People First

Find out first what the need is and then create a solution for it. Most companies and entrepreneurs fail because they create products and then go out to look for customers. The result of that is that you have created a product that noone really sees the value of and then you spend a lot of time trying to persuade people to be consumers of the same. When in fact it would have been better to establish the need first and then creating a solution for that need. This is where the philosophy of people first comes in. As we often say,"people before profit" it is important to understand the needs of the people so that the solution you propose could be tailored for their specific needs. You don't want your product to be just another product on the shelves gathering dust while you are hemorrhaging money trying to keep afloat. So in order to avoid this you need to do a thorough market research. It is only after a research has been conducted that you will know if you have to create a product, what kind of a product and for whom. Only when this has been established can you go to your market to sell the product or service. Knowing your market will also tell you the right time to go to market. There are many good products that were launched to market at the wrong time. This can only point us to the fact that thorough market research was not done prior to the launch. So to avoid many pitfalls it is important to know your people.