I’ve worked with entrepreneurs for more than 25 years, and most of the successful ones have created and developed their products on their own and love being independent. “Being my own boss” is the answer I usually get when I ask them what they like best about being an entrepreneur.
But in fact, successful entrepreneurs are not Lone Rangers–which, for inexperienced entrepreneurs, should be regarded as a good thing. I’ve talked to more than 100 successful entrepreneurs over the past 10 years, and they frequently don’t have a lot of business management experience, don’t have any more money than the average person and typically have never tried to introduce a product before.
The key moment in their entrepreneurial process has been when they recognized their shortcomings and sought help from other people. That help is exactly what they need to succeed, and it can come in hundreds of forms, such as these:
You should think about the kind of help you will need right at the start, before you even begin to introduce a product to market. If you can prototype and make your product at home, you can probably survive on your own until you’re ready to sell. But most entrepreneurs have products that require a little more investment upfront, and they could go broke if they wait too long to get experienced advice. Not only that, but getting help early will prevent a lot of mistakes in creating your product, and this will help you save money for the crucial tasks that lie ahead.
The product life cycle today is short–very short. Products can come and go in just two to three years, and this dramatic change presents both problems and opportunities for entrepreneurs. On one hand, entrepreneurs can’t afford to work alone and follow the normal two- to five-year process to get their product to market since in that time the market may pass them by. This means entrepreneurs can’t be independent, can’t control everything that happens with their product and may have just a few short years of successful selling.
The good news is that established marketers and manufacturers have an even harder time getting to market quickly, so nimble entrepreneurs can beat them to the punch. The big manufacturers are responding to this challenge by working with an increasing number of outside companies, including entrepreneurs, to keep on the leading edge of their markets. This also means that manufacturers, marketers, distributors and retailers are generally willing to help entrepreneurs. All you have to do is ask.
The simple fact is that teamwork equals success. In today’s crowded market, individual entrepreneurs have a hard time standing out and getting noticed. To build the necessary size and momentum, you need resources, and if you don’t have them, you must team up with someone who does–someone who has the money, the manufacturing prowess, or the distribution reach required to turn a new product into a success.
Every month I hear at least one new story of an entrepreneur forming alliances to succeed. Below are examples of three entrepreneurs who’ve done this, and they are just the tip of the iceberg. If you keep alert, you’ll read about other examples in your local newspapers and business magazines. Might that other person’s experience work for you? Remember to always be on the lookout for opportunities to make alliances.
There are three tasks involved in launching a successful product.
As you look at these three tasks, ask yourself: Does it make sense for entrepreneurs to try to do everything involved in bringing a product to market? I don’t think so. Each of the jobs of new product development, marketing and manufacturing requires in-depth expertise. Your goal as an entrepreneur is to learn to use other people so that both you and they make money. Once you do that, you’ll be able to devote your time to being creative and inventing new products.
Unfortunately, there is no single way to find partners. Each market and each product are different and require a particular approach; for each new endeavor, you will need to go to shows, make industry contacts and find just the right marketing and manufacturing partners. But once you become skilled at finding partners, you’ll only be limited by your creativity and your ability to come up with new ideas that the market wants.
This article has been excerpted from Selling Your Products, by Don Debelak, published by Entrepreneur Magazine.