Do want to be your own boss?
Do you want to make a contribution to society with your ideas?
Then Business Alchemy: Turning Ideas into Goldis the book for you.
Excerpts from the Book
Testing Your Business Idea
“In today’s turbulent markets, you must make connections
to create value that competitors can’t see.”
Of course your idea is brilliant … or maybe it could just possibly need a little more work. Here’s how to find out whether or not you’re ready to move forward. Somewhere between scribbling an idea on a cocktail napkin and actually starting a new business, there’s a process that needs to be carried out that can actually improve your chances for success. Oftentimes, would-be entrepreneurs get so excited about their innovation that they forget to find out whether or not it can translate into a viable business. In Chapter Two we focused on creating a product or service that could potentially be commercialized. Theoretically there is a clean differentiation between creating the product or service and developing a successful business. However, in reality, the lines are blurred. For example, Chester Carlson’s xerography patents defined the machines that would eventually make cheap dry copies; but he needed funding and technical assistance from the Battelle Foundation and the Haloid Corporation to commercialize the product. Xerography became the dominant business product so Haloid was renamed the “Xerox Corporation.” Conversely, John Schnatter’s idea for rapid delivery of high quality fast food was simultaneously a product and business idea that resulted in Papa John’s Pizza – more on the business idea than the product. The history of invention documents describe how even master inventors fail to perceive commercialization potential. For example, Thomas Edison invented the phonograph as a spin off from Bell’s telephone; but Edison thought it to only be useful for recording final...