Quite a few entrepreneurs confuse having a product or service with running a business. It’s true that products or services sustain a business, but where a business can grow to scale, a product will remain just a product.

To know if you have a product or a business, you can test yourself against the following three questions:

1. A product is only as good as how well it is being picked up by the market: are people buying? If not, you know you may have a product or service, but not (yet) a business…
2. Does your strategy include to grow to scale? If yes, this will mean you will depend on others to come on board and together to create value from other revenue streams, hence you’re running a business…
3. How much time do you spend developing your product vs how much time do you spend creating and foster  relationships? Meeting with (potential) customers, suppliers and other partners including potential investors and not to forget employees should make up most of your time if you’re building and growing a business instead of just a product or service…

SPARK OF THE DAY

Being an entrepreneur doesn’t start with just having an idea nor stop with having a product or service, it requires a vision and drive to step by step grow beyond your then comfort zone.

You may start out with having a product, but don’t let your ambitions stop there…