Content

• Steps
• Part 1 of 3: Product Development
• Part 2 of 3: Testing the Product
• Part 3 of 3: Developing your own product
• Warnings

The distinction between successful products and bad inventions is laid down during the product development phase. Many inventors have good ideas, but what about the ability to turn their idea into a real product? This is innovation. You can turn your product into something that sells and test it to stay in the business and become a successful entrepreneur.

Steps

Part 1 of 3: Product Development

1. 1 Determine customer needs. The difference between an unsuccessful and a successful product is determined by the need for it. As an aspiring entrepreneur and innovator, you have to create something that people don't even know about, but they need it. What is missing in the market? What do people want?
   • There is no simple answer to this question, otherwise we would all be millionaires. Make it a rule to always carry a notebook with you and try not to miss the moments when even a small idea dawns on you and inspiration comes. Perhaps you are lying on your back in the sun and it is difficult for you to hold the book in weight? What simple product can meet your need?
   • Even if you find the idea to be effective, asking consumers what they would like in terms of specific products usually helps to avoid false expectations. Again, if people knew what products they really need, then we would all be millionaires.
   SPECIALIST'S ADVICE

   

   Lauren Chan Lee, MBA

   
   
   Director of Product Management at Care.com Lauren Chan Lee is Senior Director of Product Management at Care.com, the largest online marketplace for finding nannies, caregivers, au pair and more. Has been involved in product management in various fields and industries for over 10 years. She received her MBA from Northwestern University in 2009.

   Lauren Chan Lee, MBA
   Director of Product Management Care.com

   Start with a widespread need, then narrow your focus. Lauren Chan Lee, Senior Director of Product Management at Care.com, says, “There is a wide variety of studies that can be done. In the early stages, this will be more of a qualitative research focusing on ethnographic characteristics. Then, when you have identified the need, you can create a prototype, start testing it for usability, and from there you can start refining. ”

   
   
2. 2 Collaborate with designers. Coming up with the concept of a hoverboard is great, but nothing more. You need a real design for this thing. Depending on your engineering ability, you need to collaborate with engineers and designers to create a workable prototype of an idea.
   • Write down your vision for the product, but also be prepared to make compromises when you run into practical problems. Perhaps the technology of the hoverboard itself is a little tricky at the moment, but you can find a guy with experience designing immersive video games. Hoverboard 3D!
   • Alternatively, try designing the product yourself. The designer of the Revolight brand, an innovative lighting system for bicycles, built a prototype himself in a garage and made some serious money online. Build skills you didn't have before and try doing something yourself.
3. 3 Come up with several options. A good innovator comes up with a great product to meet the needs of the customer. The great innovator comes up with five products at once. Try to examine the issue from the point of view of many different approaches, trying to come up with as many alternative ways of solving the issue as possible. Do not dwell on developing one model and try to come up with more options in case the main invention is not functional enough.
   • Again, think about the product in terms of need. If you're having trouble reading books in the sun, you might think of a small chest propeller attached to the book, but what about eye protection while reading? And what about digital media? How about protecting the book from the sand?
4. 4 Obtain the necessary financial resources to build a prototype. One great way to raise the necessary funds to prototype high-value products is to do a presentation to investors or go into full-scale production through crowdsourcing. Kickstarter, GoFundMe, and other crowdsourcing websites can be great resources to build start-up capital to get your product up and running.
   • If you already have experience in product development, you can delegate the development of your product to venture capitalists and raise a certain amount based on your list.
5. 5 Build a prototype. Once you come up with some good ideas and agree on the details with your designer or small design team, put together a working prototype and start testing it. Depending on the specifics of the product, you may need some assembly time. After completing the previous steps, you are ready to start developing and testing.

