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It has been said, “that most entrepreneurs fail three to five times” before they actually start a business that succeeds. Although it is imperative that entrepreneurs be persistent, not being able to accept failure, when it is obvious that failure has occurred, can be extremely detrimental.So, how does an entrepreneur “know” when it is time to give up or when they should continue?
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Chuck on October 7th, 2004 9:55 am
Good question. I wish I knew the answer.
I think part of it is “serendipity”…
You thrash around for things that work and you may try 10 things.
Then something that you started as a sideline or afterthought or part of the bigger mix starts to take off much to your suprise.
But once it takes off seemingly by itself, you go “I think I’ll focus on this!”
Consider Chik-Fil-A.
The founder started a general short order restaurant that served soup to nuts.
It was Chik-Fil-A that emerged out of the process and is a national chain.
It was the thing that seemed to get a momentum of its own.
I think I heard someone else say that you know you’ve found your niche when things are “easy”.
Not that there will never be struggles, but you’ve found some thing that works predictably and somewhat “automatically” and you’re not making 1000 cold calls to earn a single dollar.
Does that make any sense? (Hey, at least I know what I mean!)
In online speak… have you ever had an affiliate product or web concept that you added almost as an afterthought, but suddenly it’s the page/link getting all the hits?
It’s the affiliate link getting all the clicks?
So you go… how to I build on this page?
How do I squeeze all the value out of this concept?
I have precisely that page… my best effort to date at niche marketing. So I added two more on slightly different key words to squeeze out a bit more traffic.
I just found an affiliate link like that…
It really is stupid that I’m bothering to promote it in a sense. The top commission is $1 to $7.50 per unit. Most customers have one unit… sometimes 5 have been sold.
But in my free ad tests, the site concept pulls like mad. My landing page already has a “3″ from Google (it’s ONE page!) and I’m already getting hits from search engines. I had a thousand high quality clicks this month.
If I can find a way to generate back end profits, this concept is cranking out well enough that maybe I could even pay to promote it and do even more.
It’s very strange.
It’s not that either this page or this other concept will “do the trick”… make me financially secure,etc.
But at least I’ve bumbled around enough to know what to look for…
cassy on December 11th, 2008 7:41 pm
that is true! how long? pls inform me on how?,because im interested tp know so that i have an idea. its really hard to guess specially if you have no idea on how!
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