[tweetmeme]Many entrepreneurs attained success because they invented a new product that consumers wanted.
James Dyson attained huge success with his inventions, particularly the cyclone vaccuum cleaner. Mandy Haberman succeeded with her invention, the Anywayup Cup, which is a toddler’s drinking cup that can be turned upside down or shaken without spilling.
But for every successful inventor, there are many more entrepreneurs who succeeded by simply improving ideas that already exist. Howard Schultz, founder of Starbucks, did not invent coffee — but transformed a pedestrian commodity into a high end accessory. Roy Kroc, founder of McDonald’s did not invent hamburgers, but offered a new experience in eating hamburgers — quick, easy, affordable with an enjoyable taste. Maxine Clark did not invent the idea of teddy bears but attained huge success with her Build-a-Bear Workshop.
As Peter Drucker said:
“Innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service. It is capable of being presented as a discipline, capable of being learned, capable of being practiced. Entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation. And they need to know and to apply the principles of successful innovation