Business Sense

[richard256]

I'm wanting to start up a business bringing a physical product to production.

If my goal was to retire in 10 years time in a say a country house worth say £250, 000 in todays money, what is business sense in this case as it relates to business/product direction?

Of course, in theory you select your best product idea and that sets your direction. That is quite sound.

Sure, in startup, and your business direction, you have to consider what your goals are, feasibility, opportunity, resources, and preferences.

I always seem to have difficulty or worry over the preferences issue though. What I mean is, I have this notion of focusing a search for opportunity in the area of tools. That is a business direction based on preference, not a strict fact on the ground, like say the state of your resources or the ocean of opportunities there are out there.

I worry though that these mere preferences work against good business sense. And that mere preferences sort of get in the way. Sort of possibly making one detrimentally myopic. Which of course would not be good business sense.

I wonder if anyone feels it's not good to focus (on tools whatever) when trying to come up with a product/business idea, or whether it can be actually amount to good business sense to do so. Perhaps it's neutral.

 

[richard256]

You know, I'll say to myself, it would be interesting making tools. Tools are interesting. So, out of that I'm getting a direction, it makes me think of product ideas for tools. That's a focus regarding a search for opportunity. But, is it good, bad or neutral regarding business sense to get direction from, or a focus, as I say, mere preference?

I guess the answer is, it all depends what product ideas surface.

 

[Claire Dymond]

Not sure where you would buy a country house for £250,000, the're £1M upwards here

The best business ideas are where you make an incorporeal product and then sell it over and over again, like software etc.

Everything else is limited by time, making stuff and service industries although offering a service or product that is rare or hard to make can mean you are being paid a much higher rate per hour than mass production.

Also the life of the product or service should be taken into account and the amount of time in servicing the clients.

 

[finleydesign]

I don't think I understood a single word you said, reminds of a drunk lad trying to tell his mates he loves them

 

[businessfunding]

Was there actually a question in there?

 

[richard256]

Not sure where you would buy a country house for £250,000, the're £1M upwards here

The best business ideas are where you make an incorporeal product and then sell it over and over again, like software etc.

Everything else is limited by time, making stuff and service industries although offering a service or product that is rare or hard to make can mean you are being paid a much higher rate per hour than mass production.

Also the life of the product or service should be taken into account and the amount of time in servicing the clients.

Producing software definitely equates in a way with business sense or to be "canny". So does food.

I'm not into making food and I cannot do software.

I think generally, business sense is more about avoiding pitfalls that make your goal unlikely.

I ask myself the question, does it amount to pitfall (and therefore poor business sense) to fail to establish that sales, associated with my first product, will likely lead to my goal. Assuming it was possible to establish likeliness from sales forcasts of the product - the answer is no, it's not a pitfall and therefore not poor business sense.

It is poor business sense not to understand the principles on which your goal is likely. It is not a principle of good business sense that sales of one's first product, or any subsequent product for that matter, must bring about, thru it's sales, your goal.

As to this focusing: In theory, if you don't focus, your mind is open to product ideas from any quarter. Focusing limits the scope of where you put your mind on. I don't think though that focusing, in itself, amounts to poor business sense. I don't think it is a pitfall, in relation to my goal.

 

[finleydesign]

Was there actually a question in there?

Ive read it twice, still looking, i'll let you know when I find it

He's posted it again, for clarity I think!