How One Bad Business Idea Can Ruin Your Company [Fortune]

Creating a successful business out of nothing is a huge challenge, and there is virtually no way to make a perfect service on the first try.

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But many entrepreneurs fail to operate and maintain businesses that consistently satisfy its employees and customers. Here are some timeless tips I learned early in my career:

• Avoid becoming a “jack of all trades, master of none” – All businesses essentially sell one thing. Even if you offer customers a variety of goods or services, your core value will always be in one thing that defines your business. By identifying this one thing you have a much greater chance of making it the best thing, that keeps your customers coming back….

• Make yourself available to customers – What you think makes your product the most valuable may not always align with what your customers like most about it. Making a habit to listening to what your customers want is the best way to create something that has long-term earning potential….

• Prepare to pivot as needed…As a business owner, you probably have an endless supply of great ideas about how to make your product the best available; your excitement about that product is likely the reason you’re in business in the first place. But before you spend the time and resources building out these concepts, find out what’s most important to your key market and make sure all your efforts are centered around the goal of satisfying those customers. The more unified your product is around one core value, the more satisfied and loyal your customer base will be.

Curated from How One Bad Business Idea Can Ruin Your Company [Fortune]

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