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Forget Elaborate Academic Laden Feasibility Studies - Go Build It!

June 22, 2012 | Comments: 0 | Views: 195

As an entrepreneur, inventor, and innovator times 10 to the 10th power with energy to spare you can imagine that an activity worse than hell for me would be to sit in a committee and listen to a bunch of people spend hours putting into their minutes what I as an entrepreneur could have done in seconds. It's not that I don't mind the idle chitchat once in a while, but I can go to Starbucks for that, there's always someone there who wants to tell me their problems, what's wrong with the world, or why their life hasn't exactly turned out the way they wished - but you know, I really don't have time for that.

The other day, someone with a rather cool medical device, an innovative idea, one that has been kicked around by more than a few up-and-coming medical robotic technicians came to me with an idea. He wanted to have us and our think tank help him put together a group of people who then might do a feasibility study, and when I asked him if he had a plan of attack for this entrepreneurial endeavor he said; "Our first step is to build the scientific team and then conduct a paper based feasibility study. From that will come the budget and the more detailed plan."

"It's feasible, I said so, that part is completed. The scientists are available, and the robotic technology has been created, only need slight modification, the communication system easily integrated, along with the IT data pull, and AI scheme for real-time advancing of the unit's progress. Where is the rest of your plan? Time to get busy and make this happen."

You see, in this case study we hardly need a bunch of "group thinkers" sitting in rooms collecting money and spending 6-10 months coming up with feasibility studies taking their sweet time. Entrepreneurs know that you must be bold to win - you must take the bull by the horns and go for it. The constant debates back and forth of "what if" something goes wrong or won't work leaves doubt in the minds of the team. You have to believe it, and go build it, failure is not an option - we'll make it work - watch us, must be the mantra.

You have to take risks. There is an old story that is often told where entrepreneurs, engineers, and scientists are all doing a feasibility study. The entrepreneur just starts to build it, the engineers claim they can make it lighter using a tenth of the materials, and the scientists are busy doing calculations proving it won't work - then the entrepreneur on his fifth try has a working prototype and flies it over their heads while they argue. I think that story is apropos here.

Indeed, when he came to me with the idea, he explained why he believed it was feasible, why he should build this thing, and what it would mean for humanity. He'd already determined in his mind it was feasible, but still he wanted to ask all the experts, and get their take on it. At some point, you have to stop saying "get ready, get set," and just get out there and "go do it!" In fact, I hope you will please consider all this and think on it.

Lance Winslow has launched a new provocative series of eBooks on Innovation in America. Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank;

Source: EzineArticles
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