Product development is a challenging and risky business. Any venture capitalist will tell you that more than one in seven ventures will fail. What they do not tell you is that all the seven ventures would appear to have a good chance of success. Otherwise they would not have invested in them in the first place. This can be a very daunting realisation, especially knowing that VCs are typically experienced entrepreneurs that can smell failure from miles away.
True, many books promote failure as being part of the process of success. Succeeding by failing is a process of learning by doing and all that “feel good” babble. But failing when the company is a start up and you have put your life earnings on this may be a different story.
Something to realise is that failure has different meanings. What causes failure? Failure can be circumstantial, meaning your market has vanished overnight, or can mean that the signs to shift course were not realised. Worst of all would be that the start up never had a business case which is probably the most expensive failure of them all.
Failure can be disastrous, leaving your family without a roof, or can result in a set back with a surge of new found energy. The true winners of entrepreneurship are those that manage failure well.
I have always been interested in the concept of productization and the value that it can bring to a market and your business however I often see that the process of converting function to a product is done with either unnecessary risk or not enough, resulting in missing the proverbial boat.
This blog exists to share my thoughts, in an unedited manner, to entrepreneurs looking to join me through the journey of understanding the process of delivering products to a market with the appropriate (not minimal) amount of risk possible, and capitalising on the opportunity.
If you do have any questions or topics you wish me to discuss, feel free to drop me an email or add me to LinkedIn.