As many entrepreneurs, I’m a big fan of Shark Tank show. I’m learning a lot about business fundamentals, negotiation, and how to come-up with the right product or service (not just idea).
Kevin O’Leary is one of the sharks and he decided to teach one entrepreneur a lesson by taking him back in time to the age of the Phoenicians. I wanted to share the story because it’s really the base of how entrepreneurs should think before shipping any product to the market and avoid being among the 90% startups who failed after few years from launch.
Kevin: “Four-thousand years ago there was a people called the Phoenicians. They found a way to take sea mollusks, crush their shells, and make purple dye. Because it was such a rare color, everybody wanted purple robes for royalty. These guys would dye the sails of their boats purple and sail into every war zone in the Mediterranean. Nobody touched them. You know why?
Kevin’s point is: “If you had the purple dye that no one else could make, you could sail off and make millions of dollars.”
If you make the purple dye now, your next step is to follow The Two Pillars of a Successful Marketing Strategy and may be later managing your Customer Experience in Real Time.