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Innovation

Why is an idea worth of living

Artikkelen er mer enn to år gammel, og kan inneholde utdatert informasjon.

As an entrepreneur the most valuable experience I have gained after starting two companies and helping a handful other startups is the basic fundamental question if an idea is worth living. A good entrepreneur would not put energy into an idea with no livlehood. 

Before answering why this question I will explain some different phrases and definitions. 

Innovation. The definition of an innovation can be formulated in this sentence taken from the publication of OSLO Manual 2018: 

«An innovation is the implementation of a new or significantly improved product (good or service),or process, a new marketing method, or a new organisational method in business practices, workplace organisation or external relations.»

This gives us a definition that we can use to define the idea and making a business plan. The business plan can be an abstract document in the beginning but it answers two important questions according to Guy Kawasaki, writer of the book, Art of the Start 2.0.

“Who has your money in their pockets? How are you going to that it into your pocket?”

With these questions into mind we are ready to proceed to why your idea is worth of living.

Many good ideas and products are in way better than existing products or methods already in use but there is no adaption to this new solution. You can invent the most genius product or service but if it not implemented or being using the idea is no innovation, as we could read by the definition. This does not mean your idea or your business plan would not succeed but there is hard to compete with already established companies when your product does not have anything unique. Have in mind that a location can be a unique for your business idea, and several other aspects to make just your business unique and strong against the competitors.  

Give service or make a product somebody wants! This is maybe the most important thing to have in mind. If nobody wants your product or your services, there is no livelihood to your business. Many companies goes bankrupt because the lack of paying customers.  

By Bjørn Mjølsnes