Funding your idea is always very difficult especially in third world countries where support structure for entrepreneurship is low.
One very important information you need to arm yourself with when seeking funding is; knowing the exact amount you need to raise. You can’t just have a vague figure or rough estimates if you are serious about executing your idea. You also need to attach your estimates to a tangible goal. The goal could be to develop your product, acquire assets, expand your market base, increase profits, etc. That is how you can figure out how much money you need to raise.
I will talk about an issue every entrepreneur or professional faces daily and that is the dilemma of how to charge/price our products/services. Definitely, at some point, you will have been in a fix about how to price your product/services especially when it seems the whole industry is doing it one way and you can’t seem to get how they do it profitably.
Today we will consider pricing from two perspectives:
1. Understanding customers’ psyche about pricing
2. Pricing techniques to employ as an entrepreneur
Let me start by asking you to ponder on these questions:
What do you understand by the terms price and value?
How are the two related?
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