Richard CanfieldPodcast Host and IBC Advisor, Ascendant Financial · Authorized Infinite Banking Practitioner | Author of 4 Books

What to AVOID as a Young Entrepreneur | Advice from Melissa Bernstein

17 Oct 2024 · 1 min

Watch on YouTube

0:42

Melissa Bernstein, speaking from experience mentoring entrepreneurs in Duke University's entrepreneurs program, warns young founders against expanding too early. She advises founders to wait until a product shows clear, strong market traction before scaling, and to "squeeze all the goodness" from a successful product first because expansion consumes finite resources and focus.

Chapters

So I think the thing I see the most often because I mentor tons of entrepreneurs. We have an entrepreneurs program at Duke University, and I.
Mentor so.
Many young entrepreneurs.
I see them.
Trying to expand before they actually have something that's really hot. If you have.
Something that needs to.
Be expanded, you are going to know.
To the extent.
Where you're going to be like, oh, my gosh, we have a an incredible hit on our hands. You know, many think of expanding before. I'm like, how's your product doing? Well, I don't know. It just came out.
Then don't expand. And also, before.
You expand, squeeze all the goodness you can out of that one product. I mean, expansion.
Takes resources.
And, you know, focus and things that you don't want to give until you squeezed all the juice you can out of that one item.