Gary Vaynerchuk says the biggest mistake entrepreneurs make is disrespecting the market. They lack humility about what customers actually want, assume they know better than consumers, and ignore feedback. He cites Henry Ford's "faster horse" example.
What is the biggest mistake that you see entrepreneurs make today?
This might take the rest of my life. I think disrespecting the market, I really do. It's the theme that's on my mind. I'm just stunned that people think they're more right than the consumer. When the consumer is the judge and the jury. And so lack of humility to the customer's needs, I think they get caught up in things like the, you know, if I listened to the market, I would have made a faster horse. They compared themselves to like Henry Ford or the guy who created the Porsche or these iconic all time things without realizing that 99.999% of people lose when they disrespect the market. So I would say disrespecting the market.
Business & Burgers-Sequence Collection bracelet for National Entrepreneurship Week
