Entrepreneurs need inspiration to move ahead, or that is at least how I feel. This “fuel” is what moves us out of ruts and gets our products/ideas one step further ahead. My most recent inspiration is the show SHARK TANK. It simple allows entrepreneurs to pitch their ideas/products/companies to hungry venture capitalists in hope of getting some funding. Quite the entertaining show. I have learned a lot from it so far and recommend it to all entrepreneurs. It is critical to see how the other side thinks. It is, after all, our goal to build something that is worth a lot a t the end. Well, in this show you learn that most entrepreneurs over value their ventures! We all feel our ventures are priceless! In reality, statistics talk.
These type of shows have helped me select the products that I want to pursue, and which to toss. As much as I make like some of my products, many I use myself at home but would never try to market. It would never be financially successful.
Take a look at your venture and think about it from the venture capitalists viewpoint…can it be successful, or is it too much work for too little return? Tough decision to make, but don’t waste your time, energy and resources on ventures that are destined for failure.
{ 2 comments… read them below or add one }
For me the big problem is finding ‘a problem to solve’. Once I have an actual problem that people experience and that needs to be solved, I am quite good at coming up with various solutions, whereby I keep in mind that manufacturing cost have to be low, the design has to be appealing, etc.
But again: How do I find and recignize problems that are worth solving? Do you have some advice? Thank you.
Great question Hendrik! The easiest way that I have found problems is to look at my own life. We are not as unique as we think…meaning, if you experience a “frustration” then it is very likely that many others to as well. Look at your life, your interests, what do you know best? Something with your occupation? Are you a parent? Are you a gamer? Do you like sports? There are literally millions of products yet to be made that will have us saying “Why did I not think of that?”. So, for example, I am a dentist, so many of my products are dentistry related. If it frustrates me, then I find a better way. Once I do that I see if the better way is worth persuing…meaning, can it be profitable? I also am a parent, so I have a few products I am working on for kids. Kids and pets are always easy sells
Hope this helps. Feel free to ask more question.