If you’re looking for guidance on how to develop a great product and succeed in the world of entrepreneurship, you may already know there’s no secret formula to success. However, you can look to successful entrepreneurs to learn their secrets, and to receive a boost of inspiration.

Product Development Advice From Successful Entrepreneurs

Check out the following advice and best practices offered by entrepreneurs in product development.

Instagram’s Kevin Systrom

“If you’ve got an idea, start today. There’s no better time than now to get going. That doesn’t mean quit your job and jump into your idea 100 percent from day one, but there’s always small progress that can be made to start the movement.” — Kevin Systrom

Instagram founder Kevin Systrom has a great point. Many good ideas can go to waste as a result of people lacking motivation or follow-through in terms of development. If you have a great idea for a product or service don’t quit your day job, but take small steps to turn your idea into something tangible.

Russell Simmons of Def Jam Records

“I’ve been blessed to find people who are smarter than I am, and they help me to execute the vision I have.” — Russell Simmons

Young entrepreneurs would be well advised to heed the words of Russell Simmons, the founder of Def Jam Records. Simmons wasn’t afraid to accept advice and guidance from those more knowledgeable and experienced than him, and you shouldn’t be either. After all, you can’t always build an empire by yourself.

Amazon’s Jeff Bezos

“One of the huge mistakes people make is that they try to force an interest on themselves. You don’t choose your passions; your passions choose you.” — Jeff Bezos

Amazon chairman and CEO Jeff Bezos offers powerful advice to young entrepreneurs: do what you love. You can’t force yourself to develop a passion for something, and you can’t truly achieve success at something you don’t love. Implementing a new idea or running a business is challenging and demanding, and often goes hand-in-hand with stress and obstacles. Passion is what keeps you going.

Bill Gates

“It’s fine to celebrate success, but it is more important to heed the lessons of failure.” –Bill Gates

There is no getting around it: at one point or another, you may fail. Whether it’s a product development idea that ends up being a total flop or poor investment, entrepreneurs are only human and are bound to make mistakes from time to time. The trick is to learn from your mistakes. Great entrepreneurs often spend time reflecting on and thinking about their failure.

Thomas Edison

“I never perfected an invention that I did not think about in terms of the service it might give others…I find out what the world needs, then I proceed to invent.” — Thomas Edison

Thomas Edison knows a thing or two about great product development. This great American inventor and businessman brought a new host of great products to the world, from the light bulb to the telegraph. When it comes to developing the perfect product, it is all about what your customer needs. If your product doesn’t meet an otherwise fulfilled need, you are setting yourself up for failure.

Richard Branson

“My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — everyday I’m learning something new.” — Richard Branson

Branson, the chairman of the Virgin Group, attributes his success to his love of learning. The takeaway here? Love what you do, and always strive to learn more. Success isn’t an end point, it’s a process.

Pivot International is a product design, development, and manufacturing firm with strengths in software development, electrical engineering, mechanical engineering, and industrial design. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.