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Houston innovators: How to succeed in product development

There's no quick and easy path to product development. However, these tips should help set you up for success. rawpixel.com/Pexels

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 also just the beginning of the journey. It takes commitment, dedication and perseverance to successfully bring a product to life and get desired ROI.

Today, we will walk you through what you should do to increase your odds of success in bringing your product idea to life.

How to get comfortable with being uncomfortable with pursuing your product idea

You will not always feel comfortable pursuing your dreams. Likely, challenges are bound to discourage you and you will have moments of doubt on your way to success. You need to have that North Star guiding you, and one of the first steps to having that star is to firmly believe and know that this product is what you want to work on.

Ask yourself if you are comfortable with not developing that product idea. If you discover that even a thought of not giving it a try makes you feel sad — try to understand why, write it down, and get ready for the journey. Equally, it is better to pull out from the start if you are comfortable with not working on such an idea. More so, don't make the plan too hard on yourself. While it is applaudable that you are getting it right, you shouldn’t see yourself as a failure if something goes wrong, especially if it's your first product. Thus, you should see the process as an experiment. Having a contingency plan will help you navigate failures. It is dangerous to put all your eggs in one basket like regular investments, so think of ways on how to utilize the developed resources in other avenues or explore that avenue simultaneously. Have an exit strategy if things go south. Knowing how to repurpose your resources is very crucial.

As we mentioned in a previous guest column, How to Take Your Product From Idea to Reality, having a board of directors or 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 by your side in the moment of doubt. Schedule a meeting with them, one or twice a month to share the progress and have brainstorming sessions.

Finally, you must learn to trust the process. Don't put too much of your focus on the final product, be open minded at every step of product development. Knowing the process and what to expect next lets you stay ahead of the game. Following the Product Development Map mentioned here [https://lanpdt.life/pdp], you will stay focused while maintaining some flexibility.

Plan on How to Minimize losses if  product development will not go as planned

At every major point of product development, developers must have a review of their set milestones and evaluate the next step which might be an investment or involvement of a new contractor or partner as an example. Make sure to set those milestones with measurable values which will help you with go/no go decisions.

When you notice that the results are deviating from the set goals (and they will), you only have to take action in minimizing losses. And making the stop decision not at a late stage. One of the ways to minimize losses is to sell resources to similar companies or those who share the sma target audience with you. It is a smart way to make enough profits to cover your losses. In the same vein, you could try to repurpose your resources to other ventures or sell the idea on Flippa-like sites. Or you could share knowledge with others as a coach or mentor in the form of a course. In essence, you must be able to think on the spot and also learn to diversify.

What tools can I use to feel more confident to start working on the idea?

Developers need tools that can help them develop their ideas better. You can get tons of information and resources online, some of the tools worth looking at are Realizr, Notion, and our favorite Demand Metrics.

Every product developer preferably needs to acquire skills in CAD, Photoshop, etc. And if your idea relates to developing an app, you should learn some basic JavaScript, however we recommend a zero-code approach for testing MVP. Getting to know the basics of 3D printing is also fantastic. And Calipers with other measuring tools are equally important.

What if I don't have enough money right now?

It's okay not to have everything figured out at the moment. You don't need to have the whole sum 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, you can ask them to join you and ensure you have a cash reserve.

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.

On top of this, you should gear up and participate in pitch competitions. But make sure to practice repeatedly before attempting to convince sponsors.

Final thoughts

No successful entrepreneur has ever been made by doubting themselves. If you are not convinced about your products, how do you intend to sell that idea to prospective investors and customers? Hence, the very first step is to get comfortable with your yourself and your capabilities.

Above all, trust will take you far in business. Make sure you deliver on your promises and watch yourself blossom into something big. Good luck bringing your ideas to reality and solving the world's problems.

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Onega Ulanova is the founder of OKGlobal and partner at LA New Product Development Team.

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Building Houston

 
 

While COVID-19 cases are not expected to surge this winter like 2020 and 2021, there are some things you can implement within your business to make sure employees stay healthy through the holidays. Photo via Getty Images

Since the coronavirus pandemic shut down the world economy in March 2020, it has not been business as usual. Last winter presented new challenges to small businesses as the Omicron variant caused a surge in cases and hospitalizations throughout the country, interrupting business once again.

Center for Disease Control (CDC) Director Dr. Anthony Fauci predicted less of a surge this winter than in 2020 and 2021 in a recent White House briefing. The CDC also reports the 32 percent of Americans who remain unvaccinated, whether for personal or medical reasons, remain at greater risk. Cases are not yet trending upward in Texas at a pace for concern, but neighboring New Mexico is experiencing an upswing, as is Arizona, according to data from the Mayo Clinic.

That raises the question, yet again, of how to address the issue with employees nearly three years into the pandemic. Businesses need to evaluate their plans now for a likely increase in coronavirus cases.

Evaluate risk factors

Each small business faces a different risk from a coronavirus surge based on its operations, employees and business model. Unlike bigger corporations, small businesses cannot easily reallocate staff when the coronavirus spreads within the workplace. If an infection spreads to a majority of the team, leanly staffed businesses may need to shut down until employees can return to work.

For businesses producing or distributing consumer or industrial goods, a coronavirus surge in a factory or warehouse could further impact delivery times or disrupt the supply chain. Likewise, independent medical practices, spas or gyms with daily in-person contact could face major impacts in the event of coronavirus spreading between employees and clients. On the other hand, a client services agency like a law firm with a hybrid schedule may face less of a risk, provided sick employees feel well enough to work from home.

Risk will also vary based on vaccination rates, age and health of staff. Employers should be careful to protect employee’s privacy but asking whether an employee is vaccinated does not violate any laws if the question is limited to a yes-or-no answer, according to the U.S. Equal Employment Opportunity Commission. Federal law also does not prohibit employers from requiring all employees to be vaccinated in some circumstances but employers who wish to explore that option should consult with legal counsel to understand the risks.

Finally, businesses need to understand their community risk factors. Find out where weekly coronavirus data is reported within the region and assign responsibility to HR for tracking this data. If cases begin to peak, that could signal growing risk to the business and workers.

Based on the evaluation of risk factors to employees and business operations, determine how a possible surge could impact profitability. If possible, crunch the numbers on revenue and losses for a clear understanding of the financial ramifications. This data will help guide protocols.

Address preventive measures

In the early days of the pandemic, many businesses introduced requirements for employees to test regularly or remain home if experiencing symptoms of the coronavirus. While some businesses have discontinued these policies, they represent a helpful starting point for preventive protocols to implement during another surge.

Businesses who face a significant risk from a coronavirus surge may wish to introduce regular testing at once-a-week intervals, regardless of whether employee show coronavirus symptoms. Communicate to employees about why these protocols are necessary. In July 2022, Pew Research Center found only 41 percent of Americans view the coronavirus as a major threat to public health, down from 67 percent in July 2020. That means employees may take fewer precautions in their own lives and benefit from a reminder of the potential coronavirus impacts to business.

Staggered schedules can further lower the risk of a coronavirus breakout in the workplace, especially for the largest teams on staff. A business with a hybrid remote work policy may divide teams into “pods” where employees only come into the workplace on the same day as other workers in their pod. This approach can contain the potential coronavirus spread to the individuals within the pod while allowing in-person collaboration to continue.

It is important to keep in mind these policies present their own costs in the form of coronavirus test kits, if provided to employees by the business, the cost of employees’ time and possible reduced productivity. Considering these tradeoffs, entirely remote startups or small businesses with less risk of spreading coronavirus between teams may decide against mandatory testing and staggered schedules. Businesses who make that decision should carefully monitor coronavirus data in their communities in case circumstances should change.

Set protocols for illnesses

Regardless of mandatory testing and staggered schedules, all small businesses should put coronavirus policies in place, including how to respond with symptoms present and for those who test positive, but may not have symptoms. When setting policies for those who test positive or someone in their household tests positive, it is important to get the latest information on quarantines from the CDC and communicate these policies clearly with employees.

If vaccination status is unknown, set a rule applying to everyone. Policies to prevent a coronavirus case from spreading include a requirement for exposed employees to work remotely for the quarantine period or wear a mask and socially distance in the workplace. While small businesses and startups often take pride in their flexible approaches, coronavirus policies should be fair and standardized for all.

The worst of the pandemic may be over, and by planning for the likelihood of a winter coronavirus surge, businesses can help ensure it stays that way.

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Jill Chapman is a director of early talent programs with Insperity, a leading provider of human resources and business performance solutions.

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