Whatever you do, do not let your first product or service languish around because once the market finds out about it and sees that it is a hot seller the market will take advantage of this time and try to cash in on your fame and try to move past you. You need to make sure that you watch the market’s reaction to what you are doing. This means also your customers and vendors as there might be a good chance they might make a knockoff of what you are providing.
One of the critical factors in running a business is watching for any changes in the market that relates to your business. Once you produce your first product, there will be others that will watch out for your success and create knock offs and similar products unless you can protect yourself legally as well as the speed at which you can create the next version or partner products that go with your first one.
When you first start out building a business you don’t know if it’s going to be a success or not so producing your first product is just to test the market to see if you truly solve a problem with what you intend to sell. Keep in close contact with your business lawyer to protect your business intellectual property and assets.
Action plan: Create an action plan of goals
After you have written your business plan to figure out how to make money and the above info gives you some high level ste...
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...g actions you’ll learn more about the process and the necessary changes that need to take place. The time it takes to finish a task can affect goals and priorities.
Stabilize, standardize and systemize your business processes. After you begin marking off your goals you need to begin standardized repeatable business processes to become effective and then efficient. Effective means getting things done according to your and your customers’ level of expectations, efficient means get things done quicker to cut your costs and you can make more money.
If you need a summary of what to work on, see the section “Move the Needle 10,000-foot Business View” in chapter nine and you can see areas that are laid out in such a way as to see which steps you’ll need to measure. It is a general layout of most all business processes, you need to adjust it to your requirements and needs.
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