Why come up with a new business idea and face the high risk of failure?

Share these new ideas
A medical student checking blood pressure usin...
A medical student checking blood pressure using a sphygmomanometer and stethoscope. (Photo credit: Wikipedia)

Two John Hopkins medical students came up with an idea for a business and with the help of an accelerator program have launched a company that provides security for electronic health records. The two medical students have developed a tool that protects the hospital’s electronic health record system. Instead of the traditional approach that focuses on protecting the perimeter, the tool focuses on building an immune system. The company now plans to employee between four and 10 people and is looking for data scientists, engineers and technical experts to help fine-tune its software program so it can be used for hospitals and health systems of different sizes.

This is an example of two medical students who went beyond their medical studies and came up with an idea that can potentially provide great rewards for them. Why would they go above and beyond their medical studies to become medical doctors and take on the risks involved in starting a new business from scratch? Why would they put their reputations on the line with the possibility of failure which comes with the territory in forming start-up enterprises?

There are probably a number of reasons why they started their small business including the potential high rewards, creating something of their own and even making a name for themselves in the medical field.

Have you ever been interested in coming up with a new idea for a product or service? Perhaps you have thought about some way of solving a problem specific to a particular set of customers. Maybe you got excited about the prospect of high potential rewards. But at a certain point you may have come to a sudden realisation of what it takes to turn an idea, concepts or even notion into a material object or service. That’s when perhaps you understood the risks involved as well as the resources that would be required and the exceptional hard work involved.

This is the thing, isn’t it, about new ideas. Many people come up with promising ideas that could be a potential source of income for themselves and their families but they don’t know how to take it to the next level. Formal incubator programs cost an arm and a leg and idea accelerator programs come with strings attached and may have exclusion criteria that make it difficult or impossible to be accepted. Then there is the sheer energy required to get your promising business idea off the ground. Ideas turned into products or services don’t just miraculously occur out of the blue. They require product development, prototypes, market testing and business planning before implementation.

People have various motivations for starting something of their own. Yes, it might be risky but having something up your sleeve even though it is embryonic can act as an insurance policy later on. Perhaps when you need it most, your idea developed from mere concept to product or service, could provide an income that is a safety net against the vagaries of regular employment and inevitable changing circumstances. But those who promise you that it is an easy road from idea generation to product development and making your products available on the market should not be taken seriously. It’s exceedingly hard work, brutal, demanding and highly risky if you don’t know what you are doing.

If you believe you have got what it takes, if you believe you have the driving ambition that is required and if you believe you are ready to start something of your own, then why not put your name down on the waiting list at no obligation for my new book “Breakthrough Ideas”. It’s not going to come with a guarantee for success; only you can provide that but it will show you a clear and reliable path to turning your most promising business idea into a viable product or service.

Leave a Reply