How To Tell If Your Amazing New Product Strategy Is Truly Worth Gaming On
A: I am a lousy poker player, for the reason that I can not help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud.
I also never mak...
Q: I've a great idea for an amazing new product. There is nothing like it available on the market and no competition that I can find. I think it will be described as a huge success and so does everyone I tell the concept to. I am willing to bet the farm on this one. What do you consider my odds of success are?
A: I'm a bad poker player, mainly because I can not help grinning like the village idiot when blessed with a winning hand or frowning like a sad clown when dealt a dud.
I also never make chances on the achievement of 'amazing new products' because more often than not the only thing that is amazing is the way the product is wholly ignored by the buying public. Within my software company there has been occasions when we came up with what we thought was an amazing idea for an amazing piece of software - a piece of software so amazing, in reality, that we realized that all mankind would sit up and simply take notice, then line up to create us checks.
After countless hours and a large number of dollars spent building the item we were surprised to discover the only those who thought the software was truly wonderful was us.
We made humanity yawn. Quite an amazing accomplishment, if I do say so myself.
I-t concerns me that you say there's nothing like your idea available on the market. As you may possibly think that's the best thing, it might actually mean that there is no market for your product. Exactly the same is true for a lack of competition. An absence of competition may mean that there is no interest in such a solution.
Seldom does a product show up that revolutionizes an industry. Rarer still does an item create-a new business alone. So, how will you tell if your wonderful new product is really worth gambling o-n? The stark reality is, you are able to never be hundreds of certain that your idea will provide. No-matter how enamored you are of it or how much your friends talk about it, the achievement of a new idea depends on several elements, a lot of which are beyond your control.
Such elements include:
The stability of the idea: is this really a solution that you could create a business around? Does the concept have the potential to build revenue or customer loyalty? The folks employing the idea: the proper staff will make even a huge success to a mediocre product (heard of Windows). Inversely, a bad group couldn't offer ice water in Hades. Choose your team watchfully. The best people do make all of the difference. The interest in such a product within the marketplace: will this product fill a need or satisfy an itch? The competition: is the industry already crowded with competitors? In that case, what'll it take to go your product ahead of the group? The degree of one's pockets: even an amazing product takes a lot of cash to get from drawing board to store display. The availability of other resources required to take the merchandise from the drafting board to the consumer: do you have time, the drive, the perseverance, the information, the contacts, the support, and one hundred other things required to bring your remarkable idea to fruition? The record wouldn't be complete without pure luck and timing. And a lot of other items. Visiting partner site likely provides suggestions you might tell your co-worker.