiated feature and worked similar to other tablets available in marketplace. These companies had spent a fortune on the product development, design, marketing and launch. Not to forget the man hours and time spent that culminated into ‘nothing’.
Do we need to discuss why competition analysis is important?
I think answer is a clear “NO”. If you are reading this article that proves you understand the need of the topic. If you don’t analyse your competition, that can be the last mistake you can do as an entrepreneur. “But” (it’s the favourite word of an entrepreneur)….. I have a unique product and there is no competition for that. Why should I be worried about competition analysis?
As per common belief, the term “design” is associated with a products’ aesthetics appearance. However, in modern times, the main objective of design meant encouraging the well-being in people’s lives. From an organizational perspective, Design Thinking went on to mean ways to resolve problems in more innovative ways.
“A smart man makes a mistake, learns from it, and never makes that mistake again. But a wise man finds a smart man and learns from him how to avoid the mistake altogether.”
Roy H. Williams
Author, Marketing Consultant, Founder Of The Wizard Academy institute
The more important question to ask is “Why do you need digital marketing”. Let us answer that, as per an article published in PC Mag magazine (link), an average adult spends 5.9 hours per day with digital media. Which means 25 % of a day 0r 37% of uptime when not sleeping. Woo.. Doesn’t that answer the question asked in the beginning.
While your grit and hard work may seem to be sufficient in order to drive the success of your start-up, one can’t short sell the importance of experiential knowledge. And this is where a mentor steps in. Surrounding yourself with people who have been there and done that can be instrumental in your growth as an entrepreneur.
Although many entrepreneurs wouldn’t like to admit it, there’s a lot of ego involved in a successful startup. To invest in a business idea requires a high level of confidence – a belief that things can be achieved based off the knowledge and passion of what is usually just a single person.
Only 50% of businesses survive beyond their first five years. In some industries, the startup failure rate can be as high as 90%. With business being so costly, and the landscape so competitive, entrepreneurs need all the help that they can get to ensure business success.
Making the decision to become a business mentor can allow you to leverage your skills and experience to help drive success in startups and small businesses. The benefits are vast and can be applied to your own career and the career of any protégé under your mentorship. Helping entrepreneurs to succeed can even benefit the local community and wider economy.
If you’re a thought leader but are yet to apply your skills as a mentor, then the following reasons will help you to understand why becoming a mentor could be one of the best decisions that you make.