Which matters more: The product or market?

Chip Oglesby bio photo By Chip Oglesby

You could have a killer product and a lousy market. You could also have a so-so product with a explosive market. Maybe you’re one of the lucky ones with a killer product and explosive market. Which would you rather have?

It doesn’t matter if you run a coffee shop, wedding planning business, hip clothing store or web development firm. If there’s no need for your product, your ship will sink and you’ll be left with a lot of blood, sweat and tears with not much to show for it.

Do your research and do a lot of it. Before you ever open a bank account or draft a business plan, spend as much time as possible researching the ins and outs of your business and your competition.

When you’re done with that, spend twice as much time marketing yourself and your product before you ever launch. You’ll be glad you did.