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Product Lifecycles

One thing many new entrepreneurs fail to consider is their product lifecycle. Some truly believe their product will take the world by storm and be dominant for many years to come. The only problem is, that’s not usually how it works.

 All products have a life cycle, and it usually goes like this:

  • Introduced
  • Promoted
  • Sales
  • Growth
  • Sales Drop
  • Replaced by next best thing

As soon as you launch a product, you need to think about its cycle, and the most innovative companies are always thinking about the next big thing, usually even before they’ve launched a product! You should always be thinking how can I improve my product, what can I do to make it better next time?

If you think like this, there’s a good chance you’ll be successful.