Test before you invest – practical ways to test the market

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The largemouth yellowfish or Vaal-Orange largemouth yellowfish (Labeobarbus kimberleyensis) is a ray-finned fish species in the family Cyprinidae.

An entrepreneur had developed a sunglasses holder for cars, manufactured several hundred products and secured placement in discount pharmacy stores as an impulse item near the checkouts. He got one sale in three months.

Your new idea for a product or service could turn into a nightmare if you fall in love with your fabulous dream idea and don’t test it beforehand in the marketplace. The most visible product failures are those involving physical product. Bedrooms, garages, studies and sheds can stay filled up with unsold product if you don’t do your homework. But the same applies to entrepreneurs who come up with smart phone apps – the only thing is you don’t get to see unused or unsold product. You won’t find a pile of unsold inventory for a new service because only the business owner will know how well his or her service is performing. Continue reading “Test before you invest – practical ways to test the market”