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Their story began when they mistakenly believed that they could easily sell through everything they ordered. The initial success riding on high revenue led to an inflated sense of confidence, culminating in the decision to order 5,000 units instead of more manageable quantities of 500.
The Importance of Proper Product Research
Another glaring oversight was the lack of rigorous product research. Without attempting to engage with customers, ascertain their needs, or validate product concepts through testing, the products ultimately offered were mismatched with market demand.