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Master the Art of Business

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This is a preview of a key idea from The Personal MBA: Master the Art of Business by Josh Kaufman. Order your copy now...

The Iron Law of the Market

“Market matters most; neither a stellar team nor fantastic product will redeem a bad market. Markets that don’t exist don’t care how smart you are.”Marc Andreesen, venture capitalist and founder of Netscape and Ning.com

Key Ideas:

  • Even the most ingenious idea will fail if no one wants it – creating something no one wants is a waste.
  • Find ways to serve existing markets vs. building something, then finding a market to sell it to.
  • This “iron law” is cold, hard, and unforgiving – ignore it, and you will fail.

Questions for Consideration:

  • Are you sure people actually want what you’re creating?
  • How can you find out before committing valuable time, energy, and resources to the venture?

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