How To Limit Website Or Product Creation Startup Risks.

Discussion in 'General Business' started by jsawvel, Feb 12, 2009.

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  1. #1
    Hi,

    I am looking for ideas on how to limit risk when starting a web site or working on a product idea.

    By risk I mean losing time or money without a reward.

    So, any venture that you start is based on the idea that you will receive a reward that is larger than what you sacrifice in time or money. And you try to stick to things that give you a good reward for you money or time.

    Here are some ideas:

    1. Do as much market research as possible to ensure the success of your product and to think of profitable product ideas.
    2. Look for comparable products that already exist and look at their success rate and how you might be able to make improvements on something that is already successful.
    3. Ask your friends and associates what they think.
    4. Ask the potential market what they think of your proposed product.
    5. Create an ad for your potential product including its primary benefit and other potential benefits. And place this ad on eBay and stop the auction before the end to see how valuable your potential product may be to your market or if people are willing to buy. (Idea from 4 Hour Work Week)
    6. If your product is an information product, write a related article first to see the response to that article.
    7. Offer something for free related to your potential product and measure the response.
    8. Offer a smaller version of your info product in the form of a report at a low price, to see if people will buy.

    Here are a few ideas that I have come up with, please share if you have found methods that help reduce your risk. Also, if you have any recommended books, please share those as well. Thanks!
     
    jsawvel, Feb 12, 2009 IP
  2. mentos

    mentos Prominent Member

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    #2
    Just to add my personal experience which is to have a network connection whenever which field you join.By having network,they can help you grow your business easily.
     
    mentos, Feb 12, 2009 IP
  3. events

    events Active Member

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    #3
    Business plan, marketing plan, forecast cash flow, disaster recovery plan to name a few
     
    events, Feb 12, 2009 IP
  4. jsawvel

    jsawvel Peon

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    #4
    Interesting...

    It appears that an online business should be run like any other business. This is a cool idea (and I may be a bit neive for expressing it). But it is also refreshing to know that perhaps the world has not changed and the same business principles that applied before the internet apply now.
     
    jsawvel, Feb 13, 2009 IP