One Young World 2010, Professor Muhammad Yunus shared his experience on how he created something that was so wrong by definitions but yet successful in creating positive impact on lives of thousands of his customers. He has beautifully summed up the thoughts that I believe every product manager must carry while he or she is working on conceptualizing new product or service. These are simple yet powerful points that can help you build a product with differentiation and having significant value proposition.
video courtesy: Youtube
While I am sure you will enjoy the video, I would like to sump-up some of the points;
- Think beyond Rules: Rules defined by conventional or well established business should mean nothing to you. Do not let your thoughts be caged within these boundaries. Treat them as mental blocks and just let them go.
- Think / aim Gigantic: Note what Professor suggested to CEO of ADIDAS on vision. Yes they are difficult but I always believe that having challenging vision helps you build a stronger character and better professional. So just go for it.
- Create your customer: Conventional banks have 97% male customer whereas grahmin bank went to women and close to 99% customers are female. Create your customer, identify who else can you sell your product or services to. If you are someone who works on Go-To-Market and target market you would appreciate the value that professor brings when he talks about his experience of having a branch in New York City.
- Possible vs impossible: Yes indeed the gap has narrowed down. It is equally important to unlearn as it is to learn. Some of the Don’ts of past have become Dos of present times. So maybe it’s time to rework on your basic assumptions you had while conceptualizing your product or service.
- It is never crowded for innovation / innovators: Well said, in fact I am of the opinion that a crowded place offers best opportunity to innovate.