Hey everyone, this is Dalton, with another entrepreneurship and business post. This week's post will be about the advantages and disadvantages to both playing it safe and being revolutionary in creating a business. Firstly, we'll talk about starting a business the safe way. Making a business the safe way is to invest in a popular product, do a lot of advertising, and offer sponsorships. The advantages are that you are almost guaranteed profit, and that nobody's really going to mess with your product because it is so popular and necessary to everyone's lives. However, making a product that was already invented will not get you as much money as a new, revolutionary product. You will also find it harder to make people remember your product because it is so commonplace.
Making a revolutionary product, however, is the opposite. You are not guaranteed acceptance, profit, or a large crowd of buyers. However, it will be easy for people to remember your product because it is so new. Also, if you play all your cards right, people might be more inclined to buy your product, because it is revolutionary, helpful, and they can't get it anywhere else. Overall, if you don't mind taking a big risk and selling a revolutionary product, you could make a big profit.
Is it safer to keep your small business or expand to a bigger business?