Are you and an Inventor or Entrepreneur?

Both Inventors and Entrepreneurs have new ideas, some of them quite unique. Yet, both have different mindsets as to these ideas.

Have you watched the show “Shark Tank” where potential Entrepreneurs pitch their ideas to the investors for possible funding? It is amazing to see many interesting ideas and inventions do not get funded because the person pitching the idea has not figured out how it could be commercially successful.

Therein lies the difference between Entrepreneurs and Inventors.

Entrepreneurs, the successful ones, know the importance of being able to build a business model around an idea and realizing the maximum value of that product/service. Generally they focus on that product/service before embarking on a new project.

Inventors, on the other hand, love to invent regardless of realizing value from their inventions. They keep on moving from one invention to another without thinking through the business aspects of their ideas. They are primarily driven by discovering new things and not money.

All Inventors cannot be successful Entrepreneurs. It is more important for such Inventors to turn over their inventions to business-oriented Entrepreneurs that can create a value for those ideas. Then the Inventors can continue their passion for inventing, hopefully funded by their previous successful inventions.

Ravi Patel

Published in: on April 23, 2013 at 5:03 am  Leave a Comment  
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Implement New Ideas

Entrepreneurs might want to make a new year’s resolution.

Building a company focused on continuous improvement, Entrepreneurs have to strive in their organizations the need to constantly evaluate processes and make changes to enhance them.

Related to that Entrepreneurs might want to have a goal of implementing company-wide a new, significant idea periodically, minimally every quarter. Doing so will set an example in your company that you are focused on improving operations and introducing new ideas.

Do the Right Things!

Ravi Patel

Soliciting New Ideas

Entrepreneurs are generally full of new ideas, but having a different perspective or viewpoint in generating fresh thoughts is productive.

Where should these new ideas be coming from?

Don’t forget your stakeholders. They are often the best sources of fresh ideas as they know your business better than other parties. Reach out to them and you will be surprised at the barrage of new perspectives.

Do the Right Things!

Ravi Patel