Usually when engineers have great ideas, especially ones that they have been thinking about for years, they would want to get it off their chests and make it a reality. After all it’s what engineers love to do. But there is one question that most engineers think about before putting all of their time and effort into making their ideas a reality, “Is this idea worth putting all my time and effort into and will it be financially successful?”
Source: Blogger
Whether your idea is groundbreaking or moderately innovative, it can still become a great success if it has all the right ingredients. It may all depend on how you execute your plan and the choices you make during the development of your invention.
Here are 10 ingredients that can guide you into creating a successful invention.
There is Passion
Ideas that come from your personal experiences and passion are always a good factor in every plan you want to bring to life. It isn’t such a good idea to develop an invention that you aren’t excited about. Remember, you’ll be investing a lot of time and effort into bringing an idea to life, this includes trials, errors, and a lot of challenges. If you aren’t that passionate about an idea, you might give up halfway. Passion is the fuel in every innovation.
Add Value To Your Product
Who doesn’t want value for the products they buy? Inventions can be successful even if it’s expensive by giving customers more value for the price they pay. You could add more functions to your product, or have improved functionality.
Address a Gap in The Market
Choose a product field that isn’t crowded. Entering a product field that is crowded forces you to take market share from competitors that are already established. On the other hand, entering a gap in the market assures you that others will have to take market share from you
Compute For High ROI Potential
We all know how high-risk inventions are, so make sure your inventions are items that have high Return On Investment potential. Avoid inventions that have low returns. For example, if your invention is a low cost item, you will need to sell large amounts.
Don’t Complicate Things
This is a topic engineers will understand completely: Keep it simple! Simple items are easier to execute and will cost less to create. Ideas that are simple are also easier to explain, and therefore, easier to sell.
Utilize Existing Retailers
Follow a clear path into the market, avoid complex distribution networks and focus on utilizing the existing ones.
Take Advantage of Growing Markets
Growing markets are easier to be successful in than that of shrinking ones.
Know Your Customers
Make sure that the products your are developing caters the needs and wants of the customers you are targeting. Take time to study and understand your specific customer group, so that ie will be easier to implement marketing efforts.
Make Sure It Is Within Your Limits
This means both technically and financially. Don’t spend 100 percent of all your savings in this project. A good way to cover your project finances is to get other people to share the risk.
Research Thoroughly
Make sure you do thorough research on your products. This includes the costing of materials, manufacturing costs, packaging, as well as technical testing and safety testing fees.
Source: Entertales
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