Think beyond today. Many people think there is nothing left in the world to invent! They believe someone else has already invented anything that can possibly be invented.
When I invented some of my earlier products like the squeezable catsup bottle, the granola bar, and especially form-fitted disposable diapers, I was told no one would buy them. I have been fired from companies for “wasting” company time inventing new products.
Some of those products have been extremely successful in the market place and have become so popular many people don’t even remember a time when they weren’t around. Suppose I had given up?
If you think you have a good idea for a product or service, you probably do. I don’t want you to give up.
You must find something that is unique, something that no one else has thought of yet. There are so many different characteristics or features of products that can be improved upon like color, quality, packaging and manufacturing.
The same is true about services. Even though someone else is doing something similar to what you are thinking about, there are so many services needed in every town and city that if yours is unique, you will be successful. Your company can offer a better price or offer special services like one-hour photo shops or drive-through coffee stands.
We all know these aspects of your product or service are not new – they can actually be borrowed from ads you’ve seen; but you can put them together in your own special unique way to make it your business
The trick is to determine your market carefully. The consumer is king as they say. Who do you want to buy your product or service? Why do you think they will buy it?
Do you know how your product will be manufactured or distributed? How many do you expect to sell? How will customers find out about the product or service? How will the product or service fit into your target customer’s lifestyle?
If you have a product you are trying to sell, think about who will be selling it? Does it take up space and therefore will need to be warehoused? How will it get to consumers? Does it cost retailers a lot of up-front money?
These are all considerations you must think carefully about before your product or service can get beyond the first few steps to market.
Finally try the idea out on your family and friends. They are probably representative of the general public. If they like it, other consumers will too. My wife was the one who taught me how to stick the first granola bars together using sugar and water! Many times I have taken suggestions from family members during the product development process and they were usually right!
Each new business or product starts with a good idea. The hardest thing is to take that first step toward becoming an entrepreneur!
Article © Copyright 2001 Stanley I. Mason. Syndicated by Paradigm News, Inc.