Adam Smith, the famous economist who coined the term the invisible hand of the market said: “those goods and services perceived as most beneficial, efficient, or of highest quality will naturally be those that are most profitable”.
It seems the basic requirement for a product or service to succeed is simple: It has to be beneficial. If it is beneficial, then a potential customer will value it, and therefore quite likely purchase it.
After that, bringing the economics and business together is pretty basic:
“… a market — that’s a group of people who will directly or indirectly pay money for something …..a product — that’s an offering of a new kind of good or service that is brought to a market… a company — that’s an organized business entity that brings a product to a market.” Marc Andreessen.
In the end, it’s the forces of the [invisible hand of] the market that make life better for all of us.
1, August, 2007 at 11:39 am
[...] decision would be to either a) work for wages, and if you’re good, demand higher wages and be paid what you’re worth or b) scale to the point where being out on your own is worth all the hassle [...]