Ouch! If I had only learned this before losing millions!
AUGUST 31, 2023
Know your market and competition, or don’t spend a dime on anything else. I love absolutes – statements with no wiggle room for gray-area responses. Well, here is one of those, and it deals with market research first and foremost. Let me tell you a short story at my own expense. In 1994, (I know a long time ago), I invested over a million dollars (two million six hundred thousand in today’s dollars) into a company whose entrepreneurs had a vision that I bought into for many reasons, not the le