So You Want to Be an Entrepreneur? Dream – Design – Dare!

So You Want to Be an Entrepreneur? Dream – Design – Dare!

You have a great idea, maybe you are already working on it for some time, or the chances are that your are still waiting for the eureka moment. Just like yourself, millions of people all over the world aspire to become an entrepreneur, but only a few of them can execute that one idea that brings them the big success. Most of these aspiring entrepreneurs seldom realize that the journey to entrepreneurship begins from being a dreamer to an innovator and then ultimately to an entrepreneur.

The power of dreaming or imagination should not be undervalued because every idea about a product, service or a business model starts with a thought. Dreamers spend hours and hours pondering over problems and use their imagination to come up with novel solutions. If you cannot use your imagination then most likely the entrepreneur in you has not even born. You should make it a habit of looking around quietly to observe the problems people encounter, the gaps in the marketplace, or limitations of existing products and services. Then apply your imagination to dream up the solutions to these problems. These solutions could be new products, services or entirely new business models that can generate profits for you.

Once your heart sets on an idea, you must now wear your innovator’s hat. With your initial vision in mind, use your imagination, creativity, and product specific skills to design your new product or service offering. Don’t forget to research the market incumbents, market demand and voids in the marketplace. Most of the innovations introduced are incremental improvements over existing ones in the market; some of them are novel enough to create entirely new market segments while a handful can create a disruptive business model. Regardless of the degree of innovation in your product, the key is to move forward from being a dreamer to an innovator. Most people keep toying with their idea for years but do not have the passion for taking it forward, and eventually the idea dies. Your passion plays a very critical role during this time of your idea as it keeps you engaged in developing the product and never lose the intensity until you realize your goal.

Now that you have developed your product, its time to take the big leap to transition from innovator to an entrepreneur. Most people never take this step because they believe that they are innovators and making money is not their purpose. And there are people who do not take their idea public out of fear of embarrassment. If you want to succeed as an entrepreneur, then you must have the ambition to make it big and not be fearful of public embarrassment. Be ambitious to introduce your innovations to the marketplace otherwise they will just rust away in your garage. Couple your ambition with project execution to translate your designs into profitable product or service. In the worst case, the customers will not buy it but you will get the most valuable business lessons and customer feedback that will go into improving the next product or venture.

So embark on your journey to becoming a successful entrepreneur by employing your power of imagination to dream up new ideas, your passion for turning these into innovative solutions and your ambition to commercialize them.

Dream > Design > Dare!