Most entrepreneurs put in tremendous amounts of time and effort in creating and launching new products and services and then make the mistake of overpricing them. They have created something they care deeply about, it's theirs, and this powerful sense of ownership distorts their perception of value which causes them to overprice their products. While many of them are quick to realize that their initial prices are too high, not all these people are happy or willing to drop their prices to make their products more attractive. And this can be a very costly mistake that may lead to the failure of their new business. When you launch a new product or service, your priority should be to get sufficient market adoption as soon as possible and you should be ready to sacrifice your initial prices and profits to achieve this aim. Once you have strong sales volumes, you can increase your prices to maximize your profits.