The entrepreneur sets out to create or manufacture a product for a certain target market. We hold focus groups and send questionnaires and analyze their responses. We analyze the competitive marketplace and determine that we have a viable product. We do all the things that the marketing gurus say we should do to communicate our product to potential customers. We forecast the sales we believe we could achieve and cover our costs well enough to provide a profit.
We launch and we are excited about our product, but something happens along the way. Those customers whom we targeted are not infatuated enough with our product to make it sustainable. Our sales forecast is not met. We are losing money. What happened?
Perhaps you created a product that would saturate the market in a few years. Were you wise enough to have created a core product so that you could change…
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