That’s not that your services or products isn’t an exceptional idea. But before you assume that idea for your head is solid gold, author and business writer Paul E. Brown has a guideline for you.
Take a visit to the local closeout store and check out every thing some other person thought can be a good suggestion, too.
Brown says it’s an invaluable exercise to assist entrepreneurs avoid the best pitfall when launching a brand new company, service or product.
In a contemporary Forbes post, Brown explains :
“Sure, one of the most stuff was excess of-priced to start with.
And yes, among the designs and colours left plenty to be desired.
But, invariably why the merchandise finally ends up being sold for literally pennies at the dollar is that their creators began by saying ‘wouldn’t it’s cool if…’ other than going and discovering sooner than time if there has been a market need for what they were all in favour of selling.”
Well, nothing, in theory, as long as a large enough consumer base agrees with you, says Jones.
There are all sorts of reasons they won’t.
For example, nobody might care about your idea. Jones uses the instance of an Agatha Christie themed set of pots and pans for those that like English mystery fiction and cooking. What number of people are there who share those two particular passions? And the way lots of them could be really keen on your product?
There also may simply be no demand. Maybe there are a number of people that might buy into your idea. As a consequence, Jones uses the instance of a “cable box cozy” for those that think an exposed satellite or cable box to your TV is ugly. But that doesn’t mean they’re going to expire and pay money for one.
People Will not be willing to pay. Remember the Iridium satellite phone , says Jones. Yes, you’re able to call anywhere, but those phone bills are murder.
So, aren’t there exceptions to a couple of those rules?
Think how indifferent Steve Jobs supposedly was to customer demand when developing products for Apple. But remember the strong demand for powerful personal computers, digital music players and conveyable devices. These markets were already present when Apple unveiled signature products just like the Mac, the iPod, the iPhone and the iPad.
In the tip, Jones insists, the perfect reason to create a product for an existing market is the time you’ll save.
“Once you return up along with your new idea you must exit and find customers. In the event you start with a market need, you have already got them.”