Mistakes are only an indication that you have to look at another way to achieve a desired outcomeRead more...
No. 1 mistake: Spending too much time on one thing
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These profiles give entrepreneurs an opportunity to showcase themselves and tell their story. So if you are an entrepreneur, a serial entrepreneur, or even an aspiring entrepreneur, we'd like to hear from you.
I want to invent something cool.
Gilt, Twitter, Facebook, LivingSocial, Tumblr, Instagram, Groupon, Zynga
Focusing on just one idea or direction is tough. I love creating something and seeing people use it. I took my family to a Christmas party last year, and the NFL playoffs were on tv... the commentators paused from the game after the kickoff, and announced the launch of the Fox Sports app. They presented it on screen in front of my family and friends. It was a neat moment.
Spending too much time on one thing before putting it out there for the public to accept or reject. I'm now a big fan of the lean startup method. Where there is extreme uncertainty it's best to start with a great idea, create that minimally viable product and get feedback on a constant basis as fast as possible. The old method where we'd spend 6 months, a year, or more designing and implementing something is going away.
1. Find help - you can't do it alone
2. Follow the lean startup method - build it as fast as possible
3. Network - you need friends to help share your new product/business, and then eventually you need investors
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TropicMint is an online site that features flash sales on designer goods, localized daily deals, and cruise and vacation packages with a resort/beach lifestyle focus. TropicMint takes a fun, expressive approach to this domain with creative and artistic energy to fuel our design process and product offerings. In the future, we may consider expanding into custom branded fashion and design.
Our closet competitors would include LivingSocial, Groupon, Gilt, ideeli, HauteLook, Fab, Vente-privee, One King's Lane, etc. Each of these companies are fantastic at what they do, but our approach and specific focus sets us apart. We want to establish a global appeal that can travel to fashion and art centers around the world. We would be a perfect fit in tropical destinations around the world in South America, Caribbean, California, Florida, Asia-Pacific, and the Mediterranean.
Being based in Las Vegas provides us access to almost 40 million tourists a year from around the world as well as close proximity to the Entertainment industry. This is the perfect spot to build a new brand, refine the platform, and then spread quickly to other key areas.