Wednesday, April 06, 2016

Questions to ask before developing your new product

Questions to ask before developing your new product
A while ago I wrote an article titled "Why are we actually doing this project" where I discussed a number of questions to ask about your project. It helps determining if it is actually worthwhile doing/continuing a project.

Peter Thiel, in his book "Zero to One", goes a step further and laid out seven questions that a startup must answer in order to be successful. But when you think about it, you can use the same questions for developing a new product in an existing company. His seven questions are:

1. The Engineering Question: Can you create breakthrough technology instead of incremental improvements?

2. The Timing Question: Is now the right time to start your particular business?

3. The Monopoly Question: Are you starting with a big share of a small market?

4. The People Question: Do you have the right team?

5. The Distribution Question: Do you have a way to not just create but deliver your product?

6. The Durability Question: Will your market position be defensible 10 and 20 years into the future?

7. The Secret Question: Have you identified a unique opportunity that others don't see?

As Thiel puts it, if you don't have good answers to these questions, you will most likely have "bad luck", ie fail. "If you nail all seven, you'll master fortune and succeed. Even getting five or six correct might work."

When you need some guidance on how to define and measure project success, just download the Project Success Model by clicking on the image.

The Project Success Model
Posted on Wednesday, April 06, 2016 by Henrico Dolfing