Industry is known by the intensity of necessity.
Necessity is the mother of business and commerce. Taking a product idea from conceptualization to commercialization should not escape the womb of necessity.
Entrepreneurs create stuffs that enhance and enrich our lives. Industry is saturated with products, but the economy is sustained by necessity goods. The more the intensity of necessity in industry, the more the prospect for a sustainable economy. Necessity is the mother of industry. It is high time producers knew that a sustainable economy is at the mercy of necessity and not creativity.
Innovators are commonly faced with the challenge of what to create, that is, how to best use creativity to produce what consumers need and what the economy needs to be sustainable. The creative industry is saturated with creative ideas, but a robust economy is possible with entrepreneurial ideas which are capable of creating entrepreneurial solutions and a sustainable wealth.
Wealth is gold. Gold is wealth. Creative ideas are necessary for entrepreneurship to thrive, but entrepreneurial ideas are necessary for the economy to flourish. The city of necessity is the city of prosperity. Necessity city is the city of gold.
What is in an entrepreneurial idea that makes it a potent force in creating a formidable and sustainable economy? – NECESSITY!
Newness
Economic impact
Commercial value
Environmental impact
Social impact
Sustainability
Innovation
Transformation
Years
Newness – An entrepreneurial idea is not only problem solving, it is unique and new. The newness and genuineness of an entrepreneurial idea are the conditions for innovation-driven entrepreneurship to thrive. Entrepreneurial assets such as intellectual and industrial properties are products of innovation-driven entrepreneurship.
Economic impact – Economic goods are not necessarily necessity goods, but necessity goods are economic goods. Although both economic goods and necessity goods are essential for economic growth, it is however important to know that necessity and not creativity is the mother of the economy. Necessity is the mother of impact.
Commercial value – Necessity is the mother of commerce. Entrepreneurship is essentially moving from conceptualization to commercialization. Don’t just come up with creative ideas, come up with entrepreneurial solutions which lead to the creation of necessity goods, and potentially, a business opportunity.
Environmental impact – Necessity is not only the mother of invention, it is also the mother of impact. Gone are the days when creativity for the sake of creativity and necessity for the sake of necessity were the ideologies of innovators and inventors. In the modern days when environmental impact assessment has become a vital research effort in ensuring that innovations and inventions are not only economically viable, but also environmentally enviable, that is, having a positive footprint on the fauna and the flora while also maintaining its social friendliness.
Social impact – Necessity is the mother of social impact. Social entrepreneurs are the best innovators because they study social problems and understand people’s pain points. They don’t just start with the conceptualization of ideas, they start with the visualization of impact by thinking of the best creative ideas to apply to problems and to opportunities to enhance and to enrich people’s lives. Creatives are known for creative ideas, while social innovators are known for social impact through the entrepreneurial solutions they come up with.
Sustainability – Sustainable social, economic and environmental practices are the goals of the United Nations and other world leading organizations. Necessity is the mother of sustainability. Sustainable development is a necessary entrepreneurial goal, research efforts in this direction are geared towards making the world a better place for mankind.
Innovation – Innovation-driven entrepreneurship is a booster of the economy. There is a rising share of GDP emanating from intangible capital which is made of intangible assets, which are non-material and non-physical assets such as Research and Development (R&D), patents, trademarks, copyrights, brands, employee skills, discoveries of new products or processes, software programmes, new ideas and new processes employed in the organisations (Schliro, 2012).
Transformation – Whether it is social, economic or environmental, the ultimate goal of sustainable development practices is a transformation with empirical evidence of social, economic and environmental upgrades.
Years – Necessity does not thrive for days, it thrives for years, and from generation to generation, its relevance is preserved. Necessity if the mother of longevity. When you see organisations, businesses or companies whose relevance does not wane, check the foundation; it is absolutely sustained by necessity and not mere creativity.
Necessity goods make the following:
Meaning – Before a product can pass the test of necessity, it must first make sense. With respect to innovation-driven entrepreneurship, a necessity good is one that appeals to customers’ cognition and emotion, thereby spurring a positive decision towards purchase and repeated purchase. People don’t just part their money for commodities, they part their money for uncommon ones, that is, products that are uniquely meaningful or meaningfully unique.
Money – Necessity goods make a profitable venture. It goes beyond making sense, it makes money perpetually. It is viable if it makes sense, but enviable if it makes money. Necessity magnetizes money and potentially generates wealth. Necessity is the mother of business and commerce. Taking a product idea from conceptualization to commercialization should not escape the womb of necessity. Economic goods that make it to the market are products of necessity which are the fabrics that make up a business opportunity. In business, an opportunity is a key to success. Without it, a business cannot begin, expand, or succeed.
Many – Products that make tangible impacts are necessity goods. Brand love is a product’s positive impact on customers. A product that offers the most utility to consumers is a necessity worthy of investment. Necessity goods positively impact many. Any product that impacts positively on people’s health and happiness is a necessity.
Necessity is the mother of meaning, money and many. The journey of an entrepreneur should begin with the vision of necessity, strengthened by creativity to make social, economic and environmental impact. Necessity is the mother of sustainable entrepreneurship.
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