Maybe we don't even need salespeople. As Molly He prepared to launch her company's first product, that thought actually crossed her mind. "We believed it would sell itself," she admits.
He and two cofounders had created a startup called Element Biosciences, which made a DNA sequencer positioned to be cheaper and better than anything on the market. Why wouldn't everyone buy this? they thought. And at first, when they released it in 2022, it really did sell itself.
"Then reality hit," says He. Sales slowed to a trickle. By that moment in her life, she'd already solved more than your average person's worth of challenges. She'd grown up in the destitute boondocks of China, made her way to Los Angeles with $20 in her pocket, and rose to the top of the biosciences industry. Along the way, she'd learned to trust her instincts. But this time, clearly, she'd missed something.
With the wisdom of hindsight, He can only explain her problem with an old Chinese saying: "The newborn calf is not afraid of the tiger"-too naive to even know what to be scared of.
So what was this danger He had overlooked? She and the other two founders knew they had a major competitor; they'd all previously worked for it. But they hadn't understood the true nature of competition.
Element Biosciences was going up against Illumina, a company with $4.5 billion in annual revenue, whose DNA sequencing technology has become the industry standard.
He's team thought they could compete on product alone, by selling customers with numbers and data. But He's team was discovering that wasn't enough: People stick to old buying habits like gnats to flypaper.
Diese Geschichte stammt aus der July - August 2024-Ausgabe von Entrepreneur US.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der July - August 2024-Ausgabe von Entrepreneur US.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
The Better Way to Fail
The next time something you do flops, here's a new way to learn from it.
Making the Midlife Leap
After getting laid off in her early 50s, Keri Gardner decided she wanted to control her own fate-so she bought a franchise with her 401(k).
A Quick Guide to Franchise Ownership Costs
Franchising costs money. Here's what everything means.
This Doughnut Franchise Is Hitting the Road
To grow, DonutNV needed a steady supply of delivery trailers. So last year, it started making them itself.
3 Steps to Find Your Perfect Franchise
There are many brands out there. Finding the right one is up to you.
This Fencing Franchise Is Ready for Growth
Superior Fence & Rail nearly doubled its sales in one year. How? By stepping back and focusing on fundamentals.
What Are a Franchisee's Role and Responsibilities?
If you're going to be a franchisee, you should know exactly what's expected of you.
This Dog-Training Franchise Is Zooming Ahead
After a rough few years, Zoom Room made major changes...and has emerged as a stronger, faster, very well-behaved business.
What's the Real Damage?
Most clean-up companies just fix messes, like fire or flood damage. But 911 Restoration's new CEO saw an opportunity to help with the other emergency they often encounter: customers' emotional trauma.
Mental Health Services, Franchised
The U.S. is facing a growing mental health crisis. Ellie Mental Health wants to be the solution.