by Steve Cooper

IS APPLE Computer’s iPod the greatest consumer product of our time? At minimum, it’s an undeniable success. Over 20 million units have been sold since its launch in 2001. It has managed to cross social and demographic barriers–with every one from soccer morns to Wall Street executives sporting white ear buds. The portable audio player has created an entire economy of accessories and imitators, single-handedly grabbing the music industry by the ear and pulling it into tomorrow. The iPod has become the icon of cool, and every entrepreneur should pay attention.

Jeremy Horwitz, editor in chief of iLounge, a leading online iPod authority, says entrepreneurs can take away three critical lessons from the iPod. First, he says, “Timing and execution are everything. Being first in an emerging market is neither as important nor as lucrative as designing the right products and services to cater to second- and third-stage growth.”

Michael Gartenberg, analyst at Jupitermedia Corp., says a lot of experts were initially skeptical of the iPod’s success because it was late into the market. Horwitz adds, however, that it was the first player to marry substantial storage capacity with great looks, small size and simple controls.

The second lesson, says Horwitz: “A smart company can command a premium for successfully blending off-the-shelf technologies into a new and useful product.” Essentially, the iPod is a portable hard drive (in the Shuffle and Nano models, a flash drive) hidden inside a simple and beautiful enclosure, accessed through intuitive menus, buttons and a scroll wheel. “Separately, these parts were forgettable, but together they became unforgettable,” says Horwitz.

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