His message for young entrepreneurs who want to reduce their risk when starting a business, is through intense preparation and research. The less experience you have in your industry, the more important this research phase becomes. Before getting started with building your product, creating a website or investing in tools and services you think you’ll need, Cuban compels entrepreneurs to do their homework first.
Cuban explains, “It’s about preparation. We all go through this process where you’ve got the idea, you get that feeling in your stomach and you get all excited. Then you talk to a friend, and your friend says, ‘oh wow, that’s pretty cool, I’ve never heard of anything like that. I’d buy that.’ And then you do the Google search.”
This lesson, although seemingly simple, can be a very difficult one to grasp if you’re young or not experienced in business. It’s so easy to allow your excitement to cloud your judgement. The best way to make sure you’re really onto something, is to do your research, get ample objective feedback and prepare as much as possible before building.
Curated from a Forbes post by Ryan Robison
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