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Business Idea: Develop Your Product
Develop Your Product
Congratulations! You finished
you homework - did some research and
finally found your potential market with some particular
problems, unmet needs or/and wants! Now you have to develop the
product or service to solve this problem or meet these
needs or wants.
ensure that people will buy your product it must meet that
particular need in a manner that either saves or makes your
potential customers money or appeals to
your target audience so much that it would cause them to spend money
on your product!
You have 2 choices now:
a brand new product or service
Inventing a product or service
which meets an existing but unaddressed demand can create an
excellent business opportunity.
For example, one entrepreneur
recognized the amount of work hospital personnel went through to
prop patients up in their beds. He then invented the mechanical
hospital bed. Another inventor realized that it can be difficult
to organize closets efficiently. He invented a closet organizer,
which is now sold in most building supply stores.
Start with asking yourself few
What services or products are
needed but don't exist?
What consumer needs/wants could
be met by a new invention?
What ideas do I have that I
could develop into inventions?
Is there market for my
If youíre having trouble coming up with product
idea by yourself, try brainstorming - widely used method
of generating new ideas. Very often best ideas come from a group
of people discussing hundreds of ideas, and then creating a good
one out of all of them. To brainstorm successfully you need to
gather together a small group of people you could trust. 4-8
people would be enough.
Just pick one specific problem or particular
need on which you want to come up with your solutions, set a
time limit for the session (15-30min) and ask everyone to
suggest ANY idea they can think of. When brainstorming, try not
to react negatively to any idea; any idea is welcomed, no matter
how crazy or weird it may seem.
Link numbers of ideas together; see if you could
use the ideas you developed earlier to form new ones.
Remember at this stage you are after quantity (not a quality) -
simply try to come up with as many ideas as you can. Donít worry
if you never tried brainstorming before. The only way you can
learn how to brainstorm is to do it! Just be sure to have
someone to write all the ideas generated during the session down
Ė you donít want to loose any of them!
2. Improve an existent product
Itís always nice to invent something completely new but this
process could take months if not years! Besides only few
businesses are based on a completely new idea that no one has
thought of before. Keep this in mind and do not spend too much
time on trying to find something that isn't currently being
done. A much better strategy for most new entrepreneurs is using
older, tried and tested ideas.
existing product or service that needs improvement and find a
new creative way to approach it and make it better.
After all, there are very few products or services that cannot
There's no good idea that can't be improved on.
Observe products or services
that could be made more effective to save time, effort or money. Start by
looking closely at the products and services you use: is there
anything about these products that need to be improved? Is there
anything that has not being offered yet but would be valuable
You might be able to do this
better because you're cheaper or because you're adding another
dimension to what's on offer.
Focus on what
products you might buy and what value you could add to them; how
you could change these products or how you could use them to
create a profitable business.