Part 2 of 3: Testing the Product

1. 1 Please use the product for your own personal use. Since your need for this product is paramount, you will be the first to experience it yourself. Try your product for yourself, and you will test its performance. Pay attention to minor flaws, product details that require additional customization, and spend a lot of time using and thinking about the product under test.
   • While using the product, keep a diary or write notes on the recorder. Later, you may have to recall any good or bad comments.
   • Don't just use the product, squeeze all the juices out of it. If you are thinking of starting a production, study the material it is made of and what happens to your product if it is thrown on the floor, dropped, or something else done in real life. Is it fragile? Is it possible to enhance it with something?
2. 2 Find your target audience. This is one of the most important parts of product development. Who will buy what you sell? Who has the same frustration or need like you that this product will fill? How will you get this audience's attention? The next step is for others to use your invention and get feedback. Therefore, you should define your target audience as specific as possible in terms of several criteria:
   • age range;
   • socio-economic status;
   • the level of education;
   • hobbies and interests;
   • opinions and prejudices.
3. 3 Carry out a whole series of tests. Present your product to a group of people, let them try it, and get feedback. Testing can be both informal, for example, you can treat several friends and relatives with your own home-brewed beer and then get feedback from them, or formal, for example, organizing serious focus group sessions with various test groups.
   • If you want to do an informal feedback session, take it as seriously as your product deserves. Parents and friends are more likely to say that your new beer is “incredible” to make you enjoyable.So give it a try to real beer drinkers to see if you've achieved your goal.
   • If you decide to work with focus groups, make several presentations for different groups of people. Your audience may not be what you originally envisioned. Listen and get feedback.
4. 4 Collect all criticism. Once you decide to bring your product to market and present it to an unfamiliar consumer, start collecting first-hand reviews. Write reviews, conduct interviews, and listen carefully to the feedback you receive. It is often the inventor's ability to incorporate feedback into the product development process that determines whether a product will skyrocket or go unnoticed on the sidelines.
   • In some cases, it may be more appropriate to involve the other party to collect feedback about your product. You may try to protect your invention from criticism, while the more impartial researcher will find it much easier to collect feedback.
5. 5 Review the product. Steve Jobs was not a famous inventor. He was a "genius innovator." The best products are usually not the result of a big leap forward, but of small changes that turn a good invention or concept into a great selling product. Consider your product reviews in your improvements and amendments to turn a “good” invention into a “great” one.
   • In the feedback you receive, you probably won't find great ideas for improving your product, but you can listen to criticism and come up with your own solutions to address these shortcomings. Does your book propeller seem too complicated for those around you? How can you simplify it?

Part 3 of 3: Developing your own product

1. 1 Start with an operating budget. Before making a big investment to start a business, you need to start with an operating budget. What do you need to develop your business and establish a working regime? What documents are required for the operation of the enterprise? You will likely need to consider the following points:
   • The cost of doing business
   • Overheads
   • External costs
   • Employee salaries
2. 2 Write a marketing plan for your product. Once you have a finished product, you will need to develop a marketing strategy in order to present the product to investors and, ultimately, buyers. What's your selling point? What is the "trick"?
   • The more accurately you define your marketing strategy before contacting an agency, the better. The very best products can sell because of their usefulness and versatility. Good products sell themselves.
3. 3 Introduce your product to investors. It will take a little cash to start production. To do this, you need to present a new product to investors who will invest money for its development and help to get on their feet. The closer you stick to a well-organized and well-defined business model, the easier it will be for you to secure start-up capital and start your business.
4. 4 Develop quality control criteria. Once you build up your net worth and start a business, you have a lot of manufacturing hassle, but it all depends on the product you are trying to sell. The only thing that you should be sure of from the point of view of the development of the invention is quality control. What quality standards apply to your products? Where are you willing to compromise to keep costs down?
   • Come up with standards for determining the quality of products as they are released. You won't always be around to check products. Come up with a list of inspection criteria so that someone else can control the quality while you are away.
5. 5 Continue to evaluate and innovate your products. When starting your own business, it is important to look to the future.What needs to happen on the way a product develops in order for it to capture its market share? How do you innovate to stay in the game? What changes in the market could affect the way you do business? The better you learn to anticipate these changes, the stronger your product will be.

Warnings

• Never use mechanical equipment unless you have been taught!
• Be careful when using any powerful mechanical equipment - always wear safety glasses and never keep your fingers near blades or sharp incisors.