New Product Development

Everybody has an idea of their own. It could be something extra ordinary or maybe something smaller. But again, everyone has their imagination. the way of approaching things and their solutions to everyday stuff.

In idea phase, sometimes, well actually most of the time everything looks simple. Make an app / create a process, just apply it and boom, you solved a problem, now you can profit.

But most of the time, it doesn’t go that way. What not being considered is, who is going to be using it and why do they need to change their habits?

With every idea we have, at first, we think that we make lives easier. Oh, you should use my app if you want to save time with your daily chores. Yeah, but have you considered my learning curve? My eagerness of trying new things? Being scared of not being capable of using a new technology?

Or from business development process, yes your product can save big for companies, but first of all, do you know the business? every small quirk or detail that causes them to do what they do now. Is your product still applicable after learning those details? Do they have the workforce to use your product? If not and they need to hire someone, will the costs be the same?

Do you have a network for distributing your product? How do you plan to reach new customers? How do you plan to make them long term/staying customers?

All the questions above that i wrote, actually has to be answered while writing a business plan. But business plans seem to be included with too many assumptions, numbers and valuations. After seeing huge profit assumptions, people tend to skip these important questions. Even for founders, they got carried away with the excitement of creating something new. Then, well, most of the time, the worst happens and they shut down.

So, what i am saying is, when creating a new product, try to be as transparent as possible, even with yourself. Dont get too carried away. Make a good research, ask people questions. Dont be afraid of sharing your idea, because when it is really an original idea, it cant be copied.

Being an entrepreneur is hard and the consequences of failing can be devastating. Try to minimize the risks.

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