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Is there really a market?
Manage episode 358155541 series 3407373
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Many would-be entrepreneurs make the assumption that if a problem can be solved by a product or service, it amounts to a sustainable business. A cold toilet seat in the middle of winter is a problem that many people would love solved. However, there is a miniscule subset of people who would be prepared to pay for the installation and running costs of an electrically heated toilet seat for their home or office. Aspiring entrepreneurs erroneously view a market as a function of a perceived problem without considering whether people would be prepared to pay for the cost of solving that problem. Listen to episode two of 20 lessons over 20 years where Allon Raiz discusses the importance of taking time to honestly assess the market size, the ability of that market to pay the right price, and the right time to enter the market. www.raizcorp.com · www.raizcorp.com
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