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PERFECT Product/Business Criteria
Hi Gordon,
Thanks for the detailed reply about the "Perfect" Product. 2 thoughts. Thought #1 "Perfect" is a moving Target. It will vary greatly depending on the Needs of the individual or business. For example, If a business needs cash fast...then the "Perfect" Product criteria would look like dramatically different to a business that is cash rich. Thought #2 As I read over your reply...I realized that I actually see the BUSINESS itself as the PRODUCT. So that being the case, These are the key elements of the Perfect Product/ Business for me. No specific order just thinking off the top of my head. 1. Control (A business that is ONLY an Ebay business would violate this criteria since Ebay could close down and leave you with no business. Same with some "affiliate models" people are using.) 2. Must have a Recurring Revenue: (Michael Ross mentioned that in Australia the top 3 billionaires had business with a recurring revenue model) 3. Evergreen - how long can I sell a particular product/service 4. Scalability - How quickly can I ramp up distribution and at what cost 5. A High Barrier to Entry (Think I heard Buffet refer to this as a Moat) 6. An Urgent problem - does this product/business actually provide a solution to a market pain 7. Comprehension - Do I understand this business/product or model 8. Do the numbers work - High Margins, High ROI Thanks Gordon I had to think about that one :-> Anybody else?? Quote:
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