Innovations, Entrepreneurship and Profit: How They Are Tied Together

What is Entrepreneurship? When we think of entrepreneurship, what immediately comes to mind are businessmen, and small scale enterprise or businesses. Actually, the definition of entrepreneurship varies depending on the perspective used. It may be a field in business or it may be an activity in which people engage in. Describing the processes involved within it defines what entrepreneurship is. Understanding and seeking innovations, like improving an existing product line, is one of the processes in entrepreneurship. But is not merely innovating, this process should be taken a step further for it to be considered as part of entrepreneurship.

The step further would be to transform the innovation into economic goods, something that will generate income. In entrepreneurship, an individual or a group of individuals identify a business opportunity by finding a prospective or valuable item, product or activity that can be utilized for business and generate sustainable profit. When the market value generated by the business opportunity or innovation is greater than the value of the value of the combination of resources used to create the opportunity or innovation, then there is profit. Profit occurs when the value of the resources used to create a product is increased through innovation.

The definition of entrepreneurship lies in a single but most important concept: discovery. Without discovery and innovation, there will be a stagnation in the market economy as there will be no improvement. Entrepreneurship paves way for economic growth, as it supports economic growth through its discoveries and innovation. Through entrepreneurship, new and better things, processes and systems are created, recreated and uncovered. The creation or discovery does not need to be isolated to new product lines or existing product lines. It can also be applied to methods of production, market, resources or an organization or even an industry. Entrepreneurship can provide solutions for economic stability as it continuously seeks improvement and development of our resources to give them a greater value.

Let’s take the following situations as example of understanding what entrepreneurship is. Check out the following situations:

· A stay at home mom who knows how to cook delicious Indian cuisine starts to sell them to the teachers and staff of the nearby school.

· A downsized employee found another use for old vehicles, designs and fixes them, and made a playground for her pet day care center.

· A scientist discovers a new element but does not attempt to identify practical uses for it.

All of the situations except for that of the scientist show entrepreneurship. Remember that entrepreneurship is discovering or improving new product lines, market, processes, resources or organization. The stay at home mom found a new market in her neighborhood, the nearby school, and she took advantage of it to generate income. The downsized employee developed a new use for old vehicles. The situation with the scientist cannot be considered as entrepreneurship. There was no attempt to generate a market value for the new element as the scientist did not attempt to identify its practical uses. If he created a product with the use of the new element, then that could be identified as entrepreneurship.

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3 Questions You Need to Ask to Do Business on YOUR Terms

Do you want your business to represent you as well as your mission? And do you also want to feel happy about the way you do business? The keys in this article help you accomplish all that – and more!

All heart-centered entrepreneurs have one thing in common:

They want to make a positive difference in the world.

And the ambitious ones, like my clients, and myself, want this difference to be BIG – as big as is possible for them.

Of course, they want to have a life as well.

Sure, they want to reach a lot of people. And yes, they want to make good money (whatever that amount is – that’s different for everyone).

But they don’t want to compromise themselves, their values, or their lifestyle.

Unfortunately it doesn’t always work out that way.

It can be hard to have it all: success, money, fulfillment, a thriving business and a great lifestyle.

Most people aren’t even sure it is possible to have it all – let alone believe that THEY are worthy of having it all!

Don’t get me wrong: I don’t believe in woowooland where the sun always shines and money grows on trees and everybody is loving and nice and smiling and happy-happy-happy all the time.

I’m too realistic and grounded for that. Life and business can be great, but that doesn’t mean there are no challenges, problems, disappointments or overall shitty experiences.

It can get pretty messy sometimes.

That’s part of business and of life.

But I DO believe it’s possible to create a business that supports your ideal lifestyle AND make a Big difference at the same time.

And I believe you owe it to yourself and your clients to take excellent care of yourself first, and to do your utmost to create a business that serves you instead of drains you.

(I’ll share lots of wisdom and practical tips on how to accomplish this in my upcoming book ‘The Art of Divine Selfishness – transforming the world by thinking of YOU’)

Unfortunately, a lot of entrepreneurs do feel drained, overwhelmed, overworked, underpaid and unfulfilled.

I know – I have felt like that many times myself. Most recently in the last couple of months, when I didn’t manage to create enough alone time for myself.

Thankfully I have managed to turn this around by making a lot of decisions and changes in my business, programs and work schedule.

These 3 questions helped me with that.

They can help you get clarity around your business, mission and needs as well.

Question 1:

What wants to be expressed through me?

No, it’s not an easy question to answer.

But this question is absolutely essential. It helps you:

  • Go within yourself, and tap into your own inner wisdom;
  • Connect to your soul purpose, and
  • Connect to that thing that ONLY you can do, that thing you were born and uniquely suited to do.

One or more answers might come up right away, but it will probably take more time than that. Just keep the question in the back of your mind, and see what comes up.

Once the answers come up, start thinking about HOW you can express your purpose in your business:

What services, programs, products etc. could you turn your purpose into?

