Right Product + Market Opportunity + Committed Execution = Success
Many people ask me what is the key to my success as a business owner. I look to the formula that my dad passed down to me. He would say you need to have a product that people need. Elaborating that not only do you need a product people need but you need enough people to need it to make a profit. Mix in a passion for what you are doing and learning everything you can about selling, marketing, making and developing the product.
Harvard Business School professor Nitin Nohria along with William Joyce and Bruce Roberson studied 160 companies to look for common management practices that succeed and found a sound business plan is at the core of success. They found a strong grasp of business basics was the key to longevity and growth. My dad never went to college only trade school. He smiles when I share what the Harvard Business School says about success. My dad is a smart man with a great deal of common sense.
As I explore what makes a person both a success as an inventor and entrepreneur, I think that I have found another key! You must be highly smart but also have common sense. I am not sure the two always go hand in hand.
I look to the great inventor/entrepreneur Colonel Deed. He not only invented things but was called by Quaker Oats to improve functioning of a factory. He is an example of a highly intelligent man with good business common sense.