3 DISASTROUS Business Mistakes All Entrepreneurs Make

You know you want the traffic, you want to be successful, and you want to generate the sales, but you know what, you're probably going to make a few mistakes, and these mistakes are going to be detrimental to your success. Hey, everyone, I'm Neil Patel, and today I'm going to discuss three mistakes entrepreneurs make when launching a product.

0:30 Business Mistake #1: Launching a physical product

The first mistake that they make is launching the product. You don't need to launch your product if you want to make revenue. Here's what I mean by this, if you have an idea, don't invest a ton of time, energy and money into the product, instead, create a landing page. You can use tools like Leadpages or Unbounce, promote the product that you're trying to create or think about creating, start taking payments, you can even use tools like ClickFunnels to do this, once you take payments and you have the success, then go and create the product.

If you know you have traction, it's not hard at all to create the product. If it takes you too long, refund the people, there's nothing wrong with that. At least you know the product you're going to create is what people want and they're going to pay for it.

1:30 Business Mistake #2: Aiming too high

The second tip I have for you is MVP your product. Even after you're building it and people are paying for it, it's not about creating this fully-bloated product that you think everyone wants or all the features that they need, you don't need the bells and whistles. Instead, read a book called The Lean Startup by Eric Ries and take those concepts and build a minimum viable product.

By doing that, you're not going to be building things that make your product look cool and fancy, but instead, you're going to be building the stuff that people need, that they're craving for and dying for.

2:30 Business Mistake #3: No Hype

The third mistake that most people do is they don't build up the hype. You know what helps make Apple so successful? They build up a ton of hype every time they're doing launches, they throw events, they're telling people about it, they're creating press. You don't have to release a product or a landing page, especially if your company is already around, you could end up building a ton of hype.

Even if you're a brand new company you could still generate press, give people a sneak preview but not share with them too much, and start creating some buzz and excitement. And then on your website, you can create a landing page and have a list that people can sign up for to be notified when your release comes out.

So those are my tips, I hope you like them. Don't make those mistakes, follow them, so that when you do your product launch, you're going to be much more successful, generate more sales, and hopefully save a lot of money. If you like this video, like, comment, share. Appreciate you guys are watching and last but not least, I know I've mentioned this many times, I truly do mean it, if you have questions, leave a comment below, I'll respond, and I'll help you all. I'm not looking for anything; I'm just looking to help other people out. Best of luck on your journey as an entrepreneur.