HAVE YOU CONSIDERED HABITS AND VALUES?

Developing a Product Requires More Than Technology. You Must Also Consider Your Own Values.

By James F. Riordan

PART TWO

In the last issue, we began discussing how customer values can affect sales of a new product. But for individual product developers, or owners of small companies, another common and often fatal mistake is to misjudge or fail to analyze how a product coincides with THEIR OWN habits, lifestyle, and values as the product developer and marketer.

For instance, if time with your family is your most important value, you won't want to be "on the road" doing trade shows and setting up national "rep" networks, which some types of products will require. If owning your own home is one of your primary values, then you may not want to risk taking out a second mortgage on your home to finance a startup for a new product. If you can't make and sell the product yourself without "going on the road" or mortgaging your home, your options could be limited to selling the product to another company outright or licensing it to them for a royalty. Your values will determine your options.

Without fail, every day I have clients ask me whether they should try to make and sell their product themselves or whether they should find a company to license their invention. The answer is: You must make the choice that's compatible with your own habits, lifestyle, and values.

The very first step is to define your own personal values. Amazingly, very few people have ever sat down and figured out what their values really are, even though that should be the first and most important step in planning for the future. Examining and evaluating your personal values and goals is as important to the success of your life as evaluating your product or invention is to its success.

I've worked with many clients over the years who THOUGHT they knew what their values were, but they were still unable to figure out what to do with their products. The truth is, if you really know what your values are and what your priorities are, they will govern the choice you make about what to do with each idea you have. Many times, I've watched clients who thought they knew what their values were, come up with a different answer when they sat down and wrote them out.

The following is a method my dad authored to show his clients how a person's values direct their life. He taught me this system years ago, and I live by it. The first time he showed it to me was when I was looking for a job at the "tender" age of 18, and I was looking through the newspaper trying to figure out what jobs I could apply for. When I asked my dad what he thought, his first suggestion was that I should figure out what I really WANTED TO DO, then go after a job in that field, regardless of the jobs available in the newspaper. That seemed too simple, because it was based on the assumption that I would be able to do whatever I really wanted to do, rather than settle for what was available.

But I threw away the newspaper, wrote out my values, decided what I wanted to do next, based on the system shown below, and I never looked back. Over the years, my values changed, but the system has never let me down. I use this system on every single product I develop, to help make my decision as to what I should do with that particular idea. This system has helped many of my clients, and it will help you, too. Use it!

The first step is to put down on a piece of paper the most important things in your life (to you). Be specific and don't lie to yourself. Some of your most important values may be:

* Religion

* Family

* Health

* Money

* Security

* Independence

* Leisure Time

* Fame

* Peer Recognition

* Land Ownership

* Travel

* Business Ownership

* "Toy" Ownership (Off-road vehicles, airplanes, boats, etc.

List all the things in your life that are important to you, and list them in the order of their importance to you. Once you determine the most important things in your life, and their order of importance, you are then able to use this formula:

Your VALUES determine your PRIORITIES

PRIORITIES govern your CHOICES

CHOICES dictate your DECISIONS

All of the above constitute your OPTIONS in life

 

DECISIONS generate ACTS, ATTITUDES, and HABITS

ACTS, ATTITUDES, and HABITS become your life

ACTS, ATTITUDES, and HABITS create

the CONSEQUENCES of your life.

Using the above formula makes it easy for an individual product developer to choose which products to pursue, and then, which options to exercise with that particular product. A prolific developer will find there are products which may initially seem like a good idea, but simply do not fit the profile of acceptable products based on his individual habits, lifestyle or values. My advice is to sell those products, or drop them like a stone, and move on to the next ones.

The above article was taken from James F. Riordan's classic book, HOW TO EVALUATE THE POTENTIAL FOR SUCCESS OF A NEW PRODUCT OR TECHNOLOGY. Riordan's highly-acclaimed, 36-point system is a valuable tool for inventors, product evaluators or anyone interested in the invention process. Each section is followed by a comprehensive questionnaire that can be used to evaluate your product.

The highly-recommended book can be ordered through the Dream Merchant, 2309 Torrance Blvd., Suite 104, Torrance, CA 90501. The phone number is (310) 328-1925.

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