Entrepreneurial innovation involves taking an existing invention, idea, business product or service and further creatively enhancing or re-branding it, to resell. There is nothing wrong with
duplicating an interesting business idea or model, as far as you do so
within the confines of the law. Fact of the matter is, this is how most people
start their businesses. However, watch out for Intellectual Property Rights
(IPR), patents, trademarks, copyrights and so on.
Think about what is already
out there? How can you take old ideas, add some creative difference and market
them? Michael Eisner supports, “There’s no good idea that can’t be improved
on”. Therefore, think, how can you
improve an existing product or service, alternatively what will your industry
be doing 5, 10, 20+ years from today? Why don’t you plan and implement these
futuristic ideas today?
“If you are not embarrassed by the first
version of your product, you’ve launched too late” (Reid Hoffman)
Whether you choose to become an inventor or an innovator, at
some point or the other in business you may have to introduce differentiation
and creative changes to prevent your product or service from losing market
share. If there is an original idea at the back of your head don’t let it die
off as a dream. There is no perfect idea, start and improve along the way. Facebook operates a principle akin to the hacker’s code, that is, ‘done is
better than perfect’ so ideas and products are worked on, taken to market as
soon as possible and continuously improved.
Hence, know that often perfection
is not required to start-up or go to market so aim to start selling immediately,
take action and implement your ideas today, as soon as feasible. Build your
prototypes, because it is likely that someone somewhere probably has a similar
idea or that great thing you thought of is being done, in or outside, your
country. Should this happen, that is, you are beaten to the market simply
differentiate your product or service initiative rather than giving up on the business
idea.
“Our biggest mistake was perfectionism. For months, we
did not want to go out without having a perfect and fully-finished product. But
we realised that our main source of improvement would be customers’ reviews.
And thus we decided to go out with a MVP [minimal viable product] and gather
customer feedback. This made us progress a lot more quickly and efficiently”
(Ted Boulou)
WEALTH EMPIRE STATE OF MIND: ENTREPRENEURSHIP IS A VIABLE CAREER CHOICE
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