«Experience is that marvelous thing that enables you to recognize a mistake when you make it again.» – Franklin P. Jones
Becoming an entrepreneur is about taking an idea and making a successful business from the sale of the idea. If the idea is a product, the sale of the product will require more than simple creativity and innovation.
“An expert is a person who has made all the mistakes that can be made in a very narrow field.” – Niels Bohr
In the 1980’s a father in Wyoming created a product for his daughter to play with. The invention consisted of a wheel that was roughly the size of a toy wagon wheel. A separate pole with a stabilizing device attached was used to keep the wheel upright and balanced. This invention provided hours of amusement for his daughter, but when he tried to develop a business selling the product he discovered there was absolutely no market for it. This same gentleman also attempted to prove the viability of the manufacture of cement brickettes as a cost effective substitute for lava rocks in gas grills. He rejected the idea when after a few grillings the cement literally exploded causing the destruction of his grill as well as a steak dinner.
The above is an example of a couple of failures in entrepreneurialism. Consider the above glimpse as an argument for marketing research and testing.
“Strong people make as many mistakes as weak people. Difference is that strong people admit their mistakes, laugh at them, learn from them. That is how they become strong.” – Richard Needham
The perfect entrepreneurial scenario would be to provide a solution to an underserved market where demand exceeds existing supply or to be the first to meet an emerging demand. In either case there needs to be a significant amount of market research to determine the longevity of anticipated demand along with the reliability of the solution you are offering.
Imagine if the cement brickettes were marketed and sold only to have the flaw discovered when someone was injured from cement shrapnel.
So much goes into the development of a business idea and you have to have a solid business plan in mind in order to get funding. It only makes sense to be sure you have completed all the needed research to assure both your banker as well as yourself that the product or service you are offering will provide benefits that will meet demands and provide success for all involved.