Amazon recently gave out an award for the “Under-30 Small Business of the Year” category.
This is the advice that two of the winners offer to budding Amazon entrepreneurs.
Tip from a Bright Spark –
Greg Yeutter worked in a lighting research lab. He researched the effects of light on people’s health.
The problem was obvious. Existing lamps gave off too much of the wrong kind of light. Their light was heavy in the blue spectrum that promotes poor sleep. But suitable pre-bedtime light bulbs were nowhere around.
So, he created one. He founded a new brand – Bedtime Bulb.
His advice – your current job may allow you to spot gaps in the market. Continue working until you develop a product that can fill that gap. Just like he did.
“See if you can de-risk your idea by becoming an “intrapreneur” at a related company before branching out your own,” Greg says.
My own journey was a little similar to Greg. Although, I didn’t work in a field related to my first Amazon product, I did stay in my current job as I worked on my first Amazon business.
In fact, I worked on it furiously every day on the 20 min bus ride to work!
You don’t want to quit your job and go ‘all in’ on a side hustle, until it’s been making you a healthy income for at least 6 months.
Perform “Test Product Runs”
Will your product appeal to the masses? You think so – but you need to test the market first to make sure.
That’s according to Tom Rohfl, the creator of the hit board game “Player Ten.”
Tom wanted to create a game that connects you with your favourite people.
He saved some money and created a pilot version of the game. Then he put this out and gathered feedback.
He repeated the process a bunch of times before producing the final version. When it finally came out, the game sold like hotcakes.
Tom points out: “Keep things lean in the beginning when you’re still unsure if something will work. Be wary of what people say and pay very close attention to what people do.”
This means, pay more attention to actually people buying your product in it’s first ‘test phase’, with small test run – than people saying ‘great idea’.
Have these tips left you wanting more?
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