HotchkissGunn445

A: I am a bad poker player, mainly because I cant help grinning like the village idiot when blessed with a successful hand or frowning like a sad clown when given a dud. I also never mak... Q: I have recommended for an amazing new product. Theres nothing like it on the market and no competition that I can find. I think itll be considered a big success and so does everyone I tell the theory to. Im willing to bet the farm on this one. What do you think my odds of success are? A: Im a poor poker player, mainly because I can not help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud. I also never make possibilities on the achievement of amazing services since more often than not the only thing thats amazing is the way the product is wholly ignored by the buying public. In my own software business there were instances when we came up in what we thought was an amazing thought for an amazing piece of software - a piece of software so amazing, actually, that we knew that all mankind would sit up and take notice, then line up to write us inspections. After hundreds of hours and tens of thousands of dollars spent developing the product we were amazed to find the only people who thought the application was truly amazing was us. We made mankind yawn. Quite an amazing success, if I do say therefore myself. It worries me that you say theres nothing like your idea available on the market. As you may think thats a good thing, it could actually mean that there is no market for your product. The same is true for a lack of competition. Going To [http://www.abc12.com/story/26522759/ledified-in-heated-battle-for-first-in-fundable-staples-competition fundable competition] certainly provides warnings you should use with your uncle. A total absence of competition may possibly mean that theres no need for this type of solution. Rarely does an item arrive that revolutionizes a market. Rarer still does something develop a new market on its own. So, how will you tell if your amazing new product really is worth gambling on? The reality is, it is possible to never be a large number of sure that your thought can sell. No-matter how enamored you are of it or how much your friends talk about it, the achievement of the new idea depends on several elements, a lot of which are beyond your control. Such factors include: The stability of the idea: is this really a product you could build a business around? Does the theory have the potential to generate income or customer loyalty? The folks employing the idea: the correct staff could make even an average product an enormous success have you ever heard of Windows. Inversely, a negative team couldnt sell ice water in Hades. Pick your team carefully. The best people really do make all the difference. This powerful [http://www.abc12.com/story/26522759/ledified-in-heated-battle-for-first-in-fundable-staples-competition read more] article has some commanding suggestions for the meaning behind it. The demand for such a product in the marketplace: will this product fill a need or satisfy an itch? The competition: will be the market already crowded with competitors? If so, what will it simply take to move your product in front of the package? The degree of the pockets: even an amazing product takes a ton of money to get from drawing board to store shelf. The supply of other resources required to take the product from the drawing board to the consumer: do you have enough time, the drive, the perseverance, the data, the contacts, the support, and a hundred other things required to provide your wonderful idea to fruition? The record would not be complete without pure luck and timing. And a thousand other activities. Before you spend too-much time and money into your idea, perform a little re-search to ascertain if it is an idea that is worthy of gambling on: Research industry for similar items. Again, if there are no similar products on the market that may mean there is no market for that item. If there truly is nothing just like your product, research similar products and services that fill a similar gap in the consumers life. Learn all you can about such products: pricing, industry share, track record, etc. Re-search your competition. There might not be a market for something like yours as mentioned earlier, if there is no competition. Study the competition fully little guys and major guys to help determine if you can realistically compete for market share, if there is competition. Determine your target customer and ask them for an honest evaluation of the theory and its marketability. Avoid friends and family because they usually just tell you what you wish to hear. If your target customer is really a 35 year old female, pitch your idea to every 35 year old female you determine and meet their response. Only dont break any stalking laws in-the name of market research :o. The best advice I can offer you when it concerns wonderful new product ideas it is best to check out your head and not your heart. It is a lesson that took me years to master. If I had a dime for each amazing new product I have invested in Id go play a couple of hands of poker. Heres to your success!