How to Develop a Product

The difference between successful products and bad inventions happens in product development. Lots of inventors have good ideas, but the ability to transition those ideas from flashes of brilliance to salable products? That's innovation. You can learn to design your product into something that will sell, organize testing to keep yourself in business, and develop into a successful enterprise.

Identify a consumer need. The difference between failed products and hot-sellers is need. As an aspiring entrepreneur and innovator, your goal is to create something that people don't even know they need. What's missing from the marketplace? What do people want?

There's no easy way to answer this question, or we'd all be millionaires. Keep an idea notebook with you at all times, and try to keep track of times when you're frustrated with something small and inspiration strikes. Maybe you're lying on your back in the sun and having trouble holding up your book? What simple product might address your need?
While it might seem like an effective shortcut, polling consumers about what they'd like in terms of particular products tends not to pan out. Again, if people knew what great products they wanted, we'd all be millionaires.

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