Big Idea? Maybe..!
Today I had an experience I will not soon forget…….This experience deals with NOT loving your product idea sooooo much that you do not listen to reason and jump the gun and order 300,000 units before you have customers. When I told the developer that the product was good, but maybe will have a hard time finding it’s nesting place in the market….I GOT AN EAR FULL!
I know every product developer LOVES their baby. An idea that they have slaved over for many years, you know THE ONE that they have lost many hours of sleep over. You’re so in love with it that, like having a new boyfriend, you do not sometimes see the warning signs, listen to the advice, and all because we’re in love! How wonderful….
I have some advice you should consider when trying to consider developing a product, or NOT. I want to help you avoid some tragic, killer mistakes.
Pointer #1: when you are developing that “no one has ever seen my type of product or invention before” please make sure you do some basic research before you soak a ton of time and money into manufacturing 300,000 units.
Pointer #2: you do not ever want to be legally barred from making or selling your idea because of someone else’s patented product. Do a patent search first…..No big deal….
Pointer#3: go and simply ask your ideal customer if they would buy your product (if it is a secret, describe as best you can). It is pretty simple and not complex. If the response is less than you expect, it is OK. Do not get defensive, confrontational or freak out. It does not mean that the idea is bad, it may be as simple as you your targeting the wrong customers, with the wrong item, at the wrong time and place. Do some homework research and talk to others about what you want to offer. Get feedback first, then evaluate. First place to start is here StartupNation.com…. ask us, them, everyone about what they think….DO RESEARCH!
Pointer#4: try to realistically step away from the emotional side of the product. Seeing if it has a home in the market place can be tricky. Making an emotional decision with regards to what a customer would want, could be a hefty mistake.
Pointer #5: produce enough samples or product that you can afford. Do not break your back by going into debt. Start smart, start SMALL!
Pointer #6: maybe going overseas right out the gate is not a good idea. Bigger is not always better. Maybe you do not need to order 25,000 pieces to get a good break. I know many clients who now are sitting on inventory they cannot move..OUCH!
Be a good researcher, be realistic and always……..
DREAM BIG!- but be smart!
Kim B.
August 21st, 2008 at 7:07 pm
These are great pointers for entrepreneurs. You can give all you have right away to your business or product but that is risky! As always take risks but like you said be smart!
August 21st, 2008 at 8:04 pm
Thanks, I really try to give the best been-there-done that advise that I can, because I have been-there-done-that myself. I now, and have always, I love hearing success stories, and failures, to learn what I should be aware of. Entrepreneurs need to hear the good…and the not so good…so they can make a well informed decision.
I love successful entrepreneurs, and any help they can get is golden!
August 22nd, 2008 at 7:57 pm
There is a phenomenon that is sweeping through our society in almost every facet of society which I call “The Wrong Side of the Equation.”
Basically, it is the opposite pole of the Spock-like (Star Trek) extreme objectivity and elevates subjectivity to the level of the ultimate ideal.
However contrary to this movement, I assert that the fact that I desire that something be true does not make it true.
In Government, we see this phenomenon in the movement to ignore the mechanisms which are built into our legal system for changing laws and replace it with letting judges decide constitutionality on the basis of what they personally DESIRE that the constitution says rather than on what it does say.
In religion, we see it in groups that claim to adhere to a specific set of writings as being the ultimate source of revelation, while at the same time using demographics and marketing surveys to determine what they are going to teach as doctrine.
In business, we see it in examples such as the anecdote that you describe. I see it in website owners who want to ignore analytics and industry research and instead try to find as many people as they can who will praise their site while ignoring those who try to help them find the areas in which to improve the site.
Dictionaries are abandoning the role of being definers of words and have become reporters of word usage trends.
It is my suspicion that this phenomenon arises from the idea that there is no objective reality outside of perception. That is, that perception creates and defines reality instead of perception being a view of reality.
If we postulate that objective reality does not exist, then we are left with the idea that if I want something to be real hard enough - then the wishing makes it so.
Welcome to the age of Anti-science. Anybody seen any Genies around lately?
October 1st, 2008 at 6:58 pm
Kim,
How do I go about contacting you to review my product?
Ron