Most people wanting to start a new income stream come up with the wrong ideas because they focus on a product or service idea.
You see, when you go for a new idea you can face too many obstacles. You have to spend money testing your idea. You need to develop your idea and find distribution. All this costs money. The worst thing is that you only have an outside chance of success.
Even the big companies in FMCG don’t get new product development right. Something like 76% of new products in FMCG failed between 2011 to 2013 within a year. About 66% of the products never reach the sales volume of 10,000 items, according to a news report. Continue reading “Eighty percent of entrepreneurs make this costly idea mistake”