Lessons Learned from a Failed Business

• It is important but not sufficient to create good products, you must be able to market them.
• The experience needed to market/sell product is not less than the experience required to develop it.
• Experience has no substitute to make sure of someone. A good seller in some business area is not necessarily good in other areas.
• Local market is essential for any startup business, just master the local market then look at the region and internationally.
• To share someone in business, you must study carefully the added value he can add to the corporation, it is good to have investors, but there exist many other ways for fund without sharing.
• A business plan is essential to start and continue your business.
• No diversification is risky to any business, no one can be sure of what the market need (unless you already a successfully merchant)
• Local market success is essential to any region or international success.
• Before being a successful software manufacturer, you must be a successful software merchant.
• Sell solutions/final-product that is assembled from third parties, after being successful, you can try to develop/build your own sub-product and overtime increase your added value.
• Trust yourself, apply your vision strictly, you are the responsible one. Sure discuss issues before taking a decisions.

Of course this lessons are related to my experience environment and context, so apply your judgment before taking it.

From ahm507.blogspot.com