As an entrepreneur, there is a phrase that you probably find yourself saying more often than you would like: “Why didn’t I think about that?” You open a magazine or watch a television show and there it is: a new product with great potential to be a resounding success. The concept is so simple and the cost of undertaking it is so small that your intrigue becomes envy.
The trick is to avoid having that feeling that you missed an opportunity to create something really unique. There are countless products and services that need to be created. The real question is whether or not you are looking in the right place.
We share three ways that will help you find and adopt your next great product idea in 2020:
1. Be your first customer
Some of the most successful products are born from a personal need to solve a problem, rather than a desire to turn it into profit. This is the reason why the creators of brilliant products commonly say that they found their great idea of solving a situation of their own day. The creator is usually your first customer.
Start by observing your daily life. What problems need to be solved? No matter how simple the problem is or how ridiculous the solution seems. The essential thing is that solutions a problem that facilitates life or makes it more enjoyable.
2. Prototype quickly
What is most likely to be preventing you from developing a new product is not the lack of ideas, but the lack of implementation. That is why creating a prototype as quickly as possible can be just as important as generating the idea. Prototyping allows you to see how your product operates in real life and if it really solves the problem or performs the function you expect.
Take Ryan French as an example. He was frustrated by the touch screen controls of his smartphone to play. Although he had no experience as an entrepreneur or manufacturer, he solved the problem by developing a handmade chip that tied his Android phone with a game controller. With the growth in the gaming industry, he knew he could start a business, so he launched The Game Klip, which won the Shopify Build-a-business contest in 2012, in the category of gadgets and electronics.
3. Be open to changes
When Shazi Visram founded Happy Family, he started the company with the vision of giving parents a healthy alternative to processed baby food. But when he launched his frozen food line, he noticed that the parents did not buy food in the freezer section, but in the baby section.
Visram changed the direction of the frozen section to a line of organic products. Now the company is in an acceleration process. Last year, Happy Family reported earnings of USD $ 62.8 million.
You should always be willing to modify and adapt your venture. If you are foolish and you are ‘too much in love’ with your initial idea, you could miss the success you are looking for.