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Great post, especially number 5. The only thing I would add as as corollary to 8, is to not assume that you know more than the market. Maybe you do know more and your product will revolutionize the industry, but have a backup plan. Even if that backup plan is going broke and starting over. Living the dream is romantic, but you can't eat romance.



Several times I've been a company that says "the way the rest of the industry does X is stupid."

Sometimes we broke the rest of the market, sometimes we captured a really big piece, sometimes we had to give up and do what they all do.




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