Yesterday, I have read about an article about the reasons of failure of new products and their solution. So, I want to share this example with class. May be it would be helpful to clear the ideas.
Scenario: "Yo! We'll introduce our product with a Bang! We'll splatter it across metropolitan newspapers. Billions! Give me a high-five!"
Usually, conventional entrepreneurs are over confident and therefore, they over estimate the market conditions
It goes through a similar cycle:
Yo, I'm gonna build the next billion-dollar widget. Yay!
Entrepreneur builds product.
Sells widgets.
Eventually, When they sell their product because of unforeseen problems, 90% of buyers start calling and complaining. "You people suck," they scream. Business's cash flow starts draining. In short, business shuts down.
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