Business

Young: Finding inventors in our midst

So I know what you may be thinking—you still relate the word and meaning of entrepreneur to pure business venturing.

But, recognize and embrace the reality that entrepreneurial creation relates in large measure to the elements of innovation and creativity.

Yes folks, inventors continue to be very relevant in our global world and definitely within the entrepreneurial world.

So let’s focus on an important aspect of  entrepreneurial invention, because this is a common question I get from would-be inventors/creators and entrepreneurs: How to find real problems to solve?

There are, I’ve discovered in my six years of joyful migration to this blissful region, an incredible number of exceptionally talented individuals who are a track of seeking their entrepreneurial opportunity niche.

By the same token, books have been written, scholars lecture and much discussion and debate conjures up the issue how to find your opportunity that can be converted into a business venture.

There is no easy journey to entrepreneurial success as any potential successful venture for any of us requires hard work, commitment, dedication and patience beyond belief.

I would like to recommend a book written by Peter Drucker called Innovation and Entrepreneurship. This book has being around since the 1980s and is truly a classic exploration presenting the how to look for opportunities.

It outlines strategies to help guide readers on their own paths of entrepreneurial discovery.

Another critically important milestone  is to recognize that all ventures begin with the customer.

True, entrepreneurship is the ability to find and solve a problem or void in the marketplace that will solve a want or a need, but you need to also have someone pay you the dollars for that product or service.

Never give up until you’ve researched and analyzed your idea thoroughly and exhausted all possibilities.

Then perhaps your next best approach might be find that certain someone with the need or a very strong interest, develop something on your own to address that want or need, and sell it to them.

The key that I am describing to you in this approach is qualifying the need to the market. You will agree is unquestionably, critical to you potential success.

The better you can qualify the need, the more likely you won’t be wasting your time.

Go talk to potential customers.  If I had something that would satisfy your want and need, would you be interested?  How interested? At what price?

What you’ve done is propose a problem statement and you’re looking for interest.

If you receive serious interest, then give the problem solution you may have solved, some serious attention.

Let’s tackle some objectives would-be entrepreneurs cite when pursuing this relevant methodology:

“If I give them my idea, they’ll just go and develop it themselves…

Why would they spend their time and resources when they have a motivated and dedicated you chomping at the bit to make it happen?

“I don’t have the time to get out and talk to prospects.”

If you convince yourself you don’t, then give it up now people because you are swimming upstream against the current.

“I don’t feel ethical trying to market something before I’ve got it aced. What if I can’t deliver it?”

There is nothing unethical about going out in the world to find a potentially needed and profitable venture to present.

No uncommon for entrepreneurial dreamers to take some cash upfront before they actually solved the market problem.

Don’t feel guilty my friends.

“I like spending time in the lab. I don’t like making cold calls.”

Either learn to like it—no, love it—or find a partner who does because that is the essence of entrepreneurial venturing.

Commercially speaking, nothing counts until it sells.

Ignoring that absolute fact is a road to failure.

Don’t under-estimate the value and need for partnering in your dream venture chances, and effective preparation can sometimes turns up other unanticipated genuine opportunities.

The other part of preparing for achieving your entrepreneurial opportunity is adequately preparing yourself.

Force open your eyes, set some goals and importantly, build a productive mindset—you’ll need it.

Erase “should” and “could” from your vocabulary and your thinking. Don’t get trapped in your own notions.

A good deal of your knowledge may constitute solutions to yesterday’s problems. It may or may not apply to today.

Some of the best opportunities lie among “ truths” that no longer apply.

The final part of preparing for opportunities is to quit preparing—and act. Find out what works and doesn’t work for you.

The more time you spend in entrepreneurial activities and exploration, the better you’ll get at it which will increase the odds of success in your favour.

Don’t be afraid to take some risks. And, don’t be afraid to fail. You will learn from your mistakes and failures no matter how big or small. Go with what works, and discard what doesn’t.

The old Gestalt saying “Don’t push the river, it flows by itself” applies well to entrepreneurial invention.

In reality, there are no lack of ideas and opportunities today, perhaps more than at any time in our history.

Entrepreneurial invention and opportunity arises from both social and technological change.

If you’re running around frustrated for your perception of a lack of ideas and potential opportunities, maybe you’re doing it to yourself.

It’s definitely not being done to you. The opportunities are there for whatever level you’re aiming for.

So first prepare, then look; then act; then prosper.

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