Businesses are always in constant search for new ideas that will sustain them in the market, and deciding on a particular idea is usually very challenging for entrepreneurs. As an entrepreneur, various things can slow down the rate at which you convert your ideas to eventual new product.
For every successful new product development, dozens of promising ideas have been considered by an organisation. The essence of the consideration is to determine which of the ideas is good enough to be introduced into the market at the right time. Timing is key in business decisions, and every idea must be considered along this line. Businesses prefer a business idea that can move into the market faster before that of the competitors.
However, there are delays entrepreneurs will likely encounter before they make that decision to create a new product.
Too many disjointed ideas:
It is good to have a pool of ideas on the table before making a decision, but the more ideas you have for consideration, the slower you will be at picking one. When you have a large number of promising ideas that you are considering at a time, it becomes more difficult to pay attention to any particular one. Each business idea is a process with its own chain of activities, so it is important to consider early which of the ideas is more promising/important, at what cost, and what experience do I have to execute it? The fewer the promising ideas you have, the better your chances of converting one into a finished product.
Capacity of resources:
Every business idea requires resources to make it achievable. Resources help bring ideas to fruition however; when these resources are shared among various promising ideas, it weakens the speed at which you come up with new products. You must understand the capacity of your resources to sustain an idea or group of ideas per time. Taking all ideas with your limited resources will only lead to a crash even before you develop any product
Lack of Experience:
When exploring ideas, it’s important we focus on ideas around our areas of competence. It’s easier to develop ideas around website/App design if you have knowledge in programming than if you don’t have at all. We have alot of aspiring entrepreneurs who go into an industry where they don’t have the needed experience and capacity to breed ideas that can lead to new products hence; they remain stuck in existing products. If you want to convert ideas into new products, begin by considering ideas in your field of experience.
When selecting business ideas, focus on the ones with technical and commercial values, and that has the capacity to keep you motivated into a new product development. New product development is all about speed – getting into the market faster. No business wants to introduce an obsolete product into the market; they make effort on minimizing delays from ideas to new products.