Product creation is and will continue to be the single best form of wealth creation in our lifetime. By definition, product creation is the act of creating value out of nothing, by reorganizing existing resources to produce net new value.
A product typically provides value in one of the following ways:
- It gives us a necessity to life: food, shelter, health
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E.g. A dentist visit reduces the chance of future problems with our dental health.
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It saves us time, trouble, or energy in accomplishing a task we need to do
- E.g. a car allows us to get around town faster and more conveniently.
- E.g. A traffic information webpage lets us optimize our driving times
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It gives us enjoyment or entertainment
- E.g. A bouquet of flowers reminds us of positive imagery that can lift our moods.