Author: Nathan R. Furr
|Nail It Then Scale It (2011) focuses on the guide to successful businesses. It guides the readers to focus on the business strategies and mainly on the customers and cater to their needs. Besides this, the author of his book says that just having a passion is not everything but having good strategies and making smart decisions is the key to having a successful business.|
According to the book Nail It Then Scale It, when you are starting a business there are 50/50 chances that it will fail in the 5 years. It’s not always necessary that the business is going to run successfully. Even if we have perfect ideas, there is no guarantee that it helps in establishing a successful business.
Moreover, the book guides the readers to focus on the customer and their requirements. That’s the key to being a successful businessman. Your business will succeed only when you cater to customer needs and change your strategies according to their requirements.
The book Nail It Then Scale It teaches us some really helpful entrepreneurship lessons that are discussed below:
Nail It Then Scale It Key Points
Too much money and funding can hurt your entrepreneurship ideas
If we invest a lot in a business and just focus on funding, it will also be a reason of a failed business. This is because money is not the only thing that is essential to set up a business. Even if someone gives us million dollars and asks us to build a successful business, we won’t be able to do it. Too much money might sabotage your business plans by breeding complacency.
We realize that money won’t cure all of the problems that come with running a successful business. In contrast, a start-up with limited resources understands what is required and accomplishes it.
There is an example of Duke Nukem 3D shared in the book. The game was released in around 18 months, despite the lack of financing. It was a success, and they were able to start working with the funds they had received. The success of 3D Realms’ Duke Nukem 3D in 1996 is a good illustration. The game was released in around 18 months despite the lack of financing. It was a success, and they began working with the proceeds.
However, their success had given them far too much time, which the corporation had squandered. The game was still in production 12 years later and never made it to the market.
Don’t depend solely on perfect ideas
Another common blunder made by entrepreneurs is depending solely on a brilliant idea and their enthusiasm for it. Because it leads to too many incorrect assumptions, blind trust that comes from your own inspiration might be a guaranteed way to disaster. It’s practically impossible to design a successful product using the “ready, fire, aim” method.
There’s a slim chance it’ll catch on in the market if you don’t know what your clients want.
Customers should be your priority
The knowledge you gather about what your clients want is the foundation of your success. When you cater to your customers and their needs, it will benefit your business the most because businesses are run by the customers only and they should be the priority.
For example, Webvan was an online grocery delivery service that demonstrated how not to do it. Because they didn’t undertake enough market research, they greatly underestimated the demand for their service. As a result, they invested heavily in infrastructure, inventory, and transportation. However, once they were up and running, they realized their blunder. Their predictions for the number of purchases people would make were 60 percent off.
Careful observation of your customer’s purchasing habits is your hidden weapon against a similar failure. Consider how you may tailor your approach to match their requirements. Once you’ve got that, keep tweaking it to make it a repeatable business model. It’s natural for your plan to evolve a lot during the early stages of your business. However, don’t wait too long to develop a more solid long-term strategy.
Apple, for example, started off selling kits so that customers could assemble their own computers at home. However, simple modifications to old items are now its primary source of revenue.
Hire Talented people
Another tip that the book Nail It Then Scale It gives is that the people you hire play an important role in the success or failure of your business. Moreover, if you want to grow your company, look for talented people and hire them. People who are eager to learn and are hardworking will help you in flourishing your business.
Besides this, you’ll need some outside support to take command so you can scale your small business, even if you love it. Craig Newmark, the company’s founder, discovered he didn’t have the know-how to manage it as it grew. That’s when he decided to promote Jim Buckmaster, a company employee, to oversee the company. Buckmaster is still the CEO of Craigslist and has overseen the company’s growth into a multibillion-dollar corporation.
However, relinquishing control is only half of the equation. You’ll also need a sound business plan.
A business concept that is backed by paying customers It’s risky to scale without an established client base. The dot-com boom of the 1990s exemplifies this point. Many businesses with unproven business strategies were attempting to scale as quickly as feasible. As a result, they were unable to gain a foothold in the market before their resources ran out, and therefore failed. eBay, on the other hand, has managed to stay afloat by focusing on sluggish development.
Who would I recommend Nail It Then Scale It summary to?
Young Entrepreneurs who are focusing more on funding and less on customer needs should give this book a read. It will guide them about the business strategies that they need to adopt.