There’s an unassuming restaurant in Dallas called Chop House Burger, home to handspun milkshakes, truffle parmesan french fries, and six innovative burgers. It’s an eight-year-old restaurant in an industry where 80% of new entrants fail in the first five years. And stitched into its origin story is a clue to why some products (and businesses) succeed in the market while most wither and die.
The Simple Question That Can Make or Break a Startup
Do customers want your product?
August 13, 2018
Summary.
The most common reason startups fail isn’t lack of cash flow, infighting between partners, or failure to overtake a competitor, but something far more basic: People don’t actually want to buy what the startup is selling. There are three simple ways aspiring entrepreneurs can look for signs of demand before they launch: look for successful competitors; check online for search traffic; and test your marketing promise on real potential customers. Before you launch a new product or service, it pays to make sure people actually want it.
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Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Business Case Development. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Make your next business case more compelling.