The One Most Important Principle in Business

Imagine… by the end of this post, you will be a more effective in your career, business, and as a student all because you learned one very important principle, and the specific reason why this principle is so crucial.

Thomas Edison once said, “I only want to invent things that sell.”

Now this quote may sound obvious, but it’s an important principle to understand if you are:

  • getting a degree,
  • looking for a job,
  • starting a business,
  • spreading an idea or
  • inventing a product.

And apparently it’s not obvious as we continue to see people wanting to be compensated for services or products the marketplace doesn’t want.

Note: Did you know that 98 percent of all patented inventions NEVER make enough revenue to recover the expenses of getting a patent? The inventor was convinced that if she could get a patent,  someone would want to purchase the product. In the same way I see:

  • Job-seekers who are unclear about their focus or areas of competence
  • Coaches who will “coach” in any area of life where you have a need
  • College students expecting to be highly compensated for having studying obscure areas of knowledge
  • People starting a business before doing market research
  • Inventors wasting time and money patenting the word java, hand socks,  automatic pet petters, and pockets are jeans. Yes these are real patents.

If you have something to say or sell be sure you tell a story in a way that matches something people worldview. Describe yourself, your product, your service, your cause as the new, fresh, and innovative iPad – and you’ll have people standing in line who want you to work for them – sell to them – or develop another product for them.

4 thoughts on “The One Most Important Principle in Business

  1. A take on this that I’ve heard a lot is to discover the needs of you consumer and design the product to their need. Not to just push out products or services and hope they will make money like you’re saying.

    • Man you’re right on the ball. That’s exactly the key to researching a market before you produce a product. Today this can easily be done because you can get your idea out there and if the idea is an hit then you can create the product. For example: My blog is a place to test ideas and the one’s that generate the most engagement I will turn into teleseminars or a paid product. Thanks for your comment!

  2. Oh Patrick, thank you, thank you, thank you. Too often people think “I’ve got a great idea for a business” yet fail to find out it there’s anyone out there willing to pay for that idea — OK, product(s) or service(s). “If you can’t sell it, you don’t have a business” is a hard fact of business life. You know, I didn’t always want to do my homework when I was in school – but if I didn’t I also didn’t make the grade. Anyone out there with a business service or product concept – follow Patrick’s advice: Do your homework and make sure there’s a market for what your selling.

    • My pleasure! Yes when I found that quote “I only want to invent things that sell.” I knew it would resonate with people as it did with me. I so appreciate your comments and feedback. Thank you!

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