AN entrepreneurial idea is not only viable, it is also enviable due to its potential to become a marketable product. A marketable product is a perfect product. Although, a finished product is not necessarily a perfect product, but a perfect product is a finished product that is ready to hit the market. Do you have an entrepreneurial idea? How do you know if you have one? Just like one cannot carry a weapon and not know, an enviable product is first conceived as an entrepreneurial idea with prospect for market success.
A creative idea is not necessarily an entrepreneurial idea, but an entrepreneurial idea is most definitely a creative idea. Entrepreneurial ideas are hinged on necessity and not on creativity. Creativity makes viable products, but necessity makes enviable products. Necessity is the mother of business opportunities. The smallest unit of a business opportunity is an enviable product.
An enviable product is a laudable and lovable innovation that makes both sense and money. It is a creative solution to a problem or an opportunity that enhances and enriches people’s lives. It is not only a solution to a problem, it is at the centre of a firm’s resolution to pivot a business opportunity through it.
Entrepreneurship is the passion to create value and the capacity to follow through to see that value is commercialized. The creation of value goes beyond the dynamics of creativity, it is largely a function of necessity. An enviable product is essentially a product of necessity. Based on my assessment of value, I have observed that an enviable product must have the following three characteristics:
Meaning – Before a product can start to make money, it must first make sense. An enviable product is one that appeals to customers’ cognition and emotion thereby spurring a positive decision towards purchase and repeated purchase. People don’t just part their money for commodities, they part their money for uncommon ones, that is, products that are uniquely meaningful or meaningfully unique.
Money – An enviable product makes a profitable venture. It goes beyond making sense, it makes money perpetually. It is viable if it makes sense, but enviable if it makes money. An enviable product magnetizes money and potentially generates wealth. Necessity is the mother of commerce. Taking a product idea from conceptualization to commercialization is enviable. Products that make it to the market are not only perfect, they are the fabrics that make up a business opportunity.
In business, an opportunity is a key to success. Without it, a business cannot begin, expand, or succeed. The main purpose of an opportunity is to serve as the basis for any action that results in profit and business growth.
Many – Products that make tangible impacts are enviable and lovable. I’ll like to define brand love as a product’s positive impact on customers. A product that offers the most utility to consumers is not only loved, it is also envied by competitors. An enviable product positively impacts money. Any product that impacts positively on people’s health and happiness is enviable. A viable product is not necessarily an enviable product, most definitely, an enviable product is a viable product. The impact of a product is tested not at the minimum viable phase (MVP), it is tested at the minimum enviable phase (MEP).
Love is the greatest force in the marketplace and in every place. Your aim as an entrepreneur is not just to create and introduce the most viable product to the market, your goal should be to evoke brand love in customers by creating products that not only solve problems for them, but also make them co-creators of value.
Ponder on what makes you love certain products or brands for a minute and why you have remained ceaselessly loyal to them.
An enviable product makes sense, money and impact. These culminate in brand love. If it doesn’t make sense, it is not perfect. If it doesn’t make money, it is not market-fit. If it doesn’t make impact, it is not enviable. A product is enviable if it is viable, lovable and marketable.
Read also Minimum Marketable Feature (MMF):
A minimum marketable feature (MMF) is the smallest set of functionality in a product that must be provided for a customer to recognize any value. In this context, a feature is something within the product that is individually perceived as having value by the user. The term marketable means that the feature provides significant enough value to the user to encourage them to buy the product. The value may be in revenue generation, competitive differentiation, cost savings or improved customer loyalty.
MMFs should address a certain need, solve a specific problem and be of high quality and usability. The MMF concept can be applied to both external products that are intended for sale outside the organization and internal products that are used inside the company to support the delivery of products and services. The concept supports the belief that software released to the customer should provide some added benefit, no matter how frequent the releases are. Each new version should enable the customer to accomplish something they were not able to do before.
The goal of MMF is to deliver value to customers by focusing on the features with the highest value, launching products faster and reducing the time to market. This will, in turn, increase the organization’s return on investment (ROI).
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