The Value of Ideas and Getting People to Pay You Hundreds of Dollars for a Handful of Sand
- Tags:
- Billsnow.com,
- Entrepreneur,
- Entrepreneurship,
- Management,
- SLAP
- Source:
- Billsnow.com
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Overview: Many entrepreneurs fail to raise money from investors because the entrepreneur fails to offer something customers will pay for. The entrepreneur is so focused on the idea, that he loses sight of whether the idea is good. This is the legendary SLAP (Solution Looking for A Problem) that we’ve all heard about. The SLAP is usually the result of “satisficing,” which, according the college professor who claims to have coined the term, means, “implementing the first solution you think of.” For some reason, we seem to believe the first (and often only) idea we think of is the best idea. Sometimes it is, but many other times there is a better solution out there. The article boils down economics to three things: 1) Raw materials, 2) manufacturing/production, and 3) the idea. Raw materials are not needed to create wealth, not does the possession of raw materials automatically lead to wealth.
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Format: HTML | Date: Nov 2003 | Pages: 1
