Big ideas come at the intersection of a problem that people want to have solved and an easy-to-implement solution. The solution is an equal, but often overlooked, element of this intersection. It is important for a solution to really work for the customer, and you need to spend just as much time testing your solution as you did validating your problem. If people want a problem solved, they will find their way to the best solution (and you want that to be yours!).
What inspired you to become an entrepreneur? I have always had an innate desire to make things better. Simpler, quicker, easier. I have personal satisfaction in making improvements in any and all aspects of life. I spent much of my career in a large, multi-national corporation. While I had many opportunities to influence process and outcomes there, at times it can be a difficult and long process to make even the smallest improvement. I am happy when I am in control of my own destiny.
The most important realization for every entrepreneur is understanding “how business gets done”. Just as there are laws of physics and engineering principles, there are fundamentals at work in the business world too. Most of these fundamentals are rooted in very basic human behaviors.
There is a paradox in innovation. Many new products fail. Studies by Nielsen and Harvard Business School estimate this to be between 85% and 95%. At the same time, a 2016 study by Lab42 showed that 84% of people say it is important to buy from innovative companies and nearly 70% of people expect innovation to improve society. As a coach and mentor to student innovators, students often ask, “Do you think my idea is a good one?”
