Learn more about entrepreneurship with this collection
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Bringing an idea to market
You have an idea for a new product, and now you want to bring it to market. You may not think it would be easy because of your limited budget and experience.
The internet is an excellent tool for research, but there is also value in visiting brick and mortar retailers and befriending store managers. In addition, trade shows are great for doing market research and relationship building.
Before you start spending your time and money trying to commercialize your idea, you need to ask yourself some pointed questions.
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Market size, Competition, and Value proposition
Market size: How large is the potential market for your new idea? Put otherwise, how many consumers may be interested?
Competition: How saturated is the market for similar products? Too much competition can make it extremely difficult to succeed. However, ...
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Manufacturing, Cost, and Protection
Manufacturing: Can your new idea be manufactured using existing machinery? YouTube can help in researching alternative manufacturing methods.
Cost: Will the retail price of your new idea be low enough to stand up to the competition?
Protection...
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Education, line extensions, profit margins
Education: Do people understand when you explain your concept to them? Educating the consumer can be expensive and time-consuming.
Line extensions: One new idea doesn't make a business. Consider how you can expand your idea into a line of products.
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Ways to mitigate risk
Crowdfunding to raise money.Test your idea while raising the funds you need to get started.
Joining a startup. It can be enlightening to work with others who have skills that you don't.
Focus on licensing your idea instead of venturing.
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Reducing your essentials
Play around with your monthly budget to see where you can reduce your monthly spending:
- You could contact your internet company to get a discount.
- You can clip coupons and use rebate apps to spend less on your monthly groceries.
- You could set aside less for medical ...
Keep an open channel to customers and influencers
Running an existing business is an all-consuming job: managing employees, vendors, and government regulations. It's hard to find time to really study the market for new trends, and listen to customers. The right approach is to allocate time, maybe an hour a day, for these critical change drivers....
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