Thursday, February 14, 2008

The Idea -- Engineers, Entrepreneurs, & Start-up Companies

Welcome to the latest edition of Engineers, Entrepreneurs, & Start-up Companies. In this post I wanted to cover the topic of finding an idea. Obviously Entrepreneurs, Engineers, and Start-up Companies need an idea, an idea to build the business around. By idea I mean many things for example, this idea can be new and innovative, a new way to solve an old problem, bringing an old idea to a new market, etc. This idea typically needs to solve a problem in a new, innovative way or find a solution for a problem people/businesses don't realize is a problem yet. This is easier said then done, actually it's pretty difficult.

In my experience it isn't necessarily the actual idea that matters, but the process that the engineers, entrepreneurs and start-up companies use to select an idea. Being flexible and willing to adapt is extremely important. Your first idea as an engineer, entrepreneur, or a start-up company might be a complete failure. As an engineering major in college I worked (long hours, no pay) on two other ideas that not only looking back were bad ideas, but went no where. I also had two ideas that I worked on that other companies later developed. As engineer and entrepreneur it felt good being ahead of the curve on those ideas, but we realized that our current venture has a much larger market. Regardless, I learned a lot from those ideas and use that experience in my current start-up. Furthermore, while working on a certain idea you may find an even better idea for your start-up.

My point is do not be dead set on any idea you're working on because it might change and most of the time it will probably be for the better. People have often said stick to what you know and I completely agree. You will need to passionate about your idea or your role in the venture because times will get tough. As an Engipreneur ( to use a newly coined phrase) or an entrepreneur you will have to work many hours and work hard. Some days your brain will hurt. It is much easier to do that if you enjoy or at least are interested in your idea. I remember working roughly 100 hours/week in the beginning of my start-up.

Finding an idea does not take any special skills besides being observant, patient, and constantly thinking "how can I make this better/more efficient". Finally, very few will purchase your new idea/product if doesn't save them money, time, comply with regulations, etc. Essentially, the purchase needs to be justified. For example, very few environmentalists will subscribe to sending their garbage to sun if costs $5,000 a year to do it, even though it does not pollute the Earth. It just doesn't make financial sense. So as an engineer, entrepreneur, or even engipreneur always keep that in the back of your mind. Thanks for visiting Engineers, Entrepreneurs, & Start-up Companies.

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