Entrepreneurship 101
Quite a few people dream of inventing something and gain as a result a great financial opportunity alongside a lot of personal satisfaction.
However and naturally not all of us were born to invent.
What does it take from an inventor?
Inventors are required first and foremost to exercise creative thinking and see every problem as an opportunity rather than a difficulty.
That’s because the source of the invention always lies in the unique ability to locate a problem and find an appropriate solution for it.
In order to become an inventor, thinking outside the box is required, in which even the most trivial difficulties can turn into a brilliant idea in the form of an effective and convenient solution.
Anyone who is able to spot certain problems that exist in the solutions that are on the market and find a technology that can make any product desirable and sought after, can be considered an inventor.
I’m an inventor, where do I begin?
In order for an idea to become a product, several necessary steps are required:
Step 1: Defining the idea and knowing the market
First thing first, write your idea on a piece of paper.
Explain well what your product offers, its benefits, how it works and more.
In addition, you need to answer the question of how it differs from other products, and for that you need to study the market you are interested in entering. Gather information about the manufacturers that produce products in the field, the required standards and approvals, the sales potential of your product, products that compete with your product and the costs that you think will be required for product development. At this point it is also worthwhile to build a basic business plan for the product by defining the target audience and marketing strategy. This step is a kind of filtering of the less successful ideas in favor of promoting the better ideas.
Step 2: Concept formation and a comprehensive plan
Now, you must formulate, independently or with the help of an external company, a concept for the product. Concept means defining the work requirements of the product, along with its characteristics: ease of use, engineering form, design, weight, aesthetics, production costs, selling price and so on. You can then come up with some ideas for implementing the solution and finally identify from them the ideal concept. Next, a technical feasibility study must be performed (whether it makes sense and whether it can be performed from an engineering point of view); Alongside an economic feasibility study (which includes an estimate of its business and commercial potential).
Invest in an economic plan that deals with profit and loss and the viability of the deal on the part of the investors in the idea, along with detailed explanations about the product itself and about the innovation it adds to the supply that already exists in the market. As part of this process, it is worthwhile to conduct a comprehensive market survey at the maximum level at this stage, and as it progresses it is important to ensure that the initial concept is updated by emphasizing the uniqueness of the product.
Step 3: Funding
The capital raising phase is one of the main and most important stages in realizing the business idea into a lucrative economic venture, but in the current period there are many financial difficulties facing inventors and private entrepreneurs as part of the attempt to raise funds to promote the venture. The main ways in which entrepreneurs are assisted are self equity, loans and an external investor.
Step 4: Manufacturing
Last but not least, once the shape and operation method of the product have been formulated, and a prototype has been created that demonstrates its operation, manufacturing usually begins.
Hope you now know better. Go ahead, do your homework.
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