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You can pour your heart and soul (and life savings) into a venture, do all your due diligence, toil 80- and 90-hour weeks, and just when you’re on the verge of a breakthrough, a dark horse competitor sweeps in and decimates your market share. Or a partner defects with your top client. Or a key vendor declares bankruptcy.
The same pattern can hold true for interactions with banks, vendors, distributors, and other strategic partners. And somewhere out there, there’s a buyer, vendor, or other strategic partner who’s willing to take a chance on your fledgling business. you’ll know it’s time to suck it up and approach another prospective client or partner.
I frequently headr one of my business partners, Phil Turk, ask this odd question. Tom Panaggio, author of “ The Risk Advantage: Embracing the Entrepreneur’s Unexpected Edge “, has enjoyed a 30-year entrepreneurial career as cofounder of two successful directmarketing companies. Are you a chicken or a pig?
Say you start the passion fruit farm you’ve been dreaming of for years in your home state in Florida. If you’d taken the time to do your market research, you would have learned there was no demand for passion fruit in Florida. To find out more about marketing your products, take a look at the U.S.
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