Thursday, December 8, 2016

Looking for patterns: the key to entrepreneurial ideas

      Do you remember when you were in first grade and you had to match patterns from colored blocks? Then, as you learned addition, subtraction and multiplication, you realized they all had patterns? How about spelling patterns, the water cycle, life cycles of butterflies, and the cycle of seasons.? They all had patterns too. Well, generating ideas for new ventures also relies on seeing patterns in the business market, in people's habits, and in emerging technologies.Would be entrepreneurs would be wise to  study patterns all around them in order to create connections within markets and business. The more people you know, the more connections you can make with societal needs;thus a new product, service, or application for technology can be discovered. Sometimes, the ideas are born after working in a company for a number of years. Other times, the ideas arise out of a personal need. What matters is that patterns have been spotted and connections have been made.
     Once the entrepreneur has discovered an unmet need in the market, he can talk to people in his network to see how feasible it would be. This would be the place to receive  support and encouragement,or caution, for the idea. The entrepreneur then moves ahead with laying the foundation  for the business plan. After successful implementation of the plan, the entrepreneur will continue to tweak his product or according to market forces.  As the company grows and expands its customer base, the search for patterns begins again.

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