1. Do I have the right skills? Most new products will require expertise in every stage of the development process.
For example, if you decide to develop a new soft drink, you will need specialist knowledge in creating the look and taste, packaging, sourcing ingredients, branding, quality control, and much more.
2. Do I have enough resources? You need to ensure you have enough money, time, and manpower to bring the idea to fruition, without neglecting the core activities of your business.
Ask yourself whether you will need external finance to complete the project.
3. Am I committed enough? Especially in small businesses, it is often the founder or owner who drives through the product development process.
Ask yourself whether you truly have the patience and determination to see a project through.