What entrepreneur or business start-up doesn’t spend hours, days, weeks, months, even years trying to perfect a new concept, product or business idea before launching it to market? We have perhaps all been guilty of this trait at some point in our entrepreneurial lives, hanging on to the notion that our first foray into the world of business should be on the back of something 100% perfect that we can be proud of and attach our name and reputation to. Yet, the stark reality is that often speed to market is everything - not perfection.
There is a famous quote by Reid Hoffman, the founder of Linkedin which should strike a chord with many entrepreneurs that says...
There is something to this – it is very powerful getting a product or concept to market first, and in today’s highly competitive environment, speed is everything. So what if your product or concept is not perfect, or it needs a little refinement here and there? Many times, some of the most successful products have been launched at high speed initially, and then further refined along the way once in the marketplace and connecting with customers.
Okay, so there are pros and cons to launching your product or business at speed, but the positives definitely outweigh the negatives. On the pro side, people always remember the first to market, not the ones that follow. Secondly, there is nothing worse than seeing a product or concept that you have passionately been working on for so long, get beaten to it by someone else – devastating! Thirdly, you may believe that your beloved product or concept will be equally loved by the market, but unless you get it out there and get feedback quickly, how will you know? Remember, it is just a paper exercise until it is launched and then the market will quickly tell you what it thinks.
Ultimately, the trick is to just put yourself and your product, service or concept out there in the marketplace, get a reaction to what you are doing, and remember that people are quite forgiving of things that are not perfect, as long as they are innovative and provide a solution. It is better that your name and brand is associated with innovation and speed to market, rather than for following in the footsteps of others that beat you to the game first.
So, what are you waiting for?
