To build a product successfully you need to consider 5 things:
- Personal success characteristics to build a product.
- What problem do you solve when you build a product?
- Building a minimum viable product is a process.
- Know what result to expect.
- Is the product good enough?
Most people aspiring to become entrepreneurs stumble building their products. These are the five areas to be mindful about when you build your product:
Personal success characteristics to build a product
4 soft success factors when you build a product:
- Passion: To build a product is challenging. You will experience a volatile process where you feel success but also a lot of struggle and frustration. It helps your perseverance if you are passionate about the field you operate within and the problem you solve.
- Strong technical team: Deep technical understanding helps to build a product with the chance to become truly successful.
- Bootstrapped: Focus is essential, hence bootstrapping and focusing only on building the product is a great recipe for success.
- Product ego: A strong personal connection to what you build help you build a product successfully.
There is a huge difference between being employed, a dreamer and an entrepreneur that delivers sales growth and true scale.
“Passion for your industry and product is a great foundation when you aim to build a product. Often successful entrepreneurs feel that fail is not an option, that failing is an “F” on life.”
Clearly passion, energy, ability to focus and endurance are examples of other success factors building great products. We’re all different personalities, make use of that and stay focused.
What problem do you solve when you build a product?
Here are 7 great questions to ask yourself, to find out how specific you are, when you build a product:
- Can you state the specific problem you solve, clearly and in a short sentence?
- Do many have this specific problem? Will there be an enough relevant market?
- How often does this problem occur? Is a specific solution needed.
- Who has this problem? Exactly who? Be specific.
- What else is important to those having this specific problem? Very few can prioritize all solutions to solve all problems.
- How important is the problem you will solve, relative this person’s other problems?
- Have you experienced the problem yourself and do you have experience from you potential customers industry? How relevant are you?
The bottom line with these 7 questions is find out if you target a problem that is in a need of a solution. Not all problems are prioritized. Not all problems are important enough.
Ask yourself if the problem that your target is prioritized problem, and if you can monetize your solution.
You shall build your product if you find satisfactory answers to these questions.
Building a minimum viable product is a process,
You shall build a minimum viable product once you have nailed the solution to a specific problem for a specific customer user.
Building a minimum viable product is your proof of concept before you invest too much time and money develop something someone might not prioritize.
Remember though: Building a minimum viable product is a process, not a product. You develop your minimum viable product is built and tested on paying customers.
Here you can read more about what constitutes a minimum viable products.
Know what result to expect
One thing that is sometimes forgotten in product and business development is what result to expect.
What product are we building, exactly what do we offer, who shall use it, and why?
You need to be able to answer these questions as well when you design a product for a specific problem or challenge.
Is the product good enough?
Finally, you need to ask yourself not only if your product is good enough, but also if your problem is critical enough.
All businesses and all people have problems, but it does not mean your solution is going to be of priority. Other challenges and other problems might be more imminent or more critical to your potential customers.
You should be able to judge the importance of your problem solution if you have relevant experience in your target industry, or have experienced the problem yourself.
What else impact a product?
Many product ambitions are not specific enough. Great visions, interesting ideas but often unclear solutions for unclear problems.
I hope these questions help you define your targeted problem and possible solution before you start build a product. If so, I wish you the best of luck with your venture.