One thing I learned during a 6 month class of entrepreneurship, is that a company and product have much higher odds of success if it targets people with higher income.
* Those people have more money to spend so they are more likely to buy since it doesn't hurt their wallet
* There are fewer of them so it's easier to advertise and communicate to them
* You don't have to make a lot of product, you just have to increase quality, so you don't even have to scale production or think about economies of scale
I thought business did not involve income inequality, but it absolutely does.
That means it's utterly impossible to make a product for lower income people unless it's really really good.
* Those people have more money to spend so they are more likely to buy since it doesn't hurt their wallet
* There are fewer of them so it's easier to advertise and communicate to them
* You don't have to make a lot of product, you just have to increase quality, so you don't even have to scale production or think about economies of scale
I thought business did not involve income inequality, but it absolutely does.
That means it's utterly impossible to make a product for lower income people unless it's really really good.