(Black Enterprise) — You’ve got an idea for a new product that you think is amazing. The thought of introducing it to the marketplace is so exhilarating that it keeps you up at night, and you can’t stop wondering, “Why hasn’t anyone thought of this yet?!” For some, these feelings of optimism and excitement around creating a new product are the seeds from which a flourishing business will grow. For others, they can result in less than desirable outcomes (e.g., a substantial loss of time, energy, and money). What leads to these disparate outcomes? Of course, there are a variety of factors. But one thing that every entrepreneur looking to develop a new product ought to consider first and foremost, is whether the product idea is truly viable. And by this, I mean: Will the product sell, and can you build a profitable business selling it?
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