Tag: Product Development

‘No-Nonsense Lessons On What It Takes To Build A Successful Business’

by Bright Osadiaye, posted in Health & Well-Being, Improve Academy, Leadership, Management, Personal Development, Workplace Learning
Photo by Anna Tarazevich on Pexels.com

‘What makes a good entrepreneur? Are they born or made?’

‘Entrepreneurs constantly question and challenge business scenarios and always look for a way to make things work better or introduce a new product or service.’

‘Not all entrepreneurs run their own businesses. Are you, or could you be, an entrepreneurial employee?’

‘The most important thing when planning your business should be the accuracy of your facts and statistics. Don’t let passion cloud your judgment.’

‘Understanding every aspect of your business is of paramount importance when talking to lenders and investors.’

‘Choosing the correct business structure from the outset will save you money and taxes and may protect you from legal issues down the road.’

‘If you don’t have enough seed money to begin the process of starting your own company, find a creative way to raise it.’

‘Be willing to invest your own money and assets in your business before asking lenders and investors to risk their money.’

‘Prepare a professional presentation when approaching potential investors.’

‘Never take for granted that your financial statements are correct. People make mistakes, so they can be wrong. Have someone you trust, a good financial person, look after your financials.’

‘Overconfidence in your product or service can be dangerous.’

Source

Tom Golisano (2020). Built, Not Born: A Self-Made Billionaire’s No-Nonsense Guide for Entrepreneurs

Robert G. Cooper On Creating Value Through Innovation

by Bright Osadiaye, posted in Improve Academy, Innovation Management, Leadership, Management, Workplace Learning

‘The best innovators have four times the sales from new products and more than double the success rate as the worst performers. But why the huge differences?’

‘A superior and differentiated product– one that delivers unique benefits and superior value to the customer- is the number one driver of success and new product profitability.’

‘Building in the voice of the customer is one of the strongest drivers of new-product profitability, and also of time efficiency. But the great majority of companies miss the mark here- with insufficient VoC and no fact-based customer insights.’

‘People don’t know what they’re looking for until they see it or experience it. So get something in front of the customer or user fast- and keep repeating these tests all the way through to formal product testing or field trials. Multiple iterations and product validations- spirals development- are essential when facing fluid markets with customers that are uncertain about their needs.’

‘Manage risk by breaking the process into increments. When the uncertainties and unknowns are high, keep the spending low.’

‘If you want speed to market, then focus– resource your projects properly.’

‘Of the five most important drivers of businesses’ new-product performance, idea management has the strongest impact.’

‘Customer visit teams are valuable for gaining real insights into the customer’s world: the ability to identify and focus on customer problems and unspoken needs, a vital source of product ideas.’

‘Innovative customers are quite likely to have the industry’s next new product, and this lead-user method is one way to uncover what it is.’

‘Your own employees are excellent potential sources of new-product ideas. Yet all too often, internally generated ideas are either mundane or not acted upon. But there are ways to change that.’

‘How does one design a system that integrates many activities and multifunctional inputs and fosters a cross-functional team approach?’

Source:

Robert G. Cooper (2017). Winning at New Products: Creating Value Through Innovation