Developing a new product? Be ready to tackle plenty of challenges coming your way. From the time you hang up that whiteboard, you will have to decide on how to handle the following challenges:
Identifying an unmet need of your target market
Will your product address any of the major pain points that your target market has to deal with? Do market research beforehand to find out. That way, you will be able to start planning in the right direction.
Determining how you can get a competitive advantage
Do a market research focused on other products of the same class. Find out their USPs. Now identify a pain point of the target market that won’t be solved by those products and make sure that can be handled by the product you are designing.
Identifying your competition and deciding how to beat them
No matter which product you develop, there will always be competitors in the same sector. Find out about their businesses and decide how to trump them.
Developing a regulatory strategy
No matter which industry sector your product belongs to, there will always be regulations you need to follow. Make sure your product plan adheres to those. At the very least, hire a good lawyer, who can help you keep track of these.
Need inspiration before setting off on the journey? Here are 5 videos that can help.
So, you have a great idea for a product. Should you start working on it immediately, or let it stew in your head for some time, till it develops into something better? Either way works, says author Steven Johnson.
While on the drawing board, design thinking can help you find creative solutions to problems. Tim Brown, CEO of IDEO, shares his wisdom on that in this TED Talk.
Thinking out of the box may be termed “crazy” by some, but often that is the best way to solve problems, as showcased in this video.
Do you find yourself lacking persistence? Draw inspiration from this video by veteran analyst and success expert Richard St. John.
Seeking routes to success? Here are 7, which Steve Jobs followed.
Do you know of any other way in which entrepreneurs can achieve success in business? Please feel free to share them in the comments below.