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These insights are critical when your resources are limited. Usually only reason a new company succeeds is because owner is able to perceive a need in market that has previously gone unfilled. That can include a higher quality version of an existing product or service, a less expensive version, or a whole new approach to solving an age-old problem. Or perhaps entrepreneur is doing nothing more than making it easier for his customers to buy same things they've always bought. Whatever it is, entrepreneur spied something that others didn't see, then acted on it.
Gaining an insight that can be converted into a new business requires a deep understanding of what customers need. Turning this insight into al company takes sustained concentration and ability to learn quickly. In order to create a business, this initial insight has to be honed and adapted quickly to meet actual needs of customers. What started as a good idea has to be developed in accordance to how and when people buy. What begins as an idea to sell chocolates becomes business of selling gift packages.
The demands of developing a new idea, refining that idea into a product, discovering a market for product and communicating to that market are easier if entrepreneur is a devoted fan of product. You can't easily switch from selling auto parts to selling fishing gear simply because you perceived a need in market. You switch from selling parts to selling fishing gear because you love fishing, you know a great deal about fishing, and you love to be around people who fish.
George Bernard Shaw said that life was "Just one damned thing after another." That's life of an entrepreneur. If you love your niche and love interacting with vendors and customers, coping with one damned-thing-after-another is exhilarating, not exhausting. If you love with you business, effort to learn and grow will be pleasure, not pain.
Rob Spiegel is the author of Net Strategy (Dearborn) and The Shoestring Entrepreneur's Guide to the Best Home-Based Businesses (St. Martin's Press). You can reach Rob at spiegelrob@aol.com.