Creativity is what distinguishes a business from its competitors. Competition may kill the business, but if it’s innovative enough, then it will have an edge to survive and stand out. Innovation is a creative process. It stretches the imagination and offers limitless possibilities. A simple idea can turn into an endless source of income. As […]
The decision to develop a new product can be an extremely difficult process for many businesses. Many sectors have failed with the failure rate reaching as high as 90%. Truthfully, there is really no secret to developing winning products. Follow these steps to perfect your product development process: 1. Generate and Screen Ideas Idea generation […]
How do you determine whether your business succeeds or fails? By doing a research project. You will need to adequately research the validity of your business plan. It can be difficult to gauge what “adequate” really means. Here’s a checklist of some elements that any sufficient business research will contain: Market Research – It may be surprising, but many entrepreneurs […]
Businesses often employ Research and Development (R&D) to determine the consumers’ degree of acceptance of a new product. The reason behind this is the fact that launching a new product without a real demand would mean more costs than actual market research. Additionally, a failed product launch is not only damaging for a company’s finances but […]
If you don’t know where you’re going, then its leading you nowhere. The same applies to an effective product development. As an entrepreneur, you need to know how to measure your overall success. This is where Product KPIs are vital. If you are managing a team, there is a good chance you may have heard […]
Goals are of vital importance in our lives. By setting goals, we can focus our lives and advance confidently in a definite direction. In business, a goal describes what a company hopes to accomplish or where it hopes to be at a specific future date. When a company sets goals, it makes its priorities clear for everyone involved […]
We have seen a lot of organizations who mull and watch as their business transforms into a zero-profit condition while their competitors appear to flourish. Why is this so? Just take a look at your business and try to answer these questions: ✅ What does my company do better than anyone else? ✅ What unique value […]
Are you struggling with product decisions? Do you need to figure out if that great idea you are passionate about could become a successful business? A feasibility study will let you make an informed “go” versus “no-go” decision. It acts as a screening test for your business idea and can help determine if your idea […]
As a business owner, you should know the importance of growing your business. Growth is absolutely essential for any company because without it, operations will stagnate. Your brand should also be able to keep up with the ever-changing demands of consumers. Aside from this, you need to be on par or exceed whatever your competitors […]
Every product or service has a purpose. One of the reasons why customers buy a product or service is because of its benefits. Either it solves their problem or meet their needs. Features can also be a valuable factor but only if it can provide benefits. By highlighting your product benefits and features, you can […]
Goals are achieved through effort. Each of us have our own goals in life. But who among us have thought about writing them down? Analysts tracked down that 90% of us never set goals. Of the 10% who really do, only about 3% have really thought of writing them down. Believe it or not, but […]
Use Creativity To Explore Opportunities As long as consumers have problems, they will always search for solutions. They will consistently search for better, quicker and more intelligent approaches to achieve everyday tasks. Fortunately for entrepreneurs, there are still plenty of room for upgrades in existing products. The greatest challenge for most innovators however, is tracking down […]
Are you struggling with what to prioritize in your business (or life)? With a thousand things any one of us can do in any given moment, how do you prioritize what to do next? Being able to set priorities is the key to getting organized and making the most of your time. Just like when you […]
Start with what you know. If you have experience in a particular area, either through your work or hobbies, then the best place to start is thinking about how you can turn that experience into a business. It doesn’t have to be something you’ve worked at for 20 years, think of the things you’re good […]
When you’re starting your own business, there’s no guarantee that it is going to survive, especially in today’s fast-paced business world. Nearly half of all small businesses fail within the first two years of operation. There can only be two reasons for business failure: first is inadequate planning and secondly, under-capitalization. So before you go […]
New products, whether or not they take the shape of new applications, new innovations, or entirely new goods, are critical factors to the success of a business. The concept of new product development process is to provide new value to the customer. It’s what keeps the company growing. Your business needs to engage in the […]
Terms like Lean, Six Sigma, and Continuous Improvement have become normal everyday jargon in the world of manufacturing, but yet they remain far less adopted in the world of product development. Is this because of a lack of understanding? Or perhaps a lack of focus on new product development? Or maybe just a reality of […]
Mental Habits Lead To Innovation Some of the greatest inventions came out of problems and challenges the inventors were having in their lives. These investors decided to focus on the solution instead of giving all their energy and thought to the problem. Dr. Scholl’s foot medications for example would not have been around if people […]
Opportunity counts for so much in the business world. Strong entrepreneurs aren’t afraid to look for openings in the market which means actively looking and going after ideas that can be turned into opportunities. But how do you find new opportunities to take your business to new markets and growth levels? Well, everything can be considered […]
Have you just started a business? Or is your business idea ready for a start-up? You need to research the validity of your business plan. The following will show you how to do adequate product development research before starting a business. It may be difficult to actually gauge what “adequate” really means but here’s a checklist […]