Challenges Faced by Entrepreneurs with New Product Ideas

You have that Eureka moment when you realise your new product idea has the power to change the world. However, only few of us are able to successfully execute them and that makes all the difference.

Ideas are useless – it’s the execution in translating the idea into a product/service that defines if a business is successful.

Here are 5 common challenges that entrepreneurs face in the journey from an idea into a product :

1. ARTICULATING IT

The first challenge is in making your idea an actual thing. It’s very challenging to articulate your concepts, beliefs and perspectives to someone else. Being so immersed in the idea you have, it is sometimes difficult to step back, explain and translate it to something that others can work on and form a successful product.

It’s important to get some form of support for articulating the idea that can get other people to share in your vision. This can include talking to friends, sharing at pitching events and hack-a-thons or hiring a pitching expert.

2. (KEEP) BELIEVING IN IT

Other people can challenge your idea; its concept and implementation, novelty or usefulness. Some will be critical and will analyse your arguments and judgments for implementing your idea, however, it’s a useful process that can help you grow.

Find someone who will challenge your assumptions through a variety of techniques, including prototyping and Minimum Viable Product (MVP) development. Don’t stumble when others fight against it. It’s important to believe in your idea no matter what others say, do or feel about it – you need to believe in it so much that it becomes infectious. Have confidence in yourself to do this.