Zeroing in on a Product Solution
Name 1 type of Inventor
Engineers; scientists
For entrepreneurs, it's not just about the what?
Money
Who gives you feedback on your product?
People involved in the development of your product and/or your customers
Which one costs more to produce:
The final product or prototype
Prototype
Manufacturer
What are most entrepreneuers not?
Inventors
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As an entrepreneur, no one is excited to hand you ----- when your product is only on paper.
Money
Fill in the blank
The more -------- you get the better
Feedback
Not all problems are readily visible in drawing they have to be what?
Experienced
Never choose an outsourced partner based solely on what?
Price
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Most Inventors are more comfortable spending their time in their --- or ---------- than in the marketplace
lab/laboratory
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Inventors can't picture the product's value the way the entrepreneur/inventor can until they can --- it, ----- it, and --- it.
see it, touch it, or use it
Fill in the bank:
Focus on your own ------------.
competencies
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One critical component of success in product development today is the ability to advance quickly to the --------- stage.
Prototype
Material and Parts account for about what percent of total manufacturing cost.
50 percent
What two things are different between entrepreneurs and Inventors?
Mindset, Skills
Name a popular crowdfunding site.
GoFundMe, Kickstarter, Indiegogo
What is the advantage of getting everyone involved in the process from the beginning?
The ultimate product will reflect each participant individually and as a group.
Why might manufacturers send a small sample of parts for free when you're looking for parts for your prototype?
It's cheaper for them to send a sample than to invoice you.
what are three things you should ask customers?
What they need, expect, and want.
Fill in the bank:
Inventors are generally -------- about their inventions.
Paranoid; insecure, mistrustful
Private inventors willing to risk investing in the very early stages of product development probably won't talk to you until you have a what?
A working prototype
Name all 4 steps in order of the traditional product development process.
Design Preparation
Prototype Building and Testing
Initial Test Production
Ramp up & Market Introduction
When does become more apparent?
The physical prototype
In a world where customers' preferences can change overnight. You need to be prepared to what?
Change as well