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Do You Have a Great Product?

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Post written by:

Paul Davis

I recently attended the International Home and House wares Show in Chicago, Illinois. This was the first time that I had been to this show and was shocked to see such a display of products from around the world. These products were by global manufactures and companies, and also by individual inventors. It was truly a great experience.

 

As I was walking around (their were three buildings of vendors) I realized that everybody their felt they had the best product for consumers to buy. So I started thinking,

How do you know if your product is great?

 

According to Ryan Allis’ book “Zero to One Million: How I Built a company to One million in Sales there are two factors that he feels you need to have a great product.

 

Inherent Qualities of a Product

 

  • Is the product of high quality?
  • Is the product effective?
  • How valuable are the benefits the product gives to the consumer?
  • Does the product increase pleasure, increase utility, or reduce pain?
  • Must the product be reordered?
  • Can the product be developed easily?

 

The State of the Marketplace

 

  • Can the product be produced for a low cost so as to support a high margin?
  • What is the current demand for the product?
  • Are their similar products?
  • Are their serious competitors?
  • What are the products substitutes?
  • How hard will it be to differentiate the product from competing products?

 

 

Social Media: The Emerging Trend

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Post written by:

Paul Davis

 

Social Media has emerged as new industry that did not exist 10 years ago. This industry has added a new way to market a business product and stay in touch with customers. It has become more powerful than any public relations firm or marketing agency.

 

Facebook and Twitter are the most recognized platforms to reach customers, but will they continue to grow in the future? According to Chris Bogan, recognized as the number one social media expert, states “We are heading toward more private social spaces, spaces where like-minded folks congregate instead of a big commons-like spaces.

 

At The Product Network you can join the network site that brings together like-minded folks. Inventors and Entrepreneurs are encouraged to sign up, so that conversation and information can be shared with each other in “our community”

 

Big Ideas, Big Heart

Saturday, 03 July 2010 21:58
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Post written by:

Paul Davis

The Inpex show that was held on June 16th and 17th outside of Pittsburg, Pa. was promoted as the biggest inventors show in the country. The show had over 500 exhibits from the United States and many foreign countries. I had never been to a show of this magnitude and was excited to display my product, Frigemates. When I finally had a chance to walk through the convention center, I was impressed with the diversity of inventions and the excitement of the inventors on displaying their products and sharing their stories on why and how they were living their dream of being an inventor. I witnessed some big ideas, but what impressed the most was the passion and excitement of the inventors to share their successes and challenges to develop their product and hopefully get it to market. Everybody hopes they have the next million dollar idea, but reality is a small few will achieve that level, I talked to one inventor and he shared that his goal was to sell his product to make a life. As I thought about his comments, I realized that he spoke from the heart and was not focused on big ideas mean big money
 

Running With Patience

Friday, 14 May 2010 00:56
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Post written by:

Paul Davis

 

The definition of entrepreneurship is very simple: perceive a need in the marketplace, develop a unique solution, and create a business around it. A wise entrepreneur sees an opportunity and acts upon it quickly, filling the gap in that particular market in a way that no one else has before, and before anyone else gets there first.

 

Opportunities are all around us. If you take a look, you're bound to find ideas that need to be improved upon, areas in existing services that can be handled in a better way, or issues that haven't been addressed commercially. It's taking that gap--that need--and filling it that makes one an entrepreneur.

 

The economic downturn that started in August of 2007 has created many new classes of first-time entrepreneurs. Mompreneurs--women and mothers who need to supplement their family's income or who want to stay in touch with market trends--are more prevalent that ever before. Those who have been laid off or have grown weary of long commutes--the homepreneurs--have found ways to make a living without need of an outside office. The more mature community--the boomerpreneurs-- have decided to take this time to pursue lifelong dreams and ambitions. Newpreneurs, as the name suggests, are using the recession as an opportunity to develop their ideas and begin their company in a time when startup costs are low. All of these groups, and more, have been and will continue to be successful. Why? Because new technology and new ideas are the keys to stimulating and reviving a failing economy.

 

Some business owners gain as much knowledge as they can on running a business through academic training. While gaining knowledge from college curriculum is important and will benefit you, proven techniques gleaned from other successful business owners and case studies can start you on the road to a long and successful career. These techniques are what I like to call running skills... the beginning steps of the race to victory.

 

The most important part of this journey is patience. Patience is the willingness to keep going in the face of adversity; to realize that while there will be obstacles in your way, your ultimate prize awaits you at the end of the road as long as you keep running.

 

Theodore Roosevelt gave this speech in 1912 “It is not the critic who counts, the credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again, who if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who knew neither victory nor defeat.”

 

As you absorb your experiences and learn from your failures, you develop the patience skills that will increase your opportunity to become a successful entrepreneur.

 

2010 is Year of the Entrepreneur

Wednesday, 24 March 2010 00:00
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Post written by:

Ashleigh Sottile

I know it sounds crazy in an economic time that is being compared to the Great Depression and unemployment rates have reached as high as 11.4% to be thinking about starting a business. Oddly enough disruptive economic times are often the best conditions to start new businesses of the future. Two great examples are Hewlett-Packard and Microsoft. Hewlett-Packard was founded in 1939 in the midst of the Great Depression and Microsoft launched in the recession of the 1970’s .

 

Prediction: Entrepreneurs discovering new ways to serve and bringing better products to the marketplace will become the work -horses that will pull the United States out of recession.

 

The reasons why:

 

  1. In a slowing economy companies are forced to downsize driving very talented people out of a job. Now more than ever, more qualified professionals are out of work leaving them forced to take jobs paying less. So now there is an opportunity to secure very talented employees making  solid growth in your new business, at affordable prices.
  2. Businesses will be getting back to the mom- and-pop businesses in terms of marketing. Small businesses will rely more on “local marketing” and word of mouth for exposure and growth making it easier and less expensive to get exposure.
  3. Over the past years as the economy has taken a dive, entrepreneurs have learned a hard lesson about spending cautiously. They will be more careful than ever about the debt they carry.
  4. In economic downturns basic operating costs tend to be lower teaching entrepreneurs how to launch a new business with very little capital.
  5. The competition between businesses opens up. Since large businesses are focused more on rationalizing operations and weaker players are going out of business.

 

Any entrepreneur or investor will find favorable conditions in the beneficial trends in lower costs, labor and competition. That is why those who put management talent and risk capital to work in the year of the entrepreneur are likely to be rewarded handsomely creating unplanned benefits of innovation, job creation and economic growth. So a piece of advice to the entrepreneurs and investors- Get ready, be smart, be resourceful, be creative but above all be positive and ready to take it all on in 2010.

 

 

 

 


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