Introduction
Welcome to \”Before You Tank: Thriving in an Industry That Sucks.\” Our mission is to ensure your success in an industry where 98% of ventures fail. While we use the term \”sucks,\” it’s not a reflection on life in general but rather on the low success rate. In this episode, we will delve into the expertise of Pawan, our product development specialist, who will share his insights on simplifying the manufacturing process, achieving mass production, and maintaining affordability for successful outcomes. Pawan will walk us through his unique framework, known as the Seven W’s of Product Development, which helps inventors better articulate their intentions and enables him to provide the most effective assistance.
Understanding the Seven W’s of Product Development
The Seven W’s framework is designed to extract crucial information from inventors, allowing Pawan to grasp their thought process, intentions, and developmental stage. By asking these seven questions, Pawan gains a comprehensive understanding of the problem the inventor aims to solve, the reasons behind it, and where the product is currently positioned.
1. What is the problem you are trying to solve?
Pawan begins by identifying the problem the inventor intends to solve. This question helps him guide inventors based on his 20 years of experience in the aviation and startup industries. By understanding the problem better, Pawan can provide valuable insights and suggest improvements or alternative approaches to the inventor’s concept.
2. Does the problem really need to be solved, and by how many people?
To ensure the viability of the product, Pawan examines the significance of the problem at hand. He emphasizes the importance of understanding the scale of the problem and its potential market size. This evaluation helps inventors assess the market demand for their product and determine if it is a problem worth solving.
3. Why is it important that you solve this problem?
Pawan believes that a genuine desire to solve a problem is crucial for success. Understanding the inventor’s motivations and passion is essential to ensure a productive partnership. When both parties are fully invested in the project, they can work together effectively, pushing boundaries to find the best solutions.
4. What is the target cost for production?
Determining the target cost is a vital aspect of product development. Pawan stresses the significance of aligning cost expectations between the inventor and the product developer. By understanding the target cost, Pawan can evaluate the feasibility of the project and provide appropriate guidance, maximizing the chances of success.
5. What is the current state of your product?
Assessing the current state of the product helps Pawan understand the development stage and plan the appropriate steps moving forward. Whether the product is still in the conceptual phase or has advanced to prototypes, understanding its current state enables Pawan to tailor his approach accordingly.
6. Where do you want your product to be geographically, and what are your intentions?
Considering the geographical scope of the product is vital, as it impacts various aspects such as manufacturing, distribution, and potential markets. By clarifying the inventor’s intentions and desired locations, Pawan can offer valuable insights and tailor the product development process accordingly.
7. Why is your product unique or different?
This question helps inventors identify their product’s unique selling points and competitive advantage. By understanding what sets the product apart, Pawan can develop strategies to highlight its distinctive features and position it effectively in the market.
Partnering for Success
Effective communication and a strong partnership between inventors and product developers are crucial for success. Openly sharing ideas, concerns, and goals allows for better collaboration and maximizes the chances of creating a successful product. Both parties need to be fully invested and committed to the project to ensure its success.
Celebrating Every Step Towards Success
In an industry known for its high failure rate, it is essential to redefine success. Instead of solely focusing on the ultimate goal of launching a wildly successful product, it is crucial to celebrate the milestones achieved along the way. Recognizing achievements, such as securing a patent or creating a viable prototype, boosts morale and keeps the momentum going.
Conclusion
Thriving in an industry notorious for its challenges requires a strategic approach and strong partnerships. By following the Seven W’s of Product Development, inventors can articulate their goals and intentions effectively, while product developers can provide tailored guidance. Celebrating every step of the journey and defining success on individual terms are also crucial for long-term motivation and fulfillment. Remember, success is not solely determined by financial gains but also by personal growth, passion, and the ability to make a positive impact in the industry.
