Why Having A Product Won't Make You Rich

When it comes to getting rich, having a product or service to offer is a major determinant and may have been responsible for the wealth of many. However, in this current time, there seems to be a little shift in the equation of getting rich. The shift doesn’t leave out the relevance of having a product to become rich; it gives more perspective to the subject matter. Once anyone gains this perspective, it's easier to tell whether or not having a product to offer can make riches.

To become rich, you do need to have sources of income that exceed your expenses; the excess income is that which eventually makes you rich. In creating a source of income, having a product people can exchange for money is also a great option. It will help to increase your income if it is well managed. If we believe that the product will be well managed then it could increase your income and thereby become a reason the product owner becomes rich. The truth remains that having a product is not a guarantee that you will be rich but it's one of the ways to be rich.

When we talked about products, it is needful to understand that there are products whose worth will never bring riches to the owner. If a product is not worth buying or seems to have no impact on the target market, it cannot bring in riches. This is to emphasize the content of the product and what the design is meant to address. All products are designed to solve a problem and where a product fails to do so, it loses relevance. An irrelevant product can never bring riches because it is not likely to sell. Any product that does not have viable content that addresses people's need is a deficit in itself because the riches any product brings is based on sales of the product.

While having a product to offer for money is a good way to become rich, it is expedient to reiterate that only a well-managed product can yield such an outcome. There are lots of efforts put in place to ensure that the product becomes a source of income. It is these efforts that produce the riches and not just the developed products. There are several products owner who is still struggling without success, so having a product doesn’t guarantee riches, what does is the effective management of the business that surrounds the products.

Interestingly, some people have product ideas that cut across different areas of expertise, and for such an idea to end as a great product; there is a need for the collaboration of experts. The problem is that most people feel insecure to get other experts on board to properly integrate the ideas. They either develop an incompetent product or a total mess of a product wasting lots of resources put into the process. This is one of the damaging effects that entrepreneurs get for feeling insecure while bringing an idea into a business.

It's pertinent to note that for a product that ends up as a source of income that can bring in riches, it is not all dependent all the product itself. Business management expertise is also a critical factor in this matter. This includes but is not limited to marketing, sales, customer service, and finance management. Without this business expertise, a great product may end up losing its relevance with the target market. The product owner does not have to know everything; experts can be outsourced or employed to look into these areas to achieve the desired result.

 

With this, it is clear that having a product is one of the ways to get rich but there is no guarantee that you will be rich if you have a product. Anyone who desires to be rich with a product must consider all other factors discussed above. If those factors are well handled, then it is certain product owners will make riches with their product. What it means is that; succeeding with a product to become rich is a lot of work and only those who can work hard can enjoy the benefit therein. Please note that this is not to dissuade you from having your product on the market, it is to get you prepared.



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About Author

Adeyemi Bello was born in Ibadan. He bagged his Bachelors degree in Consumer Sciences at the Obafemi Awolowo University, Ile Ife. He has been writing since 2009. He has written several blog posts in different niches and currently has four ebooks to his credit. He enjoys listening to music, fact-finding, and teaching.

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