Creating a product is a huge milestone, here is what you should do to increase your odds of success in bringing your product ideas to life
Product success is not accidental. It takes a lot of time, tools, and commitment before one can create excellent products with market success.
Creating the product itself is a huge milestone, but it’s just the beginning of the journey. It also takes commitment, dedication, and perseverance to successfully bring a product to life and get the desired ROI.
Here is what you should do to increase your odds of success in bringing your product idea to life.
Getting comfortable with being uncomfortable
You will not always feel comfortable pursuing your dreams. Challenges will emerge, making you doubt the process. Therefore, you need principles to guide you.
First, you must firmly believe that the product is what you really want to work on. Ask yourself if you’re comfortable with not developing it.
If the thought of not working on it makes you feel sad, try to understand why and write it down. Your journey begins there. However, it is better to pull out from the start if you’re comfortable with leaving it.
When you start, don’t be too hard on yourself. You will get it right sometimes, but other times, things may go wrong, especially with your first product. Thus, see the process as an experiment.
But then, having a contingency plan is crucial since putting all your eggs in one basket like regular investments is not helpful. Consider other ways to utilise the developed resources.
Have an exit strategy if things go south. Knowing how to repurpose your resources is nonnegotiable.
Having advisors with experience in the product field is a huge plus. Build trust with them because trust is the currency of business. They will always be close even in challenging times. Schedule meetings with them once or twice a month to share the progress and brainstorm.
Finally, you must learn to trust the process. Be open-minded at every stage. Knowing the process and what to expect next lets you stay ahead of the game.
How to minimise losses if the product development doesn’t go as planned
At every stage of product development, developers must review their set milestones and evaluate the next step, such as an investment or involving a new partner. Ensure you set those milestones with measurable values to help with go/no go decisions.
If the results are deviating from the goals (and they may), you only have to take action in minimising losses. However, decide on a time.
You can reduce losses by selling resources to companies with your target audience. It is a smart way to cover your losses.
Similarly, you could repurpose your resources for other ventures or sell the idea on sites like Flippa. You could also share knowledge with others as a coach in the form of a course.
In essence, you must be able to think fast and learn to diversify.
Useful tools to feel more confident
Developers need tools to develop their ideas better. You can get tons of information and resources online. Realizr, Notion, and Demand Metrics are vital tools.
The money issue
It’s okay not to have everything figured out at the beginning. You are in a marathon and not a sprint. The most practical step is to manage your income and see if you have monthly spare to invest in your idea. If you can get partners who love your idea, ask them to join you.
If the capital is insufficient, you can get in touch with investors and search for grants since you’re just starting. A conventional loan is the least preferred option, be careful with that.
Again, you should participate in pitch competitions. But ensure you repeatedly practice before attempting to convince sponsors.
No entrepreneur becomes successful by doubting themselves. If you are not convinced about your products, how will you sell that idea to prospective investors and customers? Hence, it’s essential to get comfortable with yourself and your capabilities.
Trust will take you far in business. Ensure you deliver on your promises and watch yourself blossom. Good luck bringing your ideas to reality and solving the world’s problems.