Innovation: The Spirit of Entrepreneurship

There is no arguing that innovation is the spirit and soul of entrepreneurship. 

My intention in this short piece is to highlight four fail-proof opportunities for the serious minded entrepreneur to innovate, and be successful.

1. Production technologies and processes that are very efficient: These are sure winners, especially when supported with robust management and marketing systems.  It means that the entrepreneur can beat other players in the market place in terms of production volume and price - you can deliver more and cheaper too. The entrepreneur that has innovated this type of technology may consider selling the patent rights if they do not wish to live with the hassle of day-to-day management of the enterprise.
2. Personal charisma or persona: It might surprise some people to learn just how many entrepreneurs succeed and become fabulously wealthy, simply because of one individual's charisma or persona. It is particularly important for entrepreneurs in the entertainment, hospitality and specialty products or services industries to explore opportunities and to innovate a "strongly emotive and unique selling point" for their business in this area.  Be careful though! You must have the right "face" and "personality" to pull this off.
3. Quality that surpasses customer expectations:  The entrepreneur that can innovate and create products or services that surpass customer expectations will most certainly do well in the market place.  Customers are bound to become your self-appointed sales representatives and will market your products or services to their friends and contacts, at no direct cost to you.  Please bear in mind that customer expectations are dynamic and that you have just signed up for a marathon race that has no finish-line, if you elect this pathway to entrepreneurial success.
4. Making luxury goods affordable to the masses: A determined entrepreneur should always scan the market to identify various luxury goods and services that he or she can make put within the reach of the masses through innovative production, packaging and marketing.  You are not likely to miss target if you go this route, and the masses will thank you for it, after all you are letting them enjoy some product or service that had been exclusively for the rich.

With best wishes.