Creating
profit or value for tomorrow?
We hear allot
of talk these days about the opportunities for the ‘entrepreneur in waiting’ and how we could be tomorrow’s big success story with our ideas for new
or existing goods and/or services.
The horizon of
the mind is defined by how far our mind’s eye can see, so if one sees a great
idea waiting to the developed, I agree that now; on the upward curve of the
economic cycle is the time to realise that idea and re/enter a the world of
entrepreneurship with your idea and the vision to realise its potential. So
with idea and purpose held close to our hearts, we move forward and develop our
idea into a concept, then into a proposal and ultimately into an enterprise
that makes us rich, right? Many will say “YES!” and there is nothing wrong with
that in principal.
Here are some
key points to consider when reflecting on the feasibility of our idea(s):
Niche. Will my idea create a niche for my goods and/or services that will justify
my time and effort spent developing it?
Originality. Is my idea original or already developed in the marketplace? If my
idea is already developed, is there room for me in the marketplace to develop
my variation of the original concept and fulfil a want or need that enriches
the lives of my customers?
Disruptor. Is my idea completely original in a way that if
developed and sent to market, it disrupts the established market norms? If so,
how does it do so and is the effect good or bad in terms of enriching the lives
of my customers?
Value. What if developed will my good and/or service create? Will it create
profit at the cost of more effective innovations and the environment of today
and/or tomorrow? Will it create value in terms of enriching customer’s lives
that makes things better not only for today’s customers but also for tomorrow’s
customers not born yet? Is the value proposition complete in the short term, medium term and long term view?
New Horizons. Will my idea change my core values as a human being
or will it build upon them?
Belief. Do I believe in my idea to the extent where the
doubts of others blind me to their concerns or do I balance my belief in my
idea against the greater good; embracing the opinions of others to adjust my
idea and/or approach in the attainment of my goal, which is to launch a good
and/or service that enriches the lives of my customers in a manner that they
emotionally connect with?
Henry Ford once
said about his automobiles in relation to his customers and the marketplace, “If I had asked what people wanted, they
would have said faster horses”. After a nasty legal battle with the
American Automobile Association, his belief led him to realise his vision of
how he could positively impact present and future generations through the mass
production of the Model T Ford. He is an extreme case of vision driving against
established industry norms but one to note for those who think they can ‘make things better’ with their ideas. Maybe
they can!
Not everybody
will be revolutionary like Henry Ford was in his ideas but if everybody
considers the impact of their time spent on their ideas and what they could
achieve for their customers and the society space they live in, wouldn’t their
talent be well spent creating a new future driven by positive intent,
resonating balance sheets and talented outcomes. That sounds like a world I
would like to be born into, wouldn’t you?
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