I have already mentioned that I share only my experience and do not claim to be the final authority. Everyone draws conclusions and makes decisions for themselves 🙂
I want to tell you about one of my most unpleasant business cases, which made me completely change my views on doing business. This is why it is difficult to learn from the experience of others, and knowledge is somehow absorbed faster on your own bumps…
Most likely, many who were engaged in some kind of business had situations when you fight-fight over some business, and it “doesn’t work”. Well, you can’t earn a million in the first year of starting your business, no matter how hard you try 🙂 and you want to quit everything and leave.
As investor Dmytro Tomchuk wrote:
“I knew a respectable businessman who closed the meeting of directors, and at the same time the company, with the words: “I’m already twenty-five, and I still don’t have a Bentley. And with such profits, Bentley doesn’t seem to shine to me. Because of you, bastards”
A few years ago, we launched one new product on the American market. The product is promising, the competition is very low and at first it seemed that with this product, we will be able to earn the desired “million”. They set up production in Ukraine, produced the first large batch, and sent it to the USA. And sales started…
But somehow the business did not take off immediately, the goods are in warehouses, and sales are 1-2 per week. And from the words of the sellers of successful success, everything should shoot straight! With grief, they sold out one batch, tried the second, but the situation is about the same. There is a lot of fuss, but there is almost no profit. After dithering for some time, they decided not to send these goods to the States anymore and continued to sell them little by little in Ukraine.
A few years later, I decided to monitor the situation with this product on the US market again. And what do you think? The situation there has fundamentally changed. It really was an excellent product, you can say “the same“. Instead of an empty market with sluggish sales, there appeared dozens of competitors with excellent sales for each. Now they make hundreds of thousands of dollars in turnover.
That is, we were at the very beginning of this trend and could occupy a leading niche in the market and get all the cream from the growing popularity of the product. And now it is a highly competitive market, where it is quite difficult for a “new” player to enter.
That’s how, due to some step of naivety, we missed an excellent opportunity. Draw your own conclusions 🙂