For many entrepreneurs, the process of creating and launching a new product or service is intense and intimate. Often, you’re so passionate about the idea that you believe its merits will be self-evident to prospective customers; that the innovation is so obvious and exceptional that it will sell itself. Confidence is good -- until it gets in the way, causing you to forget (or neglect) one pivotal step in the process: monetization.
Some see monetization as dirty work, detrimental to true innovation. After all, why should big, bold new product concepts be hampered by stopping to ask for a price check? But if you don’t design your product around price -- if you don’t understand how much your customers are willing to pay -- failure is almost inevitable.
Improve your odds of success by steering clear of five product innovation misconceptions.
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