"Pricing in an Entrepreneurial Venture"

Understanding the value of your product(s) and or service(s) will certainly help you set your price line for your venture.  There are a number of the of things to be considered.  One of the best ways is to put yourself into the shoes of your ideal customers.  Determine, what the market will bear, usually this is done by looking at your competitors pricing.  Yes, you want to be aware of your competitor's prices, but do not let that consume you nor the sole determination for your venture price setting.  As our text book stats, lower prices may give consumers a impression that your product(s) and or service(s) are of poor quality.  You can start to scale and to be able to reach more people, your prices can go down to reflect this reality.  This might seem kind of clique, but actually makes total sense when you think about it from a business perspective instead of "this is what we're supposed to do".  It is possible to choose a price that feels good and that fits the market.

Another option, is to offer your product(s) and or service(s) at a lower price point and receive enough positive feedback that you can then raise your prices over time.  This is a great way to go no matter what business you are in. This way you build confidence and prove to yourself and your future customers that you have what it take to provide a quality product or service. Pricing is something you grow into.  You can not start out charging a price you do not feel comfortable charging.  Also, you do not what to low grade yourself.