Since the time we (human beings) stepped into this world, there have been countless new inventions created by us. From cooking equipments to hunting equipments. From something which enables us to move faster (wheels) to something which enable us to fly in the sky. To have a new invention is always the dream of any entrepreneur……and perhaps any businessman who wanted to open up new market based on this new invention.
However, to invent something is not necessarily profitable. When you start a business, you want to be selling something which is profitable and which other people want. You won’t want to spend years and years of efforts…..to invent something which made you feel proud….but something which nobody wants or knows how to use.
Therefore, before you plan to start working on the design of your new invention, think of a few things. Ask yourself few questions such as:
- What’s the purpose of your invention?
- Who are the possible users/consumers/customers?
- Do you think this invention is useful to them?
- The cost of inventing this, is it too high for the invention to be feasible for the users?
- Are there any other existing products which work like your invention?
- Or is there already an alternative out there for your invention which has not even materialize?
- Is the learning curve of your invention, too high for the current users?
There are other questions which you can use…but based on the above, i think you’ll have a brief idea of what to ask yourself.
To invent something new takes a lot of efforts and time…..which is precious. In this era, time = money…and the more time you spend on some “inventions“…the riskier it becomes. Maybe someone else will be able to come out with something similar while you’re “inventing” something halfway through.
Therefore…only invent when there’s really a need. Otherwise, try to look at existing ideas and be innovative. Change the way things work currently….create new business values for the existing ideas. By doing this, I believe you’ll be able to come out with something which can serve a similar purpose as your initial “invention”.
Remember, don’t reinvent the wheel. Improvise it. Add a motor…or a way to move the wheel faster and then sell this newly modified idea.
5 comments
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March 8, 2007 at 4:11 am
yeablog7
As a professional consultant to new ventures and Executive Director of Young Entrepreneurs of America, I am amazed how often I hear something similar to “I really want to start my own business but can’t think of a good idea.” This, of course, is a lame excuse.
I usually respond to students who have this issue by asking them how many of them personally know entrepreneurs and what businesses do they run. Invariably, the responses come back as “landscaping, hair salon, plumber, heating and air conditioning, etc.” None of the responses are unique. All can be profitable businesses.
The need for something “completely new” often overwhelms the need for something feasible and profitable and forces progress to wait for often unnecessary research and development.
March 8, 2007 at 8:52 am
Alvin
I guess the best thing to do is to improve or innovate on something which is not entirely new, yet it is feasible and needed.
March 9, 2007 at 9:47 pm
Dmitri
Innovation is dead. Hardly anyone funds it nowadays. And, at any rate, you just can’t innovate in any crazy discipline – which is where best ideas come from. And it seems that nobody is prepared to innovate without a healthy research grant. So, I have little faith in R&D as a viable past-time.
March 10, 2007 at 2:00 am
justordinary
Well I am full of ideas all the time but never took the inititive to have them become something…I just keep them in my head and eventually they are forgotten. I don’t share them in fear someone would steal them and they’d be successful with it and I’d be left, well, just ordinary.
Nice post Alvin
March 11, 2007 at 1:14 am
Alvin
Dmitri, yet most big and successful corporations do have R & D. No matter how much people wanna run away from it…they can’t and they must face the fact – innovation is needed everywhere. If you don’t innovate, your position in the market will be replaced by your competitors who do innovate.
justordinary, sometimes if you have a lot of ideas, it’s good to share with people who have the will to make it become a reality. at least, if they are successful, u will know that your ideas are actually workable.
don’t be afraid to share…..instead, try to be glad that you can share.