Question 2:

What do I need to express this purpose in a way that makes me happy?

  • What do you need?
  • How many hours do you want to work per day, week, month and year?
  • What does your ideal client look like? What boundaries do you need?
  • What don’t you want to put up with anymore?

Imagine that ANYTHING is possible, and you can create ANYTHING and EVERYTHING you want, like and need:

What would your business look like then?

Question 3:

What possible pitfalls or obstacles might be in the way of creating this ideal business of yours?

  • What could get in the way of you creating your ideal business? And how can you prevent this from happening or solve it if it does happen?
  • Maybe you need more knowledge, about business models and marketing and overall entrepreneurship. (This was my biggest obstacle when I started my business)
  • You might need more courage. Or boundaries. Or hire your first or second or third assistant.

This week’s transformational action:

  1. Take some time to answer these questions above.
  2. After that, translate your answers into actions.
  3. What do you need to do?

When will you do it?

Create bite size action steps or take a giant leap.

Whatever you do, act upon the insights you gained.

And remember: the action that seems hardest to take, is most likely the one that will yield the most results.

Best Startup Business Ideas: Some Suggestions

Are you looking for the best startup business ideas? Everyone dreams of starting his own business someday. As a child, you probably have dreams of creating your own toy factory, or creating your own boutique someday. As we grow older, those dreams don’t fade away. Sometimes, they just stay untouched and unthought-of at the back of our heads because we got too tied with other things, like managing other people’s business. We all want to be our own boss and be able to generate enough or even more money to live the life we desire.

The desire to own your own business is sometimes fuelled by your yearning to have more money to buy your dream house, drive your dream car, travel to different places, or to save up for your kid’s college education. Everything is fuelled by your dreams of having a better and comfortable life.

Many successful entrepreneurs say that one of the best startup business ideas is an online business. With the power of the Internet, there are tons of business ideas that you can have. You can create a virtual assistant service, a small call center facility, a Public Relations business or a web design and development business if you have the right skills and knowledge. A lot of people nowadays shop online. You can start selling various products online like clothes, shoes, toys, bags and accessories to a huge market with a great buying potential. Because you can sell almost anything online, all you have to do now is to be creative with the products which you plan to market. Online business also involves life coaching. You can offer to help other people deal with their stress and problems. You can help them become better persons and help them manage their life as positively as possible.

Other best startup business ideas include candle-making business, cake decorating, real estate agency, customized jewellery shop, events planning, toy cleaning service, personal shopper or flower arrangement. You can start an accounting service, payroll administrative service, travel agency, be an interior designer or farmer and sell crops. You can grow your garden of flowers and start your own flower shop. There are so many business ideas out there, you just have to pick out the right one for you.

There are several things that you have to consider when choosing the best startup business ideas. You need to consider your budget, your knowledge, skills, and the amount of time that you can give to your startup business. Remember, for a business to succeed, you should have the skills and the time to make it successful.

How Hiring A Virtual Assistant Is Beneficial?

Do you ever feel stressed from too much work? It happens to all small-scale business owners, but there are answers. A virtual assistant can take care of several boring and mundane tasks that take up your valued time, liberating you up to pay attention on matters that require the owner’s undivided attention. From taking care of appointments to management of social media handles, a small business VA can be an unbelievably appreciated addition to your team.

1) Enjoy More Free Time

You are the owner of the business, and not the other way around. There are only 24 hours in a day, and a virtual assistant can radically cut your work load so you can have extra time to devote to the business, or to yourself. It’s so vital for business owners and their staff to find equilibrium between their professional and personal lives, and to solve this issue you can hire a virtual assistant for your business to make possible some extra time to be spent with your loved ones and pursue other passions or hobbies.

So, what are the things a virtual assistant can do and how can you scale your business system? The opportunities are endless. Usually they take care of all of those little mundane tasks that take up so much of your time. Numerous virtual assistants complete marketing research to help you better understands your target customer base. They can also create fun website content for your social media handles and take care of posting duties too. Virtual assistants can also take care of receiving phone calls and replying to emails. In short, if it is something that doesn’t require your personal attention, you can probably find a virtual assistant to do it.

2) Cut Business Expenses

Hiring and providing new employees required training can be quite expensive. When you hire a virtual assistant India to scale your business, you don’t need to pay a full salary or offer employee benefits that would otherwise be required. You can settle a fair payment setup and pay only for the tasks that get completed. Not to take away from dedicated employees who still have a major role in the work place for a small business setting, but you may possibly find that you can keep the size of your business team small while your business grows without overworking your employees with expanding work load. This tends to help to keep your staff morale at a good level, decreasing your company’s annual turnover rate.

3) Get More Work Done due to Increased Efficiency

Some of the most famous and successful entrepreneurs got where they are by means of masterful direction. Every workday is a possibility to scale your business upwards because virtual assistants can make a world of difference for small business owners or a virtual assistant makes it easy to increase efficiency radically. Scaling up a small business requires a lot of money, effort, and time, and a VA can assist you to accomplish your objectives quicker while freeing up vital resources for other more demanding tasks.

4) Finish Unfamiliar Tasks

It’s not always conceivable to hire individuals who have every skill your business may need, and there are going to be times when you aren’t familiar with particular skills or tasks. When you hire a VA for the job, you can consider candidates who are skilled in the specific area of need that is required. For instance, if you need to put together a sales report for the year, and you aren’t sure of how to use accounting software, you could easily find an expert virtual assistant service.

5) Use Less Physical Space

Space is a valued resource for a business. When a virtual assistant is working remotely, that’s one less desk in your office, producing a more relaxed work setting for you and your employees. That means your expenses on supplies, electricity, and other costs associated with in-house employees is considerably reduced.

If you’re looking to hire a virtual assistant for your business, make sure to do your research prior, to ensure that you select the right VA. As long as you make it clear as to what your expectations are, you should be able to find a reliable VA to provide value to your company in ways you may not have expected.

Hiring a business VA could be one of the greatest choices you ever make. It reduces your work load and saves time for both you and your company.

Which Comes First – The Patent or the Prototype?

Throughout my time helping inventors develop a multitude of different projects, this conundrum has often reared its head. It is important to say from the outset that there is no definitive answer, but I will aim to convey the alternative perspectives, to allow inventors to make an informed choice for themselves. The opinions on this topic vary across professionals in the IP industry and the answer will differ depending on the specific idea.

Having said that, below are the main reasons for developing a prototype before patenting:

  1. A patent application requires a certain level of detail regarding how the idea functions. This is known as ‘sufficiency’ or an ‘enabling disclosure’. It is often easier to describe, and draw, an invention once a prototype has been created and tested.
  2. Prototyping develops the idea and it may be that a new or better solution is achieved. Potentially these iterative developments could require altering the original patent application or filing a new application. This could cost more or result in advantageous changes being left unprotected.
  3. The grace period before substantial fees and important decisions need to be made during the patenting process is quite short, considering the average time it takes to launch a new product onto the market. It could be argued that it is better to progress the idea as much as possible before filing the patent application, including finalising the design through prototyping. This would then allow the grace period to be used for manufacturing or licensing the product.
  4. A prototype can be used to test the market and some people consider that it is best to do this before embarking on a potentially expensive patenting strategy. (Disclosing the idea can prevent a granted patent being achieved and legal advice should be taken on how to test the market without forfeiting potential patenting opportunities. Confidentiality agreements are one way of protecting an idea before a patent application has been filed.)
  5. A prototype may prove that the idea is not viable therefore saving the cost and time involved in drafting and filing a patent application.

Conversely, below are the main reasons to file a patent application before prototyping:

  1. Prototypes often need to be produced by companies and therefore it could be wise to file for the patent first to protect the intellectual property.
  2. If the inventor waits for the prototype to be produced before filing the patent application, someone else may file an application for the same idea first. In many countries of the world, including the UK, the patents systems are ‘first to file’ and not ‘first to invent’.
  3. The patent application process includes a thorough worldwide novelty and inventiveness search by the UK IPO that could reveal valuable prior art material, not only in terms of the direction the prototype should take, but also in terms of potential infringement issues whereby the prototype can then be designed around existing patents.
  4. A patent application and the resulting patent, like all intellectual property, provides an asset which is owned by the inventor or applicant company. If prepared effectively, the patent can be licensed or sold to generate an income stream potentially without ever needing to produce the prototype.
  5. It may be better to start with a patent application if funds are limited, as a patent application is generally cheaper than a prototype.
  6. A ‘provisional’ patent application can be filed without requiring great detail, providing a follow up application is then filed within 12 months which describes the idea in more detail. This may be following the proof of concept provided by the prototype.

There are some ways round these issues. Prototyping manufacturers can be asked to sign a confidentiality agreement before the idea is disclosed. However bear in mind that many companies will not sign confidentiality agreements, since their in-house departments might be working on similar ideas. Pre-application patent searches can be carried out prior to prototyping or patenting to discover whether it is sensible to proceed without having to draft and file an application.

There is a third perspective for consideration. Some industry experts would suggest that it’s not a patent or prototype that should come first but the opinion of industry experts as to whether the idea is viable and will sell. They would argue that the prototype and patent are important parts of the process but, at the very beginning, it’s best to ascertain that there is actually a market before investing in either a patent or prototype.

In conclusion, the best way to proceed with any new product idea is a complex decision. If the novel functionality of the idea is unproven, then a prototype may be a sensible first step. It is worth ensuring that a reputable company is used to produce the prototype and that a confidentiality agreement is signed prior to the concept being revealed. Alternatively, the inventor may choose to file a patent application first and accept that additional cost may be incurred to re-file or amend the application as the project is developed.