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Single Product Development Risks

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Many small businesses are built around one product. What risks does this approach impose? How can small business owners minimize those risks?

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Solution Summary

This solution discusses the risks involved with a single product line, and how small business owners can minimize the risks identified.

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The problem and related risk arises due to several different factors, which include demand, the economy, and other internal and external factors. If a company is built solely based upon one product, there is a potential that a competitor will literally invade the same area with the same product at a better selling price, with higher quality, and so forth. This would decrease the demand of our product, posing an imminent risk to our market share. We also have to consider risks with the economy. If I sell one ...

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