How do I price my product as an entrepreneur?

I just give you a number I read in Chris Anderson amazing book Makers: Price your product at least 2.3 times its cost!

Why? Because you need at least one 50 percent margin for yourself and another 50 percent margin for your retailers (1.5 × 1.5 = 2.25). So don’t make the mistake and offer your products cheap in the beginning to get market shares. In the long term it will not work out, because when your business starts growing you gonna need cash.

So don’t sell your product too cheap – it should be worth the money!

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Do you need fulltime for a successful startup?

Of course it helps to work fulltime on your startup, but it is not mandatory. There are many successful artists, entrepreneurs and self-made men, who build up their business alongside their work.

I often here the sentence “If you don’t do your business fulltime, it will never be successful.”. This sentence is a complete discouragement – and it is not true. Of course there will be a point in your startup business, where you have to decide if you want to keep your old job or if you want to be a fulltime CEO of your company. But until you get to this point, you can do your startup and your regular job at the same time. And when you are on this point you could be quite sure, if your startup will have the power to finance your life or not.

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The art of minusing: Get rid of features

When people are building a startup, they often tend to build it to big. They try to please everybody and therefore their USP/ UVP is too broad.

Therefore it is very important to write down at the very beginning of your startup, what your business should offer to you customer, and then start with minusing.

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Wrong analytics in Business Development

Big companies often have a business unit, which is called Business Development. This unit has to find new business opportunities and develop them further.

Very often these Business Development units do not perform very well within the big companies. One of the main reason for that is: They don’t know how to measure and therefore manage their success.

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