Eddie Yoon, who is a frequent guest on the Price of Business, was on the show recently to talk about things a start-up can do to find out in advance is a business succeed.
Here’s that interview in its entirety:
Here’s a recent article on that subject by Yoon at Inc.com:
Startups are often reincarnated a few times before they hit their stride. Hitting the reset button is always costly–be it time, opportunity cost, or capital and cash flow, even if you do manage to ‘fail fast and fail cheap.’
Having clarity and confirmation of demand for your startup is the obvious solution to avoiding a costly do over. So small and large companies pour huge resources into market research, market data and validation to ensure. And yet over 85 percent of new products fail and 95 percent of startups fail.
Beyond avoiding failure, having credible demand for your startup is the gift that keeps on giving. It can be manna from heaven for investors when you are either asking for more money, time or patience. It can give new life and energy for your team. It can frankly help convince skeptical customers to take a chance on you. (READ MORE)