How can I make money using my talent for coming up with great new ideas?
Careershifter question
What's your personal and career background?
I have spent most of my adult life, from about 20 until my mid 30s, working in academic science research posts. The reality of present day science has disillusioned me towards research in academia. There is a constant pressure to churn out papers more and more frequently, inevitably with less significant content. Unfortunately my brain doesn't work this way. I have a talent for inventing devices, creating new methodologies and just generally having novel ideas in lots of areas (not just science). But the current climate in UK science does not allow the freedom to pursue such ideas anymore (at least not at the lowly postdoctoral level). Industry is even less interested in people like me. I therefore left my last post and about 4 years ago decided to try my hand at making some money by inventing, while living off savings.
What's your current work situation?
My first product did sell, but very slowly due to the small niche market. I've also written two books in the last few years (unpublished so far). I have taught myself webdesign and coding and have made a very small amount of money writing websites. A couple of years ago I became a bit more serious about business and did an MBA course which I passed with distinction. Since then I have patented a radical invention of mine and started a company, but still can't find essential funding after a year and a half (I've tried all the usual channels and some less usual). I have also tried applying for numerous business jobs, to no avail. Consequently I'm scratching a living by doing temping type jobs that use none of my previous experience. The type of job I could have got at 18 with no qualifications.
Where ideally would you like to be in twelve month's time?
Ideally I would like to have sufficient funding to get the company off the ground. But it's a very high risk venture. Or earning off a mix of projects such as books, webdesign etc. Or someone pays me to have radical ideas!
Where are you currently most stuck?
The business world only seems to want drones that have "proven track records" in whatever narrow area the job advert specifies. Consequently I have yet to have an interview. But I can't go back to science research - once off the treadmill for this long it's essentially impossible to get a job (I have tried anyway). I'm interested in so many areas, but somehow I need to make more money than temping provides. Can oddballs like me survive nowadays or did we always have a hard time? What would you advise?
ShiftDoctor answer
It sounds like you are a classic "Creator" profile in a personality profiling system I like called Wealth Dynamics (see www.WealthDynamics.org.uk).
A Creator is great at coming up with new ideas but can be weak on testing the market first and on finding funding to make the idea happen. A Creator may also initiate a great variety of projects without following through on them all.
The key to success for you is to find a way to focus your time and energy on what you're best at - creating new stuff - and collaborate with others who will keep you tuned into the market and find you funding to leverage your creations. In the Wealth Dynamics system, there are personality profiles that have a natural ability to do both of these things.
I know this all too well because not only am I a creator myself but a number of my clients are too.
And yes, as you say this is not the way the world of jobs normally work. We're all expected to be well-rounded people who can be creative, manage people, manage our time and get the details right. The truth is we would be a lot better off focusing on our natural strengths.
What's great is that you do seem to be following through on your ideas - creating prototypes, getting patents, completing books, and passing an MBA - and that's where many Creators fall down.
The classic mistake inventors like yourself make though is to create something that seems like a good idea but which does not address a problem that large numbers of people are already experiencing and are willing to pay to solve. To put it simply, a successful entrepreneur is someone who solves problems at a profit.
More attention on the market for your ideas is essential. With web design for example, there are ways to make more money from this new expertise of yours if you focus on the right area of e-business (Internet marketing for example). Bear in mind that writing books rarely makes anyone much income but they can be great as a promotional device to establish yourself as an expert in a particular area. Writing e-books can be more profitable for some topics.
Here are some other resources to help you:
Look for collaborators and investors at networking meetings for startups like OpenCoffee in London
Read the "Beermat entrepreneur" book which stresses the importance of having four people to support you as an entrepreneur
Have a look at my website www.scannercentral.co.uk for people who have many different interests
The most important thing is to stop trying to make it on your own. The lone entrepreneur is a dangerous myth, so start getting support and finding collaborators now.
John Williams helps creative entrepreneurs develop "Freestyle" careers and businesses. Going Freestyle means doing what you enjoy as much as possible in a structure that suits you and with a strategy that brings you the best possible return for your work.
Download John's Freestyle Toolkit to help you do what you love and make it pay at www.FreestyleSuccess.com.
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By Slavo on 2 August 2008 at 13:41