A Quote by Tilman J. Fertitta
Most entrepreneurs come up with a product, or they come up with an idea and they think they can be successful with it. But if they don't know the financial side of their business and understand credit and working capital and what it takes money-wise, you can't be successful. The product is just a product.
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It's really rare for people to have a successful start-up in this industry without a breakthrough product. I'll take it a step further. It has to be a radical product. It has to be something where, when people look at it, at first they say, 'I don't get it, I don't understand it. I think it's too weird, I think it's too unusual.'
The most common way customer financing is done is you sell the customer on the product before you've built it or before you've finished it. The customer puts up the money to build the product or finish the product and becomes your first customer. Usually the customer simply wants the product and nothing more.
Most businesses think that product is the most important thing, but without great leadership, mission and a team that deliver results at a high level, even the best product won't make a company successful.
If you have a strong business idea, then it is comparatively easy now to get capital. It is a positive thing that increasingly more people want to join the startup bandwagon. However, to build a successful business, focus on creating more value through the product, and direct your efforts on solving real issues. If you manage to build a sustainable product, revenue will follow. A lot of startups fail because they concentrate on incremental innovations, increasing user base, and monetisation before strengthening the core of their business.
Selling cookies is usually a girl's first exposure to the world of business. She learns how to meet the public, talk about a product, sell the product, and is responsible for collecting money, giving change, and delivering the product. That's quite a business venture for a 7-year-old.
There are a handful of companies who understand all successful business operations come down to three basic principles; People---Product---Profit. Without top people, you cannot do much with the other two.
Launching a successful product or startup has little to do with luck. Any business that gains traction on the market is the result of very careful strategizing and market analysis, not to mention the development of an original product or service.
A product is something made in a factory; a brand is something that is bought by the customer. A product can be copied by a competitor; a brand is unique. A product can be quickly outdated; a successful brand is timeless.
We can learn from IBM's successful history that you don't have to have the best product to become number one. You don't even have to have a good product.
I think it's going to deliver on the promises we've said it's going to and it is going to be the most successful product ever to come into the handheld environment, and it just happens to have a number of different functions.
You certainly can't be a perfect person, coming up with the 100% correct solution, all the time. It's just a combination of a chain of good decisions that comes up with a successful product or a successful film. That's what you hope for. But, nothing about the system is 100% fool proof.
When a company is charging money for a product - as Evernote does for all above its most basic service, and same for Dropbox and SugarSync - you understand its incentive for sticking with that product.
Now we understand that the most important thing we do is market the product. We've come around to saying that Nike is a marketing-oriented company, and the product is our most important marketing tool.
I've always believed that the best way you combat intellectual property theft is making a product available that is well priced, well timed to market, whether it's a movie product, TV product, music product, even theme-park product.
If you think of the product as a service, then the separate parts make no sense - the point of a product is to offer great experiences to its owner, which means that it offers a service. And that experience, that service, comprises the totality of its parts: The whole is indeed made up of all of the parts. The real value of a product consists of far more than the product's components.
A successful branding program is based on the concept of singularity. It creates in the mind of the prospect the perception that there is no product on the market quite like your product.
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