Press Release (ePRNews.com) - PETALUMA, Calif. - Jul 03, 2018 - While the ideas that many entrepreneurs come up with seem great, they may find that the public isn’t interested enough to justify the expense required to create them. Hopefully, the entrepreneur finds this out before they’ve made the unjustifiable expense. Before an entrepreneur commits to any long project, they should be sure that there is any interest in the product in the first place. In order to avoid a little lost money and a lot of lost time, Brandon Frere, successful entrepreneur and CEO of Frere Enterprises, recommends that successful entrepreneurs validate their product or service before they dedicate a lot of time to its creation.
“Pursuing a business idea is only worthwhile if people are interested in that idea,” said Brandon Frere. “In order to be successful, an entrepreneur should construct an information system that can validate their ideas so that they only need to pursue the ideas that have a good chance of working.”
There are a variety of different methods of verification, and the right one is often a matter of what is most appropriate for the product and how creative an entrepreneur can be. As an example: Sell a minimum viable product and put it up for auction on eBay. The final price for the product as well as the auction activity can inform an entrepreneur how much the product is desired and worth. At the moment of writing this article, it is still possible to end an auction in the last couple seconds, if such a tactic is necessary.
I see some hesitation sometimes with entrepreneurs who wonder ‘is my business really worth all the effort?’ Whenever I see that I tell them that they should already know the answer to that.
If someone is selling a service or experience, they may want to construct a website with a pre-register button and sign-up list. Assume that one-third of all sign-ups want to gain the service or the experience, then share the site on major social media platforms and see which members of the core audience are interested without spending much on a marketing budget.
Using crowdfunding, such as Kickstarter or Patreon, may also be successful, as they can cause a discussion to form around the product. Such crowdfunding sites are fairly obvious examples of the goals to be achieved in the verification process. If an entrepreneur can conceive of a way to find out how many people are interested, how much it will cost to continue and how expensive the product or service is, then they have a successful method of validation.
“I see some hesitation sometimes with entrepreneurs who wonder ‘Is my business really worth all the effort?’ Whenever I see that, I tell them that they should already know the answer to that. If you can find a way to know that what you are making is wanted before you start making it, it can make you feel a little more confident as you go forward,” said Frere.
About Frere Enterprises
Brandon Frere is an entrepreneur and businessman who lives in Sonoma County, California. He has designed and created multiple companies to meet the ever-demanding needs of businesses and consumers alike. His company website, www.FrereEnterprises.com, is used as a means to communicate many of the lessons, fundamentals and information he has learned throughout his extensive business and personal endeavors, most recently in advocating on behalf of student loan borrowers nationwide.
As experienced during his own student loan repayment, Mr. Frere found out how difficult it can be to work with federally contracted student loan servicers and the repayment programs designed to help borrowers. Through those efforts, he gained an insider’s look into the repayment process and the motivations behind the inflating student loan debt bubble. His knowledge of the confusing landscape of student loan repayment became a vital theme in his future endeavors, and he now uses those experiences to help guide others through the daunting process of applying for available federal repayment and loan forgiveness programs.
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