The Right Product For The Right Market

Enterprenuer

5.1 New product development Successful new products spring from the convergence of: (1) the creative mind; (2) the technical mind; (3) the business mind. All three minds come together in the entrepreneurial mind. In reality, however, the three minds are seldom found in one entrepreneur. However, the entrepreneur is certainly the orchestrator of the three minds. The entrepreneurial mind The creative mind conceptualizes and designs a product that consumers find some use for. It likewise produces a product that is pleasing to see, touch, smell, hear, and taste. It also produces a product that creates emotional attachment and eventually becomes a significant personal expression of the consumer. The technical mind is the technology originator. The entrepreneur may not necessarily possess the technical but this is what drives him or her to convert new knowledge into something highly functional and operational. The technical mind is also a technology adaptor. He or she uses old knowledge for new applications in various fields of human endeavor. Finally, the technical mind is a technology renderer. He or she resolves to make a new product work for the product creator by configuring and reconfiguring the technical design of the new product. The business mind harnesses the potentials of new products by creating the market space for them. It also organizes sufficient forces and resources to develop, launch, and commercialize the new product in order to maximize its market value. The business mind also manages the external and internal business environment of the new product, which goes beyond the product development process itself.