Posted under Entrepreneurship
from 1492 days ago

Ilya Spitalnik had the two things every hopeful entrepreneur dreams of.

One, he had “pockets full of money” after walking away from a lucrative banking career. And two, he had an idea for a product that customers would actually buy.

“I took the plunge, I jumped,” says Ilya, founder of PowToon. “And to make a long story short, basically within a year…I was on the brink of bankruptcy.”

So what went wrong?

Ilya didn’t validate any of his assumptions. “You can have a great idea, but the great idea has very, very little value if there is no execution behind it,” says Ilya. “Ninety-eight percent of a business is in its execution, not in the idea at all.”

With PowToon, Ilya validated every step of the way. “Within 18 months, we broke the million-dollar mark,” he says.

In his Mixergy course, Ilya reveals his system for rapid validation ...


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