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… 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.