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what are good products to create for a business
im thinking of becoming an entrepreneur. #entrepreneur #business-management
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Rebecca’s Answer
This is a very good question. I have a few suggestions below :
Firstly, the market is driven by demand and supply. I would think a good product is something that have a demand in the market and the meets the consumer requirement. In the market, there may not have a supply or limited supply to it.
Secondly, you may think of the market segment you are targeting, i.e . a niche market or mass market. This may also determine how you would the production of the product, i.e. focus on cost or quality, etc.
Thirdly, if you have an unique product, you may think of any substitute in the market for the time being or how easy others to replicate your production. You may consider to do trademark or registration on your product.
Hope this helps! Good Luck!
Firstly, the market is driven by demand and supply. I would think a good product is something that have a demand in the market and the meets the consumer requirement. In the market, there may not have a supply or limited supply to it.
Secondly, you may think of the market segment you are targeting, i.e . a niche market or mass market. This may also determine how you would the production of the product, i.e. focus on cost or quality, etc.
Thirdly, if you have an unique product, you may think of any substitute in the market for the time being or how easy others to replicate your production. You may consider to do trademark or registration on your product.
Hope this helps! Good Luck!
Updated
Junnie’s Answer
Dear faapuloua,
It is probably more suitable to ask yourself, what are you interested, talented and passionate in. When you do something from your heart then you are able to put forth the full energy to achieve.
To find out which field of products and services that you might be interested. I suggest that you spend some time to observe the market and talk to professionals in each field to understand the process.For example, if you are interested in fashion, find a Taylor, a fashion merchandiser to ask about the process of buying and selling. If you are interested to selling food products, ask a store owner and a product developer or producer to learn the process. Of course, one of the best way to learn is to work on the job. Before you decided to start your own business, best to work in the field of business/ product line to get some hands on experience. May your future full of adventures and good fortunes!
It is probably more suitable to ask yourself, what are you interested, talented and passionate in. When you do something from your heart then you are able to put forth the full energy to achieve.
To find out which field of products and services that you might be interested. I suggest that you spend some time to observe the market and talk to professionals in each field to understand the process.For example, if you are interested in fashion, find a Taylor, a fashion merchandiser to ask about the process of buying and selling. If you are interested to selling food products, ask a store owner and a product developer or producer to learn the process. Of course, one of the best way to learn is to work on the job. Before you decided to start your own business, best to work in the field of business/ product line to get some hands on experience. May your future full of adventures and good fortunes!
Michael Manthey
Managing Director of Medicare Growth and Operations
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Michael’s Answer
Hi Faapuloua, start asking yourself what your biggest daily pain points are. Then ask your friends the same. If you hear a common theme, begin brainstorming ways to address that pain point. Maybe you'll find something that you become passionate about and can wrap a business model around.
Start asking yourself and friend what their daily pain points are.
Michael recommends the following next steps:
Updated
Angela’s Answer
In the business incubator program, we start out with a brainstorming session - you get a plain sheet of paper and make a "bugs me" list. What kinds of things bug you - girls complaining about painful heels, the mud that stays on your soccer cleats, the ease with which the prop breaks on your boat??? Then find a way to fix that problem. Surely, others must have a similar problem...how many?
I also agree you should focus on something you feel strongly about, if you can. In the end, you'll need to be the one selling the product or solution, and if you don't believe in it, that will come across and people will be less likely to buy it from you.
Good luck.
Create a "Bugs Me List"
I also agree you should focus on something you feel strongly about, if you can. In the end, you'll need to be the one selling the product or solution, and if you don't believe in it, that will come across and people will be less likely to buy it from you.
Good luck.
Angela recommends the following next steps: