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North, South, East, West. These are the four cardinal directions on a compass. Using this marvelous device, sailors have been able to navigate treacherous waters for centuries.

Boy Scouts has survived countless wilderness hikes, and surveyors can establish a line that defines where your property ends and mine begins.

The magnetic compass is one of the four great inventions that came to us from ancient China, along with gunpowder, paper, and printing.

The Chinese compass is incredibly useful for finding your way, but it's not perfect.

Because a standard compass points to magnetic north rather than true north, as determined by the Earth's rotation, it can misguide navigators slightly.

Worse, the steel hole of a large ship can pull a magnetic compass way off course.

When navigating a treacherous ocean voyage, an accurate compass is an absolute necessity.

The Chinese compass was good, but navigators desperately needed something better. Fortunately for sailors, Boy Scouts, and well, all of us, the compass isn't just an invention, it's also a product.

And the product development process leads to improvements. Through successive iterations, good products can become great ones.

In the case of the compass, a man named Herman Anshot's comp came up with a great improvement. He invented the first gyro compass in the early 1900s, and he founded a company to manufacture it and market it to navigators.

With the help of a gyroscope, the Earth's rotation and some math that would make most of our head spin, the gyro compass has helped generations of sailors find their way.

With the introduction of the gyro compass, a good product became a great one.

Not all products require that level of sophistication, but most successful products have two things in common with the gyro compass.

They meet and eat in the marketplace, and they help lots of people find their way.

Hi, I'm Michael Hyatt.

And I'm Megan Hyatt Miller.

And this is Lead to Win, our weekly podcast to help you win at work, succeed at life, and lead with confidence.

And in this episode, we'll show you a simple formula to create new products, particularly information products that succeed in the marketplace.

New products are the lifeblood of a company, but product creation can be overwhelming for many business owners.

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