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Have a great product? It's not enough!
Manage episode 439289172 series 3031165
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I've seen a lot of amazing products fail. Products that had the potential to reach millions, to better countless lives, but fell flat because they didn’t have the proper systems in place.
They were too focused on the product, too wrapped up in the vision or the mission, and forgot the foundational components necessary to build the business properly from the ground up.
Two companies come to mind. One had to completely restructure their financials twice, nearly avoiding Chapter 11. The other was so focused on the product and their team of "pirates" that they were pulled in all the wrong directions.
The former company’s latest restructuring will hopefully match their cash flow needs and allow senior leadership to focus on critical tasks.
The latter, however, refused to embrace proper systems, transforming from a band of pirates aiming to become the navy to a band of pirates thinking the Titanic would make a lovely triumph. Were they ever wrong.
Don’t be a band of pirates taking a ride on the Titanic because it looks nice. Follow your passion, drive your efforts in that direction, but MAKE DARN sure you have the proper systems in place to support your current needs and future growth.
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