It’s difficult to know sometimes which comes first, the invention and then consideration of how it might be applied or focusing on a problem before devising a solution. Either way the world needs people with imagination as well as practical skills to produce innovation. Like everything else that needs money. Sometimes the work is done by an employee of a company whose salary is justified by the ideas he or she comes up with. On other occasions an independent inventor needs investment to take the idea further until ultimately a prototype is produced, and ultimately mass production. An entrepreneur can be an inventor but also an investor with the flair to see an opportunity and take it.
‘Why didn’t I think of that?’ is a question many people have asked themselves over the years. It’s obviously too late to invent something that already exists and hindsight is a wonderful thing. There is still plenty of scope for entrepreneurs with those already established the one that find it easiest to simply take on board a new concept supported by the finance and infrastructure they already have in place.
The Risks of Innovation and help of online loan lenders
There is always an element of risk in any innovation or new product. It does not mean that budding entrepreneurs should not plan and think about the practicalities of what they want to achieve. Many entrepreneurs have started with nothing and sought financial help from a variety of sources. Some may want to retain complete independence and therefore either use existing assets or apply for a personal loan which is now readily available from just right online lenders. They do not need to know what the money is needed for, just that the applicant seems able to make the required instalments for the whole term of the loan. Business loans often require copies of annual accounts which someone still working for a regular pay check and developing personal ideas in his or her own time will not have.
The amount of money needed may not be enormous if its ‘inventor’ is able to continue to work full-time and therefore having the benefit of a monthly pay check; at least it means that the business plan does not need to provide for a personal salary during the development stage. The launch stage and the following months may be different of course depending on the project itself.
There is always the chance that money will be available from venture capitalists who may agree to take a percentage of the shares in a new venture in return for financial support. It will depend on the quality of not only the idea but also the business plan and how well it presented for consideration.
The Internet is providing a unique opportunity. People of all ages have come to rely on it and new innovations are happening all the time. Some have developed concepts well ahead of ordinary people’s imagination but concepts that they embrace as soon as they are introduced. Billionaires are at the top of the tree but many know earn serious money because of ideas that they have been able to get embraced by the huge audience that the World Wide Web has attracted.
There is no doubt that established entrepreneurs have considerable power. Their views are sought on things that are far removed from the sector in which they may have created their reputations. Individuals are ordinary members of society have little chance of influencing public opinion except by a fluke of publishing something that goes ‘viral.’
Entrepreneurs do not succeed every time they start a new project. They usually understand the best way to market their ideas but that does not guarantee success. Some ideas that established entrepreneurs rejected actually become great successes. Those who retain their jobs but find their ideas do not work at least still have their regular income. They are likely to need that not only to pay their regular bills but also to pay back any money borrowed to fund their idea. Next time better luck may be the slogan to remember. Some will hesitate before trying again but others just keep on trying.