Finding the Right Product
There is no point having the greatest marketing mind in the world if you don’t have a product to market. Finding the right product/idea or concept is paramount for any entrepreneur. Your track history becomes about what products you have developed and marketed and, living up to the entrepreneur reputation, these will have to be seemingly risky, bold and innovating. It will have to be a new take on an old subject or a fresh approach to an outdated method. It will have to set you apart from the rest.
How do you find the right product? Pick something you’re passionate about. It has to be something you instinctively talk about at a BBQ without even knowing it. It’s something that evokes such conviction on your part that others can’t help but be swept up in your enthusiasm. For Richard Branson, the creator or Virgin Records, Virgin Airlines, Virgin Mobile and everything else Virgin, it was records. He began selling second hand records at high school and opened a store soon after. Now of course he’s a self publicizing billionaire with his own island which brings me to my second point; thinking big.
You need to think big in everything you do. The bigger the better. Don’t be afraid to project big plans for your products. The range of technology today, means we can go global at the touch of a button. Once you have your product, develop not only a localized marketing strategy but start thinking of an international one.
But I’m moving ahead, what if you have yet to find your product? Do your own market research. Pick an industry you love and start researching it. Sooner or later you will find a gap in the market, a place where you can make your mark. In the meantime take an everyday product and create your own marketing plan. How would you do it differently? If you think it is good enough, go back to the company and sell it to them. That’s what entrepreneurs do, they take advantage of every situation. Start thinking like an entrepreneur today and find the right product for you.
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