Can a scientist understand an innovative business plan?

Most of the scientists love to be in academia due to their tendency to be at their desk. It is very similar to the concept of moment of inertia in Physics. Even if there are so many conferences and scientific meetings, the kind of interactions in these meetings are very filtered and still related to desk only. Due to so many level of filtration, the competition and conversation are different in science than they are in business industry. As we know, nothing beats conversations in our social structure. That’s why, after introduction of social media, the scientific communities are trying to break their affection for the scientific audiences. The presence of scientific community in the social media is increasing day by day. Hopefully, someday the scientific institutions might change their current training protocols for the young generations to develop a community with scientific approach to problems as well as with business mind to select approaches to those problems. 

Why do we need a business approach in our life? The answer lies in the question who would be inspired by my business plan or work. In our scientific talks and articles, we introduce our work by showing how important it is for society. In other words, we try to inspire others to do such works or take interest in such works. None of our training at different scientific levels inspire us to look at successful business plans.  This might be another source of inspiration as well as to understand other areas for implementation or improvement in service or products. These two words, implementation and improvement, are not like our scientific questions that are affected by status of grant. These two words are the foundation of any business plan and thus they are affected by many factors like politics, economics, social, cultural, technology, legal and environment. These factors together produce the sketch of your future success by giving a picture of competitions and opportunities.

Without competitions, there is no business as there are no alternatives for people who are coming to your service. Therefore, to understand the nature of competitions, one has to ask who is coming for this service. Competitions mean who else share these common targets. If no one shares, then it has many implications:1. No one wants that service, 2. There is nothing attractive in your service, and 3. It might be novel or it might not be novel. To measure the level of competitions, we need to know where our services are going or who else are providing such services. What features do their services provide to our common targets? Can we change the features or can we target different people for the same service that are not targeted by current providers?  All these questions cannot be addressed without targeting your audience at the very first time. Thus, the first time