Fashion And Cosmetic Companies That Have Offices In Miami A Real Time Case Study On How to Fail

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A Real Time Case Study On How to Fail

It is with great regret that I tell you this true story. Hopefully, my experience and the disappointment of great opportunities being burned through sloppiness will enlighten others to maximize their chances of success in their chosen endeavors. I hope. Good ideas must be properly fertilized, cultured and harvested. Shortcuts always end in failure.

My consulting firm reviews hundreds of new product ideas, inventions, and small business projects each year. We have been doing so for over 20 years. Few of the deals we review become commercial reality. However, many of these are real, exciting, but unrealized possibilities. That’s a real shame.

I recently received a new invention submission. The inventor is very confidential and I have given him a confidentiality agreement to protect all parties involved in the review. We can’t reveal any details. Broadly speaking, the product involved a way to project scents into the interior of your home, office, or business.

My company has extensive experience in the categories of home fragrances, potpourri, pomanders and candles. We quickly realized the great benefits of this project. The invention we were considering was really novel. It provided a truly identifiable and unique selling proposition required for market success in a huge market category. Our product reviews have been overwhelmingly positive. In short, this was a product that could potentially be placed in every home in the world.

We were excited, but at the same time we realized that this product would never hit the market. Why would such an exciting opportunity not go on to success? The inventor never intended to allow that to happen. He was a staunch presence in the way of any chance of success.

The owner advised having a “really good professional business plan”. I was very much looking forward to receiving and reviewing the document. In hand, the first pages of The Plan were both very compelling and disappointing. Critical Executive Her summary was factually unsubstantiated fiction. She planned to be a sophomore. The premise upon which the strategy was built consisted of wild guesses and hopes. No market, demographic or competitive research was conducted. The treasury was made out of whole cloth.

As disappointing as the presentation was, we were hoping that the owners would be directed to a more professional approach moving forward. It corresponds to the process necessary for All options were discussed. As our discussion progressed, it became clear that the owner was delusional. did

I bet on Mr. Inventor. If he makes any progress in the next six months, I will buy him a hot fudge sundae. Inventor believes he’s in a $300 million business. He believes the venture capital and funding markets are full of idiots who fail to recognize talent when faced with it.

When we advised that the business plan should be as exciting as the product, his counterargument was “business plans are overrated”.C’est la vie. We are eager for innovative new products that offer innovative features and benefits. Mr. Inventor really has such a product concept. However, the market has built-in mechanisms to weed out products that are not well supported with research, details, and documentation. Submission of a product that has not been thoroughly vetted will result in immediate disqualification.

As an afterword, a few weeks after I broke up with Mr. Inventor, I was reading a venture capital trade magazine. Mr. Inventor took it upon himself to write a letter to the editor for publication. The letter detailed his anger, frustration and detailed criticism of the very market he was trying to approach to consider funding. The contents of the letter were empty and shrill. There is little reason to consider him a funding potential.

There are many ways to be successful. Taking shortcuts isn’t one of them. If you have an exciting product or business opportunity, why wouldn’t you want to spend the time, energy, and reasonable money required to present that invention in the best possible way? You only have one chance to make a good first impression.

Unfortunately, Mr. Inventor and his home fragrance concept are not uncommon in our sphere of interest. We meet hundreds of dreamers every year. But we rarely see the necessary combination of passion, dedication and hard work required to achieve commercial success. Successful entrepreneurs start with a dream, but overcome all obstacles that stand in their way. They call for help when they venture into unfamiliar waters. They recognize that taking shortcuts only speeds up the pace of failure.

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