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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