Entrepreneurship is not only about getting that “great” idea

by Ashvini on May 15, 2013 · 16 comments

in Business

Entrepreneurship is often considered synonymous to unlocking a great idea and then making money off it. Unfortunately this definition also mean that a lot of people who are good at certain skills but do not get that “brilliant idea” stay away from becoming an entrepreneur.

To me this is a wrong reading of the concept. Entrepreneurship is  about getting an idea and then bringing it to the execution. However it is not really necessary that one get an outlandish ideas and then only he or she becomes successful.

A market consists of sellers and buyers. Sometimes buyers have an upper hand , sometime sellers. The market is always imperfect and even the smartest brain cannot predict who will win in the long run. An expert’s guess is same as that of commoner.

Trends often give you a great peek into future. Trends go up high before they become stable. The non serious players riding those trends are weeded out. An entrepreneur can utilize trends to his or her own advantage by exploiting opportunities where they occur. It really does not need great ideas to do that. Taking an existing market and slicing it in such a way that one gets a good slice of the imperfection that exists in the market is a good start.

That means if market is playing for premier goods, then entrepreneur can exploit the commodity part of it. If the market is growing yet small, entrepreneur can create products to quickly exploit the growth. If the market needs professionalism while all it gets is a tardy service, entrepreneur can bring in professionalism.

It really does not need great ideas to do that. All it needs is a careful analysis, breaking up markets into logical segments and then determining what works the best. You may or may not be successful but entrepreneurship is more about trying and losing till you get the winning streak. And knowing and figuring out what works is a long term process.

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{ 16 comments }

Chetan Gupta July 7, 2013 at 7:37 pm

Hey Ashvini
Thanks for sharing this well described post. I always love to read those posts which gives all the needed information. and this post is of that kind. This post is helped me to enhance my knowledge. I am very glad to see your blog. Can you please tell me that what is your next goal??? so that I can also inspire from that goal.

Ashvini Kumar Saxena July 10, 2013 at 6:53 pm

Hi Chetan ,

It makes my day when someone gets inspired by my blog posts. Thank you for the appreciation.
As for my goals , I would like to
a) Get back from the devastation since hit by latest Panda ;)
b) To start business services ( thinking about it from a long time)
c) To increase engagement of social media ( moderately successful till now)
d) Maybe write another book.
What are your goals ?

Donna Merrill May 27, 2013 at 12:22 am

Great definition of entrepreneurship Ashvini.
Some people think it is like inventing the light bulb and making fast cash. Others may think you are wasting time. The truth is, being an entrepreneur is having your own business and being consistent at it. (aka the light bulb which took such a long time he he)
I’ve been an entrepreneur for most of my life off line and now online. It is quite simple if you just follow your course. I like to use the analogy of a restaurant. There may be 5 restaurants close together, but they are all filled. What makes one better than another? The matter of choice of what a person wants to eat.
If we take that into consideration, there may be thousands of people doing the same thing as you on line. But it is the people’s choice as to who they want to follow.
I love being an entrepreneur!
Donna

Ashvini Kumar Saxena June 6, 2013 at 5:07 pm

Hi Donna,

It is great that my blog has attracted the right audience ( you :) ) because you have so much to tell :).
I think the restaurant analogy is great. Any new venture by the name of the restaurant will be called as restaurant. Beyond that it is uniqueness of product, customer tastes and of course customer service. Being consistent with the product message is also necessary .

Thank you for insightful comment. Yes entrepreneurship is fun :)

Manickam Vijayabanu May 18, 2013 at 2:48 am

Hi Ashvini,

Great article about entrepreneurship and you put the subject at right path. Many intuitive concepts has not reached the community very well because dearth of entrepreneurship or professionalism. Just a great idea cannot bring success. 100% true.

From my view, a good entrepreneur need not want to be too much technical. But they should be commited to their business and goal. I believe if people who has real passion on business, they really don’t need to invent any new process to begin with. Just get the real time world class successful models available and manipulate how you can fine tune for your needs. That would provide more insight than struggling for new ideas. Down the line you will see the reality and success.

Issue is, Any business is an endless journey and not an 9-5 Job. You need real passion towards your goal, teamwork, spirit, courageous decision making capability and importantly need a clear road map as where you need to head around.so on. That would surely bring better light for your entrepreneurship.

Thanks for sharing the nice post.

Ashvini Kumar Saxena May 20, 2013 at 2:19 pm

Hi Vijay,

Thanks for your comment :). It is really important to have a road-map for where you want to go in business. Even though one may not reach there but the fact that there was a road-map to guide us all the way.
Not everyone has the capacity to get the fantastic ideas but by methodical approach to entrepreneurship, one can get the ideas and tweak them to create another product. I totally agree with you there :).

Hope you are having a good time.

Dana May 17, 2013 at 11:23 pm

Hi Ashvini,

This is my first time visiting your site.
Great article! It will come in handy since I am somewhat new to the blogging world :)
Your second to last sentence reminds me of how Thomas Edison didn’t “fail”, he just found 10,000 ways that didn’t work…LOL!

I’ve found that even in those “failures” we get to know ourselves better. Sometimes, we have to know who we aren’t before we can appreciate who we are – and that’s how I define losing.

Ashvini Kumar Saxena May 20, 2013 at 2:26 pm

Hi Dana,
Welcome to this blog and I appreciate your comments here.
It took me a long time to determine what worked for me . I tried quite a bit of things and now finally a plugin that I developed is gaining traction.
If you are new to blogging , I recommend following Adrienne Smith if you are not already following her :). I hope to learn a lot from your blog too :)

Sherman Smith May 17, 2013 at 11:42 am

This post brings to mind the invention of the light bulb. Although Thomas Edison is credited to inventing the light bulb, I come to recently find out that there were others before him. Now why haven’t we heard of them?

There could be a number of reasons, but as far as I know he had a better marketing plan and JP Morgan to back him up. So when it comes to your ideas, it’s not just about the idea, but how you’re going to get the idea out to the right crowd to notice. Once you figure that out and put it to action, the only way you can go is up! Thanks Ashvini

Dana May 17, 2013 at 11:27 pm

Hi Sherman,

I JUST posted a comment and noticed that we both referred to Thomas Edison…and I had to point that out since those things occur often in my life. I think it’s pretty cool :)

Gonna check out your site now! This is what I love about blogging – coming across new and inspiring content and interesting people.

Ashvini Kumar Saxena May 20, 2013 at 2:30 pm

Hi Sherman,

Welcome to my blog and thank you for your comment. Yes, I believe Tesla is the one who invented stuff while Thomas might have marketed them better. It is thus important to know that marketing is equally important as the invention.
I also am learning it the hard way, that good content is fine but it is important for people to see it .

Thank you for your invaluable insights and hope you have a great day

Adrienne May 17, 2013 at 1:24 am

I think the smartest way to approach business is seeing what works really well and then how you can improve upon that. I mean maybe there is an area that you know more then the original owner so that’s how most end up very successful in business. Trust me, I never come up with my own ideas but only feed off of what others have already made successful.

~Adrienne

Ashvini Kumar Saxena May 20, 2013 at 2:45 pm

Hi Adrienne,

That is true. It is really not important to always have a great idea and the work on it. Entrepreneur can stop the weak points in the system and then can work their way to take it to the market. You are the one who knows how to make it work. No wonder there is so much to learn from you :).

Have a great day and thank you

Lori Gosselin May 16, 2013 at 7:36 pm

Hi Ashvini,
“entrepreneurship is more about trying and losing till you get the winning streak. And knowing and figuring out what works is a long term process.” Isn’t that the truth!!! ;-)
It’s a long distance run, not a sprint!
In our TCP business, we didn’t create the first version of a diffuser pendant. The first pendants we saw were plastered with logos of the company selling the oils. We noticed that our customers didn’t want to wear a logo on a cord so we created pendants with symbolism that they could relate to and use for personal expression. It made all the difference to the customer as ours tell us they love the symbolism! We just saw what was out there and found a way to improve on it.
:-)
Lori

Ashvini Kumar Saxena May 20, 2013 at 2:54 pm

Hi Lori,

Great example :). You looked at the market and changed the product to suit your customer’s requirement. You took a risk and got successful with it.
It is a perfect text book example and thanks for sharing this with us :).

Zalando May 16, 2013 at 11:05 am

Well said Mr. Ashvini. People now a days seriously have a belief that entrepreneurship is all about that great idea and if you don’t have an idea, you can’t be good at any business. Its wrong, because entrepreneurship is a skill and one must be smart enough to know how to play the market and generate benefits for the company.

Completely loved the topic you have came up with.

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