Question
You have an idea for a new product.Market research suggests the product is needed to solve a problem and will be enthusiastically embraced by customers. What is one of the first steps you must do before creating a product prototype? Identify materials Pre-sale the product for funding Launch a marketing campaign Create a social media following
Answer
4.2
(150 Votes)
Unity
Professional · Tutor for 6 years
Answer
Pre-sale the product for funding
Explanation
Before developing a prototype, it's crucial to validate your idea to ensure there is a substantial market for the product. Pre-selling the product for funding is a common strategy in entrepreneurship as it helps to confirm market demand and generate early revenue, which can then be used to fund the development of the prototype. This approach minimizes financial risk by ensuring that there are already interested customers willing to buy the product.