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Choosing a Product or Service to Sell

Ready to break into a new market? Answering these 29 questions will determine if the product or service you want to sell deserves your commitment.
July 18, 2005
URL: http://www.entrepreneur.com/article/78778

To succeed as an entrepreneur, you must develop the ability to select and offer the right products or services to your customers in a competitive market. More than any other factor, your ability to make this choice will determine your success or failure.

Fully 80 percent of the products and services being consumed today are different from those that were being consumed five years ago. And five years from today, fully 80 percent of the products being used will be new and different from those being used today.

There are thousands of products and services available to consumers today. And there are unlimited opportunities for you to enter the marketplace and compete effectively with a new product or service that's better in some way than what's already being offered by your competitors. Remember, your skill at choosing that product or service is critical to your success.

The most important thing you can do before deciding what to sell is to think. And the more you think about a product or service before you bring it to market, the better your decisions will be.

So how do you start? To make a product successful, you must be personally and emotionally committed to its success. Once you've got a product or service in mind, you need to begin with a self-analysis:

Then analyze the product or service from the customer's point of view:

Imagine that you've hired a management consultant to get advice on introducing this new product or service. They're going to cut right to the chase and ask you these very objective, bottom-line questions about the product:

Dig even deeper into the potential success of your product or service by determining the answer to the following critical questions:

And you're not done yet. There are a series of additional questions you need to ask before you make a final decision on a new product or service offering.

For a product or service to succeed, it must be the right product, being sold at the right time, to the right customer, in the right market. It must be produced and sold by the right company, and the right people. What you have to decide is this: Is this product right for you?

Brian Tracy is the "Success Secrets" coach at Entrepreneur.comand one of America's leading authoritieson entrepreneurial development. He's produced more than 300 audio and video learning programs that cover the entire spectrum of human and corporate performance through his company, Brian Tracy International.