Every businessman is likely to say that research and development is crucial towards entrepreneurship. If Thomas Edison had not tested to find the right filament for the commercial light bulb over 6000 times, humanity may have found themselves enveloped in darkness for many years. Innovation is not just an idea; it is the materialization of that idea into a product that can improve standards of life and humanity’s progress. The most memorable innovations across history have managed to do just that.
Although what is the entrepreneur who does not spend a sufficient amount of time and energy into developing an idea? A failed businessman is the correct answer. One of the major reasons why research and development is so important is due to the amount of money that can be saved in the progress. Money is not an available resource for every entrepreneur. Before a product hits the market, there is a need to make sure that it can function impeccably. Where many entrepreneurs fall short is that they do not prototype their innovations. Prototyping can save time and resources by bringing to light the possible pitfalls before market release. However, research and development continues well after a product has been launched.
Sebastian Greenwood quotes Robert H. Schuller when he says, “Problems are not stop signs, they are guidelines.” Research and development can highlight the problems within a product and serve as guidelines for what can be improved.
Development never stops
The reason why newer versions of cell phones come out each year is because companies have found something to improve upon. Of course a standard tactic is to deliberately not bring out the best model so as to create upgraded versions for future releases, but research and development often find ways to make technology more engaging.
Even after a product has been released into the market, there are always ways to further its potential with each new version. Pivotal to an extended business life for an entrepreneur therefore, is the continued expansion of product lines that accommodate the rapidly developing technology of today. Without a team of researchers and developers working to improve the product, it could become out-dated within the year. Entrepreneurs that invest in the continued development of their innovations see a higher chance of success in the market. Without research and development, enterprises can become stagnant.
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