Suppose you have developed a very nice product or service and you have launched it. It will take that product or service many years to become profitable. Sure there are exceptions which have become popular and been accepted by people very quickly but as a general rule it takes time to nurture something so that it grows big.
We can consider products or services like newborn human babies. A human baby needs at least 18 years to become a functioning adult. It won’t become a functioning human being in 1 or 2 years. And all throughout those 18 years you have to have the ability to nurture your baby. Products and services are also similar. When you make a product or service you are creating a small baby. You have to stand by your product or service and nurture it with money and attention for years before it can become profitable or famous.
This is where it gets hard. Suppose your product or service requires $500 monthly to maintain. This can be server cost, rent, salary of employees. If you can afford this $500 every month without expecting anything in return from your product or service then only you should continue nurturing it. This is because it will take years and years before it can start giving you returns.
Along with the financial ability you also need determination to shut off judgement from others. Your friends and family will constantly tell you to shut down your ‘non-functional’ project and save that $500 per month expense. Little do they know that this expense may soon turn into profit. However, there can be cases where your product or service fails even after many years of nurturing. You have to take that risk. It is your product or service and it is completely your responsibility to stand by it. And if you believe in it then you definitely will stand by it and nurture for years even if in the end you have to meet failure. This kind of sacrificial mindset will help you build something worthwhile. Anything worth doing is a struggle and requires sacrifices.
You will know if you have made an amazing product or service. This feeling comes from within. You will obviously not start a VCR manufacturing service when the whole world has gone digital. You will have an idea what the world definitely doesn’t need. So, if you are making something like that and expect it to be profitable then you are in for great disappointment. You have to judge the market. What are people actually buying these days? Anyway, judging the market is an art more than science and it cannot be discussed in a short article on the internet. You will definitely get it with practice. But remember to practice in a sustainable manner.
So, if your product or service offers something completely out of date then you must consider stopping it or not making it at all. But, if your product or service offers something unique or futuristic and people have not yet become accustomed to it then you should definitely keep it going. This is because it may not be profitable at the time of launch but when people discover about it slowly then they will realize its potential. So, judging your own product or service is also an important step in deciding whether you want to nurture it without any expectations for a few years or not.
I hope you found this little article useful in some way. Thank you for reading.