Many technologists have the notion that the terms entrepreneur and inventor have similar meaning. This makes them frustrated when they create their products and never gain any success. They lack the understanding that that most of the successful entrepreneurs such as Steve Jobs and Bill Gates had business partners who complimented their skills on the technical and business side.
Developing a successful business in the modern days is more challenging than it was in the past. In those days people like Thomas Edison were able to develop a successful business empire from several inventions. Nowadays, there is overload of online information, many regulations from the government and a lot of alternatives that are available all over the world.
The word entrepreneur has been used to refer to an individual who designs a new business, which may or may not involve invention of a product or service. In some cases, great new businesses like Starbucks are developed from some of its oldest products, but with highly improved customer service, marketing, distribution, and better pricing strategies.
Issa Asad, Florida entrepreneur since 1996 says there are 4 traits that make the perfect entrepreneurial partner. Mr. Asad is the CEO of 2 companies located across South Florida, including Q Link Wireless and Quadrant Holdings. These 4 traits make the perfect entrepreneurial partner:
1. They Concentrate on Developing a Business
Inventors spend most of their time developing products. A great entrepreneur begins by coming up with a problem that needs to be solved. For instance, the investor will consider the number of people with a problem and the amount people are ready to pay to resolve the problem, while the entrepreneur will figure out how to earn money for the product and how to implement it.
2. They Demonstrate High Passion and Marketing Skills
It is worth noting that even the best solutions require marketing. In addition, the right communication is also needed in order for the solution to get the right attention. An inventor has the attitude that if he develops something, people will get attracted to it, which leads to failure of an investment. A good entrepreneur has a passion that is spread easily to investors and customers.
3. They Are Customer Centered
An entrepreneur gives top priority to customer interaction, pricing, support, and value proposition. In building a business, it is vital to understand the most important segments and trends in the market. This is more necessary than focusing more on trends in technology.
4. They Know How to Lead a Team
Inventors tend to be lonely scientists who lack the right skills or interest to develop a team around them. An inventor might see a team as an extra burden or unnecessary to them. On the other hand, a team is very vital to an entrepreneur. Entrepreneurs understand they require a team with ample skills and find happiness in leading the team to success in attaining their set goals.