As you know, an idea is nothing, if you do not implement it. Even if you implement it, unless you can market it, you are not going to be successful. Even if you market it, unless you can close the deal, you will remain among the thousands of unsuccessful entrepreneurs.
So, without any more rambling, here are the steps which you MUST take if you want to be a successful entrepeneur:
- You should have an idea
- Your idea should be implementable
- Your idea should be implementable NOW
- Do the market research
Everything starts with an idea. Even though having an idea does not mean you will succeed, nothing happens without that first step. It need not be a ground breaking idea. In fact, most of the successful inventions are improvements of existing products. So, look around, and keep your mind open to get that initial idea.
If you have an idea that selling $50 computers will be a great thing, think about whether it is possible to make computers for less than $50. If you have an idea about reducing space garbage, great – but can you create at least a simple prototype? If not, nobody is going to take you seriously.
Thinking of reducing space traffic is good, but can you implement it in the next 15 years? Make sure your idea is implementable now, and have a market now or in the very near future. Now, if you are already successful, you probably have a bit more leeway here. But, for those who are doing this for the first time, focus on ideas which have a market NOW.
Knowing your market is very essential for success. If your idea is a toy for small girls, you should know the market for that. And the major players. And the potential competitors. This will help you to present your case with a positive impact to potential clients who are interested in buying/licensing.
(Note: this is the first part of a series of articles for aspiring inventors. The second part will be published very soon.)
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