Who is an inventor in entrepreneurship

Small companies contribute at least half of the major industrial innovations occurring in the United States, according to the SBA. At the same time, approximately one-third of all new products are unsuccessful, and in some industries, the percentage of failures is much higher. The way to increase your chances of coming up with good ideas is to follow the tested track to new product development success. New product development can be described as a five-stage process, beginning with generating ideas and progressing to marketing completed products.

Following are details on each stage:. Generating ideas. This stage consists of two parts: creating an idea and developing it for commercial sale.

There are many good techniques for idea creation, including brainstorming, random association and even daydreaming. You may want to generate a long list of ideas and then whittle them down to a very few that appear to have commercial appeal.

Evaluating and screening product ideas. Everybody likes their own ideas, but that doesn't mean others will. When you're evaluating ideas for their potential, it's important to get objective opinions.

For help with technical issues, many companies take their ideas to testing laboratories, engineering consultants, product development firms, and university and college technical testing services. This is a formal methodology for assessing the commercial potential of inventions and innovations.

Protecting your ideas. While the product or service will have already been invented, an innovator will be able to improve or make some kind of significant contribution to the invention. An example of an innovation is the development of the laptop computer. Even though the computer had already been invented, the innovation of the computer allowed it to be transformed into a portable device that could be carried around. If you believe that you can improve on a product that's already on the market and make it more appealing to prospective customers, you would classify as an innovator.

There are many characteristics that an innovator will need to be successful. The mark of a great innovator is being able to anticipate a need that the market is about to have. Innovations are typically created by taking advantage of emerging technologies and capturing trends at the moment they start. Innovators are highly productive individuals who are passionate, are willing to take risks, and want to push the envelope. Two examples of successful innovators are Steve Jobs and Sergey Brin.

While Steve Jobs created Apple, it's important to understand that not all of his innovations panned out. However, the ones that did went on to be among the most popular products in the world.

As for Sergey Brin, he is the mind behind such innovations as Google Glass and Google's self-driving car. These innovations are helping to push technology forward. If you want to become an innovator, it's important that you regularly set challenges that are difficult to meet. Innovators will typically partner with entrepreneurs to deliver their products. While there are distinct differences between inventors, entrepreneurs, and innovators, the three roles are actually intertwined and related to one another.

While entrepreneurs can have some characteristics of inventors and innovators within them, an entrepreneur is typically more focused on the business side of things than innovators or inventors. In many situations, the products or services that are developed by inventors or innovators will be positioned on the market by entrepreneurs. Even though Steve Jobs was a well known innovator who was instrumental for the creation and success of Apple, other entrepreneurs were needed to steer the business side of things in the right direction.

While entrepreneurs can help with the creation of products and services, their primary goal is to make sure that whatever product is made can be successfully placed on the market.

Though these three roles are somewhat different from one another, they do have several characteristics in common. For instance, inventors, entrepreneurs, and innovators must always be self-motivated, passionate, and creative. Whether you're an entrepreneur who's attempting to create a successful startup or an inventor who is trying to convert an idea into a product, you won't be able to reach your goals if you don't have the passion and perseverance to get past the hurdles that will invariably occur.

If you're trying to determine which of these roles you would fall under, you simply need to spend some time thinking about what you like to do.

If new ideas for products and services come to mind constantly, you might be an inventor. On the other hand, you could be an entrepreneur if you're just as interested in making a product work on the market. It's possible that you're an innovator if you regularly think outside of the box and are interested in improving products that might already exist.

The transition from standard cell phones to smartphones wouldn't have been possible without innovators. No matter which of these roles applies to you, the most important thing is that you're driven to succeed. Regardless of the type of role that you want to take, becoming an inventor, entrepreneur, or innovator requires a substantial amount of money , time, and hard work, which means that you need to be wholly dedicated to seeing it through.

If you want to bring your invention, product idea, or innovation to the market, you may need to create a startup to do so. Once you've developed this startup, you might find it easier to reach your intended goals. If the startup that you're creating is centered around the fields of medtech and bioscience, University Lab Partners is a wet-lab incubator that can provide you with the space and resources that are necessary to make sure that your new startup is a success.

Should be a no-brainer. Do you have any thoughts, ideas, suggestions? Could you email me if you do? Thank you for telling me that even just a single individual can show the qualities of being a good entrepreneur and a skilled inventor.

I just read an article featuring a young inventor whose product attracted a lot of investors who are willing to turn it into a business. It inspired me to come up with my own product, apply for a patent after, and establish my own company that can help improve the lives of people around me. You must be logged in to post a comment. Home About Apply Today! Startups Resources Connect. Are You an Inventor, an Entrepreneur, or Both?

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