Electronic hardware product development is a complex process and even at its beginning, there are critical steps that should be considered by entrepreneurs. In this article, the main steps will be covered and explained.
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First, before even thinking about the realization of your idea you should conduct competitive research. Market analysis provides valuable information for your future product, however, it is a mistake to think that any competition is an obstacle to your product. In contrast, some competition indicates that there is a market for your product. At the same time, keep in mind that entering a highly competitive environment is challenging. 
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Second, validate your product idea. After you make sure that a market exists for your product, you should validate that people will actually buy your product. There are many ways to do so starting from getting feedback from other people (not your family and friends), sharing the idea online, sharing with retailers that also can provide valuable criticism, crowdfunding platforms, and so on.
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Next, prove the concept. After you have found out that there is a market for your product, you should determine whether your idea solves the intended problem as expected. In order to do so, a Proof-of-Concept (POC) prototype is designed. It allows you to test the effectiveness of your product without spending many costs. There are platforms that can be used for POC creation, e.g. Arduino and Raspberry Pi. Use them and prove your concept. 
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Fourth, define and simplify your product. In other words, considering the previous steps, set out the details of your product. At the same time, avoid complexity in the details in order to save costs and time. Unnecessary complexity is a risk and it can result in the loss of money. Instead, simplify your product and focus on its essential features. Thus, you will get your product to market much faster and cheaper than a complex product. In order to do so, you can cooperate with experienced electronic product developers, for example, Axonim.
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Next, estimate the costs needed for your product design and manufacturing. This also can be done with the assistance of professionals. Knowing the necessary costs allows you to create a realistic plan for your product development. You should include three categories into your budget, namely (a) development cost for engineering and prototype; (b) scaling cost needed for mass manufacturing; and (c) manufacturing cost.
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Finally, choose the funding strategy for your product. There are numerous options from which you can choose. For example, you can fund your product by yourself, or find investors on crowdfunding platforms. You can also apply to the so-called angel investors that invest their costs at the early stage of product development.
There are also some other issues you should consider in developing your product, but the steps mentioned above are critical for almost every electronic hardware product. Follow them, and you will succeed in your product design, manufacturing and development.