- Investing a lot in creating a new product
I have made this mistake many times, i.e. overly investing a lot of money in the development of new a product at once. Obviously ‘a lot’ is relative. My ‘lot’ can be less to yours.
The danger with this is, if the product doesn’t work, the loss is greater.
When developing a new product, entrepreneurs should strive for ways to do it in tiny bits and not expose all of their capital, and thus allowing them a safe feasibility test. Read more