How entrepreneurs can turn an idea into an innovative business opportunity.
The ideas of the venture are inspired. Risk opportunities need sweating. ”
Ideas are not the same as opportunities. Starting a new venture takes time and effort como se escrever na Hinode. But this seemingly obvious statement has led to confusion between entrepreneurs and academics.
Many beginning entrepreneurs believe that just one idea will guarantee them success and wealth. What they overlook, however, is that it takes time, effort, and resources to turn a business idea into a business opportunity – and not every idea automatically turns into an business opportunity.
The same goes for the academic community. Over the past two decades, there has been a lot of research on business opportunities, but relatively little progress has been made in our understanding of what an opportunity really is. In addition, opportunity debates have largely occurred within the academic community without trying to make them relevant to entrepreneurs, practitioners and teachers. An illustration of this is the long theoretical debate about whether opportunities are discovered or created.
I am an entrepreneur and have always felt that these arguments were not relevant to me and my business. Instead of discussing philosophical issues, we should try to create meaningful structures: tools that help entrepreneurs and academics understand the potential of an idea to become a real opportunity. By borrowing concepts from the literature on creativity and innovation and differentiating ideas and opportunities, I created a framework that includes these different streams of literature and provides a meaningful foundation for academics, entrepreneurs, and teachers as it helps assess when an idea becomes a real opportunity. . Here I will explain the general principles of this framework.
We’ve all heard a lot about business models, and most entrepreneurs at least once used the business model screen to specify the different dimensions of their business. But, of course, no entrepreneur starts with a complete business model in mind when he or she has a first idea in mind. Instead, this idea forms the seed, including some partially complete and fragmented information about what a business model will look like in the future. It takes a lot of agitation and transformation, modeling and refining, market research, rotation and market testing to find the right “ingredients” and turn that idea into a viable business opportunity.
In the seed analogy, it requires the gardener’s desire, care, and care to turn the seed into a small plant and, hopefully, a large tree at some point. But in addition to this effort, he also requires skills and resources on his side (factors on an individual level), as well as sunlight, water and the right soil (external factors) to help the plant grow.
Similarly, an entrepreneurial idea can only become an entrepreneurial opportunity if there is a favorable combination of circumstances that make it desirable and feasible for the entrepreneur to explore an entrepreneurial concept and introduce a potentially value-adding offer to the market. While running a business may be an opportunity for an entrepreneur, another may not find it all that interesting, so he or she does not see it as an opportunity.
So when you have an idea and think about starting a business based on it, keep the following in mind:
Be open and share: learn, unlearn and relearn
Risk ideas are not risky opportunities. An idea is rarely worth anything, while an opportunity is based on a more elaborate concept of a possible future venture. So be sure to test your idea with your environment in order to fill in the missing gaps and get a feel for the market responsiveness. If necessary, make changes or be prepared to dump the idea completely.
Be patient and persistent
It takes time, effort and resources to transform an idea into what we hope will become an opportunity. Be prepared to devote a lot of time and effort to pushing this idea forward and be prepared for the ups and downs of the business roller coaster. I’ve been there several times, as you read in a reflective post I wrote on LinkedIn.
Enjoy your human and social capital
Max Gladwell’s Outliers book states that it takes 10,000 hours to become an expert on something. Make sure you take advantage of the skills and experience you have gained so far. Research has shown that previous experience significantly increases startups’ chances of survival and performance. Also, make sure you take advantage of the network contacts you have. There is no better way to enter the market than through contacts.