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Tuesday, October 8, 2013

MBA Online Program

One of the common areas of focus for an MBA online program that specializes in innovation and entrepreneurship is new product development. It is important to develop a well-defined product life cycle in order to bring a new product to market. Sometimes, this process can take a few years, but it always begins with a strong concept.

It is never a good idea to underestimate the power of a solid product idea. Many great concepts remain in the idea phase and never move toward being released to the public. Mostly, this happens because the originator does not follow through with developing the idea before trying to execute it. Entrepreneurs have to decide what is technically required in order to see an idea come to life.

The process of understanding the product, service or idea, of knowing what it takes to make it a tangible offering, is one that will require lots of market research. Initial research may come from books, literature and online fact searching, but getting to know the market means more hands-on interacting with that market. Sometimes it will require the savvy entrepreneur to design ways to get honest feedback from likely customers. This could happen across several social media platforms, surveys, interviews or sample stations. Market research can also lead entrepreneurs to thoroughly research their competition. Competitors mistakes and successes are very valuable lessons for developing new concepts.

Once the research has been done, and the entrepreneur believes he knows enough about his market, it is time to begin developing the product. Not all entrepreneurs are designers, so the smartest concept creators who know this about themselves are smart enough to recruit the right designers to their development teams. This leads to the creation of a prototype that can be tested before launching.

An online MBA that specializes in innovation and entrepreneurship will help to refine this process of new product development. MBA programs like the one at Northeastern University are designed to help students explore the stages of developing new products. Graduates of these programs are prepared to handle the challenges that face many entrepreneurs trying to introduce the market to new ideas. They learn that new products can have a significant impact on a business whether the product is the first and only one of a new business or an extension of an existing business. This gives them a clear advantage against competitors who do not have a similar education. MBA graduates are operating on clear insight instead of educated guesses.

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