Are You an Inventor or an Entrepreneur?

Posted at July 6, 2009

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rice_cooker But don’t confuse being an entrepreneur with being an inventor.

Great ideas are a dime a dozen. Action is what differentiates an entrepreneur from an inventor. If you want to focus on ideas, become an inventor — not an entrepreneur.

The important thing is the process of planning — but you also have to be willing to throw out that plan. The single biggest advantage you have as a start-up versus an established business is your ability to be nimble, to act, to change. If you’re beholden to your ideas or to your business plan, you will fail.

History is littered with great ideas — they’re irrelevant to entrepreneurs. You need to be nimble and you need to act. Sony is a classic example. Few people know that Sony was founded on the idea of offering rice cookers to the masses. They failed at that idea, but Sony is what it is today because the founders were willing to give up on their original ideas and plans.

Gillette is another classic example of a company that constantly reinvents itself. Every year they come up with new products that transform their own industry. We may end up with razors that take two hands to hold, but Gillette proves that innovation is about change and progress, not great ideas.

So don’t be afraid to throw out your business plan, adapt and give up on your original idea…and let your company succeed.

harvardbusiness.org