December 2008

Ms. Carol Applegate (Director of programs and services, Business Ownership Initiative (BOI; not-for-profit partner of the Small Business Administration)) helped us understand that innovation is an interaction between thinking and doing. “An expert is a person who avoids small error as he sweeps on to the grand fallacy.” [Niels Bohr] What is the grand fallacy of innovation? It’s that we tend to mistake thinking for doing. Consider this trick question: 6 frogs are sitting on a log. One decides to jump off. How many are left? Answer: 6 frogs. Why? Because the one frog just decided to jump off; he didn’t do anything. Many inventors decide to jump into a business so they can turn their inventions into financial success. They decide to jump, but don’t. They stay on the log because they lack the strength of personal commitment to the effort of business, or they lack the grip of knowing how to start, maintain, and grow a business. BOI offers valuable yet inexpensive ($10; discounts available) classes taught by business professionals who help inventors gain both strength and grip. You can start with free confidential business counseling: face-to-face, telephone, or online. This will help you decide what to do next. Life coaching is also available. You might try the 4-step starter program: 1. Thinking about launching a business? – free 1 hour class that gives you an overview. 2. Is self-employment for me? – free class that helps you evaluate your commitment and abilities. 3. What makes for a great business idea? – free class that helps you relate your business idea to the market 4. Launching and growing your business – a 20 hour course about the knowledge, skills, and resources that are helpful for starting a business. The course covers both administration (legal requirements, registration, licenses & permits, paperwork) and planning (goals, resources, customers, probability of success). Other classes address getting loans, doing market research, registering your business, starting a non-profit organization, sales and marketing, legal issues, financing, networking, intellectual property, and writing a business plan. So get into the swim of things! For more information visit the BOI website or speak with Bob Cole at (317) 917-3266x100. Thank you for telling us about this invaluable resource Ms. Applegate!