The Product Concept and Market Need

An entrepreneur also should be able to explain a product or repair in terms of its features and profit, as well as explain the goal markets for this creation or service. An "idea," no matter how resourceful, is simply not enough. For an undertaking to be victorious the entrepreneur must have a clear and detailed idea about what a product or service provides that is exceptional to the market. However, a product idea habitually goes through more than a few iterations as the entrepreneur research what the market and purchaser actually wants and what is possible. Entrepreneurs may have to weigh the trade- offs between a high-cost, completely engineered product and a lower cost, mass-market product.

Moreover, the industrialist must concretely begin that clients will be concerned in the product or service once it exists. An industrialist must be able to recognize the target population in terms of numbers, demographics, and potential sales. Often, entrepreneurs will behavior wide market surveys and focus groups to establish a definition of their client's base. Ideally, entrepreneurs have clients who are dedicated to purchasing the manufactured goods as soon as it is completed. An undertaking based on a product for which there is no require will be unsuccessful and a waste of valuable time and resources.