Image via Wikipedia
When you dream up a unique product or service, if you’re entrepreneurially minded, you soon find yourself wondering several things. Those are often centered around the following three questions and their resultant answers:
How do you bring the product to the market? This is the hardest question to answer, because only once it is handled do you need to face the other questions. If you cannot actually create (or otherwise provide) a tangible good or service, you haven’t got too much to worry about. If you’ve mentally managed to set up the supply lines from raw materials, to factory services where your good will be manufactured, all the way to the creation of a distribution network, then you can move on to answering the next two questions.
Will the good or service provide a benefit to others, such that it is worthwhile to bring to the market? The best idea in the world is useless economically if it won’t sell to others or in some way make the world a better place. This is the ultimate litmus test. If your product isn’t worthwhile, there is little point in providing it.
Is the supply of the item in question going to provide a decent profit for your efforts? Whether it is tangible or not, if you cannot sell your idea and make some money while doing so, there is little point in progressing on the concept. After all, as an entrepreneur, the expectation of a reasonable return is built right into the concept of creating something new from scratch.