One of the most difficult challenges that a new entrepreneur can face is how to turn their idea into reality. The process of product development seems like an enigma at first. There are so many tales of founders such as Jeff Bezos, Bill Gates, Jack Ma, Elon Musk, and others that just make sense.
Everything they did seems seamless and like a direct roadmap to success. However, when you try out the same strategies, they don’t work. It always seems like something is missing. But here’s what a lot of people miss. Click here to read more.
Even though the success stories of great people seem like a straight line going upwards, that’s not the case when you zoom in. The decades of their presence on the market make it seem like it’s always been favorable for them, but it seldom was.
Most entrepreneurs never stop learning, and that’s the most common trait they all share. If you want to be in the same league, there are a few stages that your plan needs to go through before it hits the market and you release a product.
How does it all start?
Everything starts with an idea. When you want to sell something, there are two options. The first thing is to invent a patent for a product that’s completely your own. The second thing is to take an existing product, modify it and renew it, and then market it as something better.
In order to do this, you need to do a lot of research, develop new concepts, create roadmaps, and then listen to the feedback that comes after the release. All of these phases are interconnected, and you need to start creating cycles where new versions will keep coming out.
Ever since the first plane achieved flight, other models have mimicked the initial design and then enhanced the existing features and adding new ones. That’s how progress is made. Follow this link for more info https://www.mddionline.com/design-news/5-things-you-need-know-about-medtech-startups-and-product-development
Coming up with an idea
As the saying goes, the journey of a thousand miles starts with a single step. Everyone knows that. But in which direction should you put your best foot forward. There are so many things to choose from, and there’s a lot of potential in every niche.
This is the phase where most people get stuck because they are waiting for an idea to present itself in their dreams or to come down from the heavens. This never happens, and you will never bring the ideal thing to the market. If you’re happy with the initial launch of your product, then you’ve definitely launched too late.
If you don’t know what to do, take an existing product and improve it. Here are some examples that could spark your thinking. In the phone industry, you can create a mix and match where you combine a battery with a phone case.
That was trendy a few years ago, and the problem of battery life still hasn’t been resolved. You can improve on the design of something that you believe could look better. There are loads of resources that you can find online, and that’s where the next step comes in handy.
When you finish brainstorming for ideas, it’s time to focus on the ones that make the most sense and start doing research. This is where you will find out whether it’s worth putting in the effort, time, and money. The ideas you select need to be verified by a couple of methods, as well as the market.
The first thing you can do is to discuss the concepts you thought of with a couple of friends or your relatives. They will give you instant feedback without holding anything back. The next phase is to obtain more input from anonymous online surveys.
This will cost you a few bucks, but it’s necessary to hear opinions that have zero bias. If the survey turns out good, then you can start using search engines to see if there are trends popping up in the world. The biggest indicator of your success will be the feedback you get from people that are neutral to your product.
There may be people who are ecstatic about it and can’t wait to buy it. Don’t think of them as customers during the product development process just yet. Remember, you only get a customer when you exchange your product for the money.
Before starting anything, you need to have a plan, and you need to have a goal. This will keep you in check if you get stuck in a rut. The only way to progress to the next stage is to finish the previous one. This requires a lot of discipline, and it’s critical to prepare for setbacks ahead of time. For a new product, the initial design needs to be a sketch. Put it on the wall, and don’t stop working until you feel it in your hands.