The first question an entrepreneur should ask himself when contemplating whether to extend his product range is “Why would I do that?”
A good share of the entrepreneurs I know have a tendency to extend their product range in a very curious, opportunistic way. Whenever the market has more opportunities than suppliers, I see entrepreneurs deciding “Let’s do this, too. We can do this, why not doing it?”
For this reason, they end up developing unrelated products that eventually lead to parallel businesses, very time and effort-consuming for the small business. An entrepreneur should first be able to address the following two questions:
