What Is Supply and Demand?

What Is Supply and Demand?

Supply and demand deals with how much of something is available and how badly people want it.  This also affects the price.  For example, if 1,000 people want Beyonce tickets and only 200 are available then those tickets are going to cost a lot of money.  This is due to the fact that people are willing to pay more money to get their hands on something valuable that is in short supply.  The same goes for the reverse.  If there were 1,000 tickets available and only 200 people wanted them then the company will lower the price in order to get more people to buy tickets.

As an entrepreneur/artist, you are the supplier.  You are creating the product that customers want (demand).  If you create something that no one wants then you will not make any money.  It is your job to create products that people will want to buy.

As an entrepreneur, the biggest hurdle you will face is figuring out what people need and creating a product that fulfills that need.  As an artist, your biggest hurdle will be how the public interprets your art and finding a balance so that it will sell.  How much are you willing to compromise as an artist in order to sell your art?  Do you even have to compromise at all?  These are the questions that only you can answer.

Example: A music artist may prefer to sing slow ballads but buyers are demanding upbeat party songs.  Do you sing the upbeat songs that people want and sell more records?  Do you sing all slow songs and sell fewer records?  Do you balance the two and do both?

There is no right or wrong way to answer this question and don’t let anyone bully you into making a decision.  Do what feels right for you as an artist.

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