Why Inventors die poor & Copycats get rich
Often when I hear someone talk about a new business idea they’ll talk about this innovative new idea that is going to solve a big problem and change the world.
…and my heart sinks!
I have an important tip for you…
If you have a look around, most profitable businesses are just rehashes of businesses that already exist.
They just find a way to put a different spin on it or do a better job of it.
Inventors don’t make it Rich
You see… Inventors are not usually the ones that make money out of a new idea or business sector…
It’s the copycats that come in after the water has been tested and the market is mature who actually make the money.
History is littered with examples of this, Thomas Edison, Nikola Tesla, the Wright Brothers.
A more modern day one that sticks in my mind is Dan Bricklin… you’ve probably never heard of him, but in 1979 he invented the Spreadsheet (called “Visicalc”).
Yet it was Microsoft that took the idea on and made the fortune from their “Excel” software.
There are a number of reasons why I believe this is the case.
Firstly it takes time for a new market to develop… for people to discover and learn about new products, for that new product to become the “social norm” and for people to desire to actually own it.
Secondly, the types of people that actually come up with these innovations, the inventors, are not usually the type of people that understand how to build a business and how to scale & systemize it.
Finally, it takes some serious time and money investment to bring a brand new product to market… research and development, testing, marketing etc.
All this can take years and plenty of investment which is why you usually see a large corporation taking over the project from a humble inventor who has run out of time and money.
Of course there are exceptions to the rule and some innovative products just hit that sweet spot with the market and are an overnight success, but then there is usually a different problem altogether with meeting demand for the product.
So… the moral of the story?
The advice I always give out to entrepreneurs aspiring to start their own business is DO NOT try to reinvent the wheel!
Take something that is ALREADY selling in an ESTABLISHED market, create your own version of it and ADD VALUE…
- Give it a new twist or angle
- Make it work better
- Provide more benefits to the customer
- Give customers a reason to buy it from you and not someone else.
That way you make sure there is already a market out there with people wanting to buy your product.
In other words… be a COPYCAT.
A BIG side effect of entering into an established market is there are other entrepreneurs you can connect with.
The choice is yours…
You can try and navigate this process on your own, wasting a lot of time and money on trial and error…
Or you can find people who have done it before, find mentors, let them help you and learn from their experience.
If you take on board this one piece of advice you will have a massive head start in business.
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