3 answers
Lakshay
Student
Jaipur, Rajasthan, India
1
Question
3 answers
Matthew Eby
Strategic and Operational Consulting
26
Answers
Sarasota, Florida
Updated
Matthew’s Answer
I'm going to try to expand on the technical pieces that Bob and Ralph cover quite excellently above in discussing the motivation and drive of the entrepreneur and her or his idea.
Finding the market and accessing capital.
In identifying your target market you have to 'look through the eyes' of your buyer/consumer to determine what is blocking them from gaining more of what they want. If you can create a product or deliver a service that eliminates the blockage and allows your buyer/consumer to gain more of what they want you have identified your market.
For example, Amazon eliminated their customers from having to go all the way to a store and being disappointed with stock outages or the time that it takes or finding parking at a mall, etc.
Secondly, the pandemic and worldwide lockdown has created a shift in the rules of business around the globe. There is more capital funding available for startups at very low cost than any other time in my 30+ years in the financial services industry. Also, social change has given access to more individual entrepreneurs than in the past as well and the markets are demanding new ways to deliver, market, create, learn, educate, etc. etc.
What was supposed to happen by 2030 happened in 2020 due to working remotely and the need to remain connected.
Now is the time for creativity to FLOURISH and entrepreneurship is the delivery medium.
"Even the sky is not the limit." Dr. Eliyahu M. Goldratt
GO GET 'EM
Finding the market and accessing capital.
In identifying your target market you have to 'look through the eyes' of your buyer/consumer to determine what is blocking them from gaining more of what they want. If you can create a product or deliver a service that eliminates the blockage and allows your buyer/consumer to gain more of what they want you have identified your market.
For example, Amazon eliminated their customers from having to go all the way to a store and being disappointed with stock outages or the time that it takes or finding parking at a mall, etc.
Secondly, the pandemic and worldwide lockdown has created a shift in the rules of business around the globe. There is more capital funding available for startups at very low cost than any other time in my 30+ years in the financial services industry. Also, social change has given access to more individual entrepreneurs than in the past as well and the markets are demanding new ways to deliver, market, create, learn, educate, etc. etc.
What was supposed to happen by 2030 happened in 2020 due to working remotely and the need to remain connected.
Now is the time for creativity to FLOURISH and entrepreneurship is the delivery medium.
"Even the sky is not the limit." Dr. Eliyahu M. Goldratt
GO GET 'EM
Bob Burton
Consultant
74
Answers
Austin, Texas
Updated
Bob’s Answer
To be an entrepreneur, you will first need to think like an entrepreneur. An entrepreneur is constantly seeking to invent better ways, processes, tools, packaging, hardware, software, science, math, services et al to solve problems that may or may not be currently known. Over thirty years ago a team of engineers had their sales folks unload their briefcases. What did they see? A pager, a calendar, an address book, a calculator, a note pad, photos, stamps and more. They questioned how one might place all of these capabilities in one product. The first mobile Personal Device was born. Did people know they needed one? No! Did the product change the world? Yes! I was there.
Should you have a passion think about the challenges you and others face. How you would improve something or massively change how you operate in this environment? Ask yourself, "what if"?
Keep a journal of ideas related to how you would modify, extrapolate change, isolate or even totally rid the world and replace the item, the service, the tool, the software, the content capture, the interface with something of greater value to the user.
Ask other questions such as "what if I threw it away-what would I replace it with? How have other completely unrelated people/companies/products solved the problems I envision?
Be constantly intellectually curios.
Speak with successful entrepreneurs. Read books by successful entrepreneurs.
Review want ads in the newspaper for new start up companies. What do they see that no one else sees. What problems are they solving?
Attend trade shows that fit within your areas of passion. Seek out the smallest booths that are showing some crazy new product or service ideas.
Listen to friends who are creative with crazy ideas. Don't discount what they say. Keep a diary of crazy ideas.
On the internet purchase packets of cards that include questions you should pose when thinking of problems or opportunities in your area of passion.
Should you have a passion think about the challenges you and others face. How you would improve something or massively change how you operate in this environment? Ask yourself, "what if"?
Keep a journal of ideas related to how you would modify, extrapolate change, isolate or even totally rid the world and replace the item, the service, the tool, the software, the content capture, the interface with something of greater value to the user.
Ask other questions such as "what if I threw it away-what would I replace it with? How have other completely unrelated people/companies/products solved the problems I envision?
Be constantly intellectually curios.
Bob recommends the following next steps:
Excellent answer, Bob. "Better, faster, cheaper eh." CHEERS!!!
Matthew Eby
Ralph S
Market Leader
5
Answers
Walnut Creek, California
Updated
Ralph’s Answer
I think the first step is to think about what you are passionate about. As an entrepreneur you are taking on much risk but if you LOVE what you do, then the risk is worth it. From running a corporation to creating your own business, you should start by making a list of what you are passionate about. Sometimes the answer is right in front of you. Think of some of the people who invented things we do and use today. They had a passion and pursued that passion.
Make a list of all the things you have done that you enjoy/were passionate about; i.e., Sports, Art, Dancing, teaching/coaching, technology, etc.
If it does not exist, you may have found your niche.
If it does exist, explore companies that allow you to do what you love for experience. Inquire about those positions to see what is involved.
Don't be afraid to dream Entrepreneur and always do what you enjoy/are passionate about.
Ralph recommends the following next steps: