Momentum Ventures has had a lot of success when launching online businesses. Founded in 2007, Momentum Ventures has a perfect record of launching online businesses, going seven for seven over the last eight years. Momentum Ventures’ flagship brand, FlightHub, banks over $1.5 billion in annual sales, employs over 400 people, and has four global offices. As Momentum Ventures prepares to launch its next business, a landscape changing addition to the online travel world called Alio, Momentum Ventures has been focused primarily on what you have to get right to launch a new business. But, it isn’t just about seeking success, you also need to avoid potholes that could derail your work. Here are three things you need to avoid when launching a new business.
1. Don’t do it for the money, do it because you are passionate
There is nearly infinite space for new products online. While you may have the skills and background to tackle multiple industries, a successful business requires passion. While caring about your business is easy, being passionate about every facet of it, and its competitors, is something that only comes when you are 100% committed to its success.
2. Resist the urge to innovate too fast and practice “courageous patience”
You have your business, and you have the great idea that can push it to the top. What you need now is not an endless supply of coffee and a desire to crush code, but patience. Why patience? Innovating too fast, and without a plan, can be incredibly harmful for your business. This can be personified in a quote by Warren Bennis which states “Innovation by definition will not be accepted at first. It takes repeated attempts, endless demonstrations, monotonous rehearsals before innovation can be accepted and internalized by an organization. This requires ‘courageous patience’.”
3. Make sure the market is ready
You may have the perfect product, but it can all be undone quickly by simply having bad timing. Market readiness is paramount when launching a business. The online revolution has brought us great products that no one has ever used, while the same time giving us an app like “Yo” that found mainstream success despite being largely pointless. Determining if the market is ready for your product is a complicated task, but one you must complete if you want to launch a successful business.
Launching a business is a labour of love that ...