Innovation can be a tempting prospect for a newly-minted businessman: the chance to join the ranks of America’s great inventors, the George Washington Carvers, the Eli Whitneys, the Edisons and the Franklins.
After all, the creation of a new product is the ultimate form of going into business for one’s self. Independence, the thrill of trying to establish a brand-new market or capitalize on unexploited sectors; it’s all very alluring.
Consider, however, the difficulties inherent to formulating not just a new product but the marketing methods, permits, patents, and certifications necessary to make it profitable, legal, and appealing to your intended market. This is the stage at which most business plans take a bullet.
Poor planning, insufficient forethought, an inability to cope with the challenges that inevitably arise in any business venture consign many fledgling ideas to early graves.
Be mindful of your idea’s broader implications, consider carefully the steps you’ll have to take to get it off the ground in a timely, above board manner. Keep in mind the unique difficulties associated with novelty and do your best to be prepared to meet them.
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- PUP: Anticipating and Avoiding the Pitfalls That Can Sink a Startup (bjconquest.com)
- Entrepreneurial Courage (thinklikeablackbelt.org)