First Rule of Entrepreneurship: Invent Something You Need Yourself
When the Ricochet founders got together, back in the misty past, it wasn't to create something for others.
It was, first and foremost, to build something for ourselves. We wanted a place to have interesting and civil conversations. We wanted a way to connect with other like-minded folks.
Turns out, that's the best reason to start a business. From the Kauffman Foundation:
A study released today by the Ewing Marion Kauffman Foundation shows that "user entrepreneurs" have founded more than 46 percent of innovative startups that have lasted five years or more, even though this group creates only 10.7 percent of U.S. startups overall.
"Who Are User Entrepreneurs?" is the first study to quantify the prevalence and characteristics of user entrepreneurs – those who have created innovative products or services for their own use, then subsequently founded firms to commercialize them – and identify how the firms they start compare to other U.S. startups in terms of revenue growth, job creation, R&D investment and intellectual property....
Several previous industry-level studies suggested that user entrepreneurs were the first to introduce many key innovative products and services into the commercial marketplace in industries as diverse as medical devices, juvenile products and sporting goods.
What do I need? is a good question to ask when you're an entrepreneur thinking about starting a business. What do I want them to need? is the question big-government types ask, which is why the federal government invests in things like Solyndra and the Chevy Volt.
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May '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
Great point and great post. Your story and the Kauffman Foundation report bring eBay to mind. Any chance you've read eBoys by Randall Stross? If not, give it a look. It's an interesting inside account of Benchmark Capital in particular and the VC business in general. Then again, you can get the real thing anytime you want from Dr. Savage....
Feb '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
In the programming world, the first guideline from Eric S. Raymond's essay The Cathedral and the Bazaar is,
I'm sure he wasn't the first to come up with this observation, and it's a little too absolute for my tastes, but it holds some truth.
Feb '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
What do I need? is a good question to ask when you're an entrepreneur thinking about starting a business. What do I want them to need? is the question big-government types ask, which is why the federal government invests in things like Solyndra and the Chevy Volt.
That pretty well sums it up, but omits one important point. When the public refuses to want what the government wants it to want, big government proceeds to regulate what the public does want out of existence.
Jun '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
Or something that someone you love needs:
Action Trackchair (offroad wheelchair)
http://www.youtube.com/watch?v=BbNnWhq3TwE
Jul '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
I need a GPS unit attached to My shopping cart in order to find specific items throughout the grocery store. [I live in a truly blessed time and Country, no doubt]
Hmm, I think I'll get to work on that.
What do I need?
Who in the world ever "needed" a Pet Rock?
May '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
The first user entreprenuer that comes to mind is Steve Jobs.
Jun '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
I got one for Christmas when I was a kid (teenager). I think I released it back into nature.
Edited on March 10, 2012 at 3:41amJan '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
What I need is several billion dollars…
Feb '12
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
Busy System Admin: In the programming world, the first guideline from Eric S. Raymond's essay The Cathedral and the Bazaar is,
I'm sure he wasn't the first to come up with this observation, and it's a little too absolute for my tastes, but it holds some truth. · 1 hour ago
Another famous quote is something about standing on the shoulders of giants (which is at the core of open source development)... there could be a separate area discussing what itches the visitors and how others have scratched it already. This could lead to the discussion of how to make software development contributions... maybe I am going too far with that :)
Edited on March 10, 2012 at 4:04amAug '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
This is undoubtedly how blowup sex dolls got started.
May '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
I need some way to alert the public that Romney just won the Guam caucuses. I'll just do it here.
Sep '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
When my boss got laid off 16 years ago, he developed a niche for himself by seeing the early need for geosteering technology used in directional and horizontal drilling. He developed a software for his own use, to consult for oil companies drilling those types of wells. He's now got many consulting clients, but the software licensing has developed into half the company revenue.
Dec '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
One caveat that should be noted here is that this axiom only holds true if you (the inventor) do not have odd taste.
Most everything I develop and later sell starts out as something I myself want/need.
I have to be very careful what I build in big batches though, because in the past I have found out the hard way, that my own want or need of a product does not always translate itself into sales.
Sometimes it's because I cannot sell them and make a profit at a price point that the market will bear.
A few years ago, I helped my Dad develop a really nice smoker/BBQ grill combo that end up only selling one unit because it was just too expensive for the market. Everyone loved it, but nobody could afford to buy it.
I've also built things that only I found useful/interesting. That's the odd taste thing. You may find purple and black pearlescent swirls to be quite fetching, but chances are you're the only one.
As my old man would say, "If it were easy, they'd have a bunch of Girl Scouts out here doin' it."
Oct '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
I remember reading that neither Tolkein nor C.S.Lewis could find much contemporary fiction they liked and Lewis said to Tolkein (my paraphrase from memory) "We'll just have to write some ourselves."
Mar '12
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
One of my favorite user entrepreneurs are the founders of Ravelry.com, a niche fiber arts focused social network which just signed up it's 2,000,000th member.
The programmer behind it started the network because his girlfriend, who was a knitter, wanted something better than a loose network of blogs for discussing her hobby with like-minded enthusiasts. They have since married and run the network today.
The by knitters for knitters setup of Ravelry is great because it means the network is set up to offer things of interest to those people. For instance, the site includes a massive database of user-generated content. I can search for a knitting pattern, and see everyone who has made it, what size they made, what yarn they used and any notes or tips on the pattern. I can search for a yarn and see every project made in it and every person who has used it, and their thoughts on the yarn.
It's fantastic, and part of what makes it so useable for our niche interest is that everyone involved in running the site is a knitter or is married to one.
Apr '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
He won Guam. Unanimously. He also won the Northern Mariana Islands, but with only 87% of the vote.
Apr '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
To be fair to the Obama administration, I'm pretty sure that a big part of why they, and every other government that engages in national planning of the national greatness kind, makes high end cars like the Volt is because they want to drive a high end car like a Volt that "they made".
If making people fulfill your personal fantasies of selfish pleasure instead of your personal fantasies of power over others is the path of virtue, government does not always travel on the path of vice.
May '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
Careful - I think that's what Ben Bernanke said when he invented QE2.
Mar '11
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
I can personally vouch for this theory (and thank you for the validation, by the way), being right now engaged in building software I want that nobody else has written. I have high hopes for the natural motivation of developing something I would enjoy using producing a result that others will find fun & useful too. Aiming for a Summer launch. Will report back on how the theory pans out in practice!
Nov '10
Re: First Rule of Entrepreneurship: Invent Something You Need Yourself
Snow Bird: What do I need? is a good question to ask when you're an entrepreneur thinking about starting a business. What do I want them to need? is the question big-government types ask, which is why the federal government invests in things like Solyndra and the Chevy Volt.
That pretty well sums it up, but omits one important point. When the public refuses to want what the government wants it to want, big government proceeds to regulate what the public does want out of existence.
Like incandescent light bulbs.