For a very interesting entrepreneurial idea, check out what Shin Yamashita has created.
Mr. Yamashita’s idea reminds me of three key things for young entrepreneurs to remember.
Good Ideas Need Not be Rocket Science
It is not necessary to create the next iPhone to be successful. You can take an existing, simple product, modify it, and create something with great potential.
As Ralph Waldo Emerson once said, “build a better mousetrap and the world will beat a path to your door.” You cannot get much simpler than a mousetrap.
Mr. Yamashita has taken basic flooring and turned it into an innovative multi-dimensional tool.
Good Ideas Fill a Neglected (but Desired) Market Niche
There are many market niches that have no specific products or services. Usually where large companies do not see significant growth opportunities. Where the potential returns are not worth the investment.
For the year ended August 31, 2009 IKEA reported revenues of USD 30.1 billion and profits of USD 6.9 billion. Do you think a new use for carpet attracts their interest? Probably not at this point in time.
But for smaller entrepreneurs, these niches may provide more than adequate size for a long-term profitable existence. A couple of million dollars in revenue may be nothing to IKEA, but it may provide Mr. Yamashita with a great life.
Just because a market niche has not been developed, does not mean that it is not worth developing yourself.
Good Ideas Do Not Always Require Extensive Experience or Money
Entrepreneurs can come from any background and any age.
Including students.
If you think you have a good business idea, do not worry about your age.
For young adults, or those with limited experience in business, perform proper due diligence on your idea. Make sure that there is a potential for your business. Get feedback from those that do have entrepreneurial expertise and experience.
If convinced of the feasibility, do not let those who question your age, or lack of experience, stop you. The business potential of the idea is what matters, not how old the inventor is.
You may need to partner with someone who has financial resources to develop and market your idea. Not always the easiest thing to raise money. But if your idea is solid, someone will take a chance on you (although possibly for a larger share of your business than you would like!).
And, you may want to find someone with business and accounting experience to help get the enterprise underway. But buying business expertise is simple.
It is the ideas that are the hard part. If you have one, you are ahead of almost everyone else.
Even better, if you are young!
