Common business planning mistake #7 and exercise to solve it 

Lesson Details:

Video Transcription: Another common mistake during the business planning and during the business starting phase is overestimating the amazingness of your business or the size of the total opportunity because being excited is blinding and us entrepreneurs we have this tendency to believe in ourselves a lot to believe in our ideas and to be stubborn I'm really stubborn sometimes about my own ideas when I get excited about my own ideas I want to pursue them and it's really hard to talk me out of it but I'm often wrong so I see a lot of entrepreneurs saying like oh my god I just got the greatest idea it's like oh my god it's a billion dollar opportunity it's some kind of a new social network or a new social app or something else that very likely it's totally not new but they believe it it makes sense to them and it's impossible to talk them out of it and there's this blind belief that like everyone will use it a believer luciene eyes everything but incredibly few things are truly like that so the solution is like in many cases that you'll see in this course is to get the hard feedback what's going to save us time and time again is the combination of Steve blanks customer development methodology in the Lean Startup methodology by Eric Ries I cover it in other parts of the course I won't get too much into it here but it's basically Steve blanks methodologies getting feedback before you start and Eric Ries this methodology is launching quickly and iterating rapidly based only on real feedback from customers who are actually using the product so you see this is feedback that you can get before and after you launch and you want to launch quickly and go to market quickly with something small and manageable so you can launch and start getting real feedback and getting real-world answers to your previous assumptions to see whether your assumptions that it's an amazing opportunity are truly correct because who knows maybe it is but you've got a test that you can't just operate based on excitement and assumptions.