by Adam Juda on Friday, September 11, 2015
Six months ago businessman Reima Kuisla became famous. He received a speeding ticket for €54,000 (more than $60,000 dollars). This large sum wasn't because he was driving at the speed of light, but because he was driving in a country that scales fines to the accused's income level. Mr. Kuisla's €6.5 million income (over $7 million) triggered the extra-large penalty. Don't cry for him. From his perspective, $60,000 really isn't a lot of money. He'll earn that in just a handful of days.
Many people will never earn millions of dollars per year - but many will. Many companies will never earn millions of dollars per year - but many will.
Entrepreneurs often waste time asking themselves if they would buy their own products. It's not only a waste of time, but it can be downright harmful. Your ideal customers may have more money than you do. They may also have lesser skills and lack the time to properly address their business needs.
When you think about what you would pay or what you would buy, you're handicapping your business. In all likelihood, you are not your customer. You have different preferences, needs and (most importantly) funds.
Don't think about what you would pay for your product. Think about what your targeted customers would pay instead.