There is a chance that you may have read about Steve Barbarich online. The Steven Barbarich case is unique in the business world for different reasons. The Steve Barbarich case involved someone with no business background becoming successful in building his own business.
He started first as an engineer with a dream to become a successful inventor. He found out the hard way that it isn’t exactly simple to become an inventor and to have a lot of money because you have this grand idea that became a product. You need to have a patent. But what if you don’t have the funding for your invention? Barbarich became an employee as he developed products for different companies.
The downside to being an employee if you’re part of the product development department is that you don’t own the product. It means that you’re paid monthly since you are not the owner but someone who is working for the company.
That was when he decided to become his own boss. What were the things that he learned when he became an entrepreneur and inventor himself?
Not As Simple As You Think
One of the things that he realized soon enough was that it isn’t exactly easy. There are a lot of nuances that you need to consider if you’re going to run your own business. You will need to hire people who will take care of things in your business. Next, it is also important to know the value of marketing. This way, you can introduce your business to your market.
Shortly after creating products for his market, he realized that it was hard to please customers. A lot of customers are pissed the moment they see even a small defect in the product that they just bought. That’s when he had to deal with the bad reviews.
If you’re going to look at the reviews from a few years ago, you will realize that Steve Barbarich was overwhelmed by the number of complaints about him and his company. He was missing a lot of things. He ended up hiring more people, issuing refunds, and sending emails to a bunch of customers. In the end, it wasn’t a profit.
The Power to Bounce Back
Though it was turning out to be a horror story for any entrepreneur, Barbarich realized that he could still come back and even explore other markets. What he did was hire a consultant. From this point, he created customer-friendly strategies.
He then started his own Airbnb management company. When he started his Airbnb management company, he realized that it is always a good idea to start small than to go big at once. He first invested in San Diego, Los Angeles, and San Francisco to make sure that he could handle the properties. From this point, he established another company. This time around, it was a competition against Airbnb. But unlike Airbnb which comes with a worldwide scope, his platform was more local.
Every entrepreneur can learn from Steve Barbarich’s journey. But of course, keep in mind that not everyone can recreate what he did.