What are e risk of failing to innovate the needs of customers
Anyone can guess what he or she likes or likes his family or those close to him, but creating something that others will like is very difficult. In every project or product, there are many different dangers, but a danger of failing to innovate the needs of customers. It includes everything and with the rapid development that we are facing. And openness to the world has become a more dangerous issue. The competitors are no longer only in the neighborhood but all over the world. And public taste is changing very quickly. Therefore, every investor or innovator must pay attention to the risk of customer admiration, especially since there is no guarantee or insurance.
Thus, the way to deal with danger is by measuring the severity of the risk, reducing the risk, and comportment the risk. Initially, the severity of the risk must be measured Is there a need for the project or not? If there is a need, it is a luxury or a necessity.
And are there competitors, how strong they are. The more powerful the competitors, the greater the danger. An increase in the number of competitors increases the risk as well. A project that satisfies a necessary desire is less dangerous than a project that satisfies a luxury desire The size of potential customers, the smaller the number of customers, the greater the risk of loss. The timeline of the products or similar projects should be studied. And taking into account the current acceleration in changing the taste and needs of customers Now let’s assume that Project X is high risk. Here the owner of the project must look for a way to implement it without there being any financial or time risks to him. He should also study alternative opportunities for them The idea is that when the investor reaches the level of risk that the public will like the new idea, he can measure the size of the financial injection and allocate time for it. Where he should stay away from investing all his time and money if the risk is high. The proposed solutions in the event of a risk: Reduce costs Find another investor Find another source of funding
And most importantly, do people really need the desired product? And can I introduce people to it effectively?
