Mistake No.11

Creating a product or service for which there is no market

This really amazes me. Business owners create a product or service and then try to find a market for them. How crazy is that? Why create a product or service and then go hunting, hoping that you’ll find someone to buy it? The correct way is to find your market first, identify the product or service that they are screaming out for and then give it to them.

So for example, Dyson identified that one of the frustrations in the vacuum cleaner market was that a
vacuum cleaner would start to lose suction as the dust bag filled up. Knowing that there were millions of potential customers with their hands up waiting for a bagless vacuum cleaner which would not lose suction, he created one and subsequently took a huge share of the vacuum cleaner market from under the noses of his competitors.

- Keith Banfield