Thursday, January 15, 2009

Accomplishments Start With An Idea

Ever wonder what an entrepreneur does with most of his/her waking day? Most entrepreneurs are forward-looking thinkers and spend a great deal of their time envisioning what new ideas they can bring to the world.

Some of these ideas may not be original to them but rather a result of researching in archives to find previous work that never got past the idea stage of development. Due to technology available at the time, or resources, or capital, or any number of reasons, some ideas may not have been feasible when first conceived and therefore were kept for future use or reference. If the original circumstances preventing further development have changed sufficiently, some of those ideas may now have higher market potential. The entrepreneur may decide that now is the time to dust off this idea and do some further feasibility investigation.

A feasibility study is vital for every potential business venture. From the original idea, whether "new" or "dusted off", the entrepreneur begins to explore the level of need or want in the current market that the idea would apply to and. The research may even include conducting surveys of potential customers and meticulously recording the responses. This documentation can then be used by the entrepreneur to tweak and further refine the idea.

Market research comes before any serious development is done on product(s) or service(s). The entrepreneur recognizes that having the greatest product or service since sliced bread will be worthless if no one wants or needs pre-sliced bread. S/he may find, instead, that there is a huge market for making slicing-bread-at-home easier products.

Once an entrepreneur determines that there is a want/need to be satisfied in a market large enough to provide returns that justify the investment there are several choices they can make. They may decide to bring the product/service to market themselves; they may develop a prototype, patent it and license the rights to others; or, they may attempt to sell the idea and invest in someone else bringing it to market.

In today’s world, many entrepreneurs are found in the internet marketing business. A reason is that most internet-based businesses are potential money makers yet don't involve the same challenges of product/service production and distribution that revolve around a traditional manufacturing business. However, the process of developing and idea is still the same. To become a successful internet entrepreneur, the first step is to take your idea and determine if there is a market for it that makes further development worth your time and effort. Make sure you do your own research and gather as much information as you can before you convince yourself, that just because you think your idea is "can't miss", there really is a need/want for it in the marketplace.

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