Entrepreneurs are a special breed of people. They are the game-changers, the innovators that drive new ideas, and stimulate the economy.
These special people think and come up with ideas differently than other people do. However, it is a tough world for an entrepreneur. Many people have great ideas, but very few can actually implement them correctly. Entrepreneurs can, because of two key ideas that set them apart from others.
Not Reinventing the Wheel – Examine the Market
The most successful entrepreneurs aren’t trying to create something that no one has ever heard of before, but improving on something that already exists. This can include finding a new way to make a product or a faster way to complete a service. The products and/or services already exist and there is a customer base already buying into them. When you improve on the existing product, you have a ready-made market ready to be marketed to and converted into using your product or service.
By examining the market and looking at how products and services are created or delivered, you can find a wealth of ideas to draw from and improve upon. Consider researching the best business books to see what the competition is doing.
“Many years ago, there weren’t many fast-food restaurants in the business area. Most were across town, where the neighborhoods were. Two young men in Irvine found this lunch situation very frustrating. There weren’t many affordable choices. Sure, there were some food courts located in strip centers, but the parking lots were really small and the wait was horrendous.
One day, as they were lamenting their lunch problem, one of them said, “Wouldn’t it be great if we could get some good food delivered?” The proverbial light bulb went on! Then they did what many people don’t do–they did something about their idea.”
Looking at Your Own Life – Identifying a Need
Many of the great ideas out there have been born from someone looking for a product only to find that either it doesn’t exist or doesn’t work in the way that they want it to do. This may seem contrary to the first point of not reinventing the wheel, but it’s really not. There is a big difference between having an “aha” moment with a great idea out of the middle of nowhere and coming up with an idea after you aren’t able to find something that suits your needs. Statistically, you aren’t the only person who has looked for that very thing, but you would be the first person to actually come up with the product and solving a market need.
“The best entrepreneurs don’t come up with great ideas, they solve market needs. You and I can come up with wonderful ideas all day long but unless they satisfy a large enough need, one that can support a business, they don’t do anyone any good.”
What seems like a relatively simple approach can be harder to implement than you realize. Everyone can come up with great ideas, but it is a true entrepreneur that can identify what is needed in the market, how to develop it, and turn it into a business.