blog

Back

5 Key Traits for Product Development Success

Author: Stefan Stalgren May 8, 2015 Posted in: Blog > News

product development, traits, successFor a product development project, the missing piece may be a person – someone who collaborates with the company team, adding creativity, energy and perspective.

New product development is frequently challenged by conflicting business priorities, lack of funds, market conditions and internal politics. Engaging a key outside collaborator can be the solution for clearing roadblocks and moving the product to success.

This key player will wear many hats: visionary, advisor, coach – to name a few. The traits that lead to success in this role are similar to those of entrepreneurs and include the following:

Energy and Drive – “Energy and persistence conquer all things,” according to a quote attributed to Benjamin Franklin. “Drive is defined as ‘an innate urge to attain a goal or satisfy a need,'” writes Kelly Gurnett in an article on bplans.com. Drive “will help you conquer obstacles, get through long hours and setbacks, and keep moving and improving your products and services.”

Childlike Fascination and Optimism – “Within the scientific community, a valuable approach to problem solving is to ‘play’ with the problem, as opposed to going straight for the answer. Child-like curiosity is positively encouraged,” writes Phil Tee, chairman and CEO of Moogsoft, in an article on Entrepreneur.com. “Always question the rationale of conventional wisdom. Embrace and learn from child-like frustration. Be willing to take those ‘first steps’ down new avenues.”

Like a child with a new toy, obsessive enthusiasm for a project or venture can pay off in entrepreneurial situations including new product ventures. “Children are not so hung up on failure,” Tee writes. “The fact something does not work means they are open to finding a different solution.”

Lifelong learner/Curiosity – “The most accomplished people never reach a point where they believe they have all the answers,” writes Firas Kittaneh on the Entrepreneur.com blog. “They cultivate a network of peers with different specializations they can bounce ideas off of. They read articles and books on a regular basis to stay on top of emerging trends and best practices. They attend conferences, events and workshops to learn new skills and hone old ones.”

“Successful entrepreneurs are constantly asking questions and learning from others,” writes Dana Severson on the Huffington Post Small Business blog. “They’re never satisfied with what they know and believe that knowledge is power. … Curiosity is what allows them to take risk and try new things.”

Resilience – “Everybody encounters failure at one point or another. What truly matters is how you react to and learn from that failure,” writes Jayson Demers, founder and CEO of AudienceBloom and Entrepreneur.com contributor. He tells the story of six entrepreneurs who pushed beyond failure and are now well-known for their success.

“Only about 50 percent of all businesses survive the first five years,” writes Kittaneh in the previously mentioned post. “You can stack the odds in your favor, however, by studying those who tend to beat the odds.”

Team Player –  “Innovation is a team sport,” said AOL co-founder Steve Case. “All the great innovations have come through collaboration and partnerships.”

“In almost every case, entrepreneurs never get to success alone,” reads an mbda.gov blog post addressing traits of successful entrepreneurs. “The best understand it takes a network of contacts, business partners, financial partners, peers and resources to succeed. Effective people nurture these relationships and surround themselves with people who can help make them more effective.”

Product Development is our Specialty

Members of the CADJockey team frequently provide the “missing piece” for product development teams. Our track record as innovators and entrepreneurs serves our clients well to overcome the obstacles of new product development. Contact us to learn more.