It may not seem like right now is the best time to develop your product idea and start a new business, but it can be. That idea you have been thinking about for months could be the next big startup. Microsoft, Airbnb, Disney, FedEx and GE were all started during economic turmoil and downturns. These successful businesses span markets and customers, and on the outside do not necessarily seem related; however, a closer look shows that they are successful today because of their resilient founders.
Find a Marketplace Need
If you don’t have an idea yet for a product, we have one suggestion to get the ideas flowing—find a need in your own life. Is there something that would be immensely helpful in your ‘new’ daily routine? Life has recently changed because of COVID-19 and it looks as though we will all be adapting to a new form of ‘normal’ going forward, which is ripe for innovation.
Take a critical eye to your life and then your community and see where you can build a product to help. Startup platform Cad Crowd recently held an open-source design contest to “generate product designs that help prevent the spread of COVID-19”. The three winning designs are completely new products that have been built out of a new need: Hook Ring, Easy to Clean Faucet Handle and Wearable Hand Sanitizer.
Talk to Your Target Market
Once you have a product idea, get out there and start talking to your potential target market about it. Ask if they would use it, how much they would pay for it and what they would change about it. This feedback is critical and a great way to not only begin the introduction of your product but a way to get information that will make your product even more suited to your customers’ needs. Many startup founders skip this step because they fear negative feedback, don’t let that fear hinder you from this step in the product development process.
Adapt a Resiliency Mindset
As your product idea moves through product development you might encounter challenges and even setbacks, but a resilient mindset will help you overcome to find success. Resilient entrepreneurs know how to be flexible and adapt with ease when challenges arise.
While entrepreneurship can be challenging at times, the chance to see your product idea brought to life and in the hands of customers is a reward that cannot be adequately articulated.
Are you ready to bring your product idea to life? Send us an email at firstname.lastname@example.org
3D Innovations is a Product Development Company – from the 3D Design to a fully functional 3D Prototype & Product.