So You're an Inventor.. Can you be an Entrepreneur?
Our Guest Blogger, Donna Pacheco, has a strong interest in entrepreneurial ventures. New technologies excite her and she enjoys speculating on how they can revolutionize the way things are in a particular industry. She wanted to share her tips for being a successful enterpreneur with the readers of InventorSpot.com.
Here's her article:
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Just about anyone can have an idea. Not everyone, however, is an inventor. The truth is most people are just content to have their big idea sitting pretty in some cobwebbed portion of their brain--until that one fateful trip to the department store when you realize that someone has already beat you to it.
I know, I know. You have heard this story since time immemorial. The facts are simple. True, not everyone has what it takes to bring their product concept into a functioning physical object.
But not everyone can do this AND ALSO have what it takes to bring that product to the marketplace and makes oneself a multimillionaire.
Here are some key qualities that you have to develop in order to transcend the inventor label and become a full-fledged inventor/entrepreneur:
1. Successful inventor/entrepreneurs are financial savvy.
You may not be the brightest in the bunch when it comes to accounting and you may also be more comfortable typing up algorithms in your Super Computer for your grand theory of the universe. However, you still have to understand and gather a lot of know-how on managing money.
Successful investor/entrepreneurs know how to look for money, how to budget it, as well as how to manage risk. Good businesses-profitable ones-use money to keep score and a successful inventor/entrepreneur must be able to develop a good and firm grasp of accounting principles.
2. Successful inventor/entrepreneurs have the ability to sell.
You HAVE to be able to sell your idea. How else will people understand it especially if it looks so different from the products that they're used to? A way with words is helpful, but you don't necessarily have to be a charmer. I sincerely believe that someone who is truly very passionate about the revolutionary aspects of his product will be able to find his way in no time. Words will just keep tumbling out of his mouth. But..
3. Successful inventor/entrepreneurs can identify opportunity.
The truth is that some inventors are never really going to make it. They may have the technical expertise and they will try--God knows they will, but will never really be able to cut it for so many reasons such as:
A. No one really needs the product.
B. It is too expensive to be able to gain mass market prominence
C. The market isn't ready for it.
These are common things that you will hear from your friends, family, and those very friendly venture capitalists. Normally, being told this will spell doom and gloom for the aspiring young inventor. A successful inventor/entrepreneur, however, will see it in another light. Adrenaline will be pumping through his veins as the gears in his head start whirring, because he realizes that if the market isn't ready for him, then he will have to build the market.
Build the market.? I will talk about that in an upcoming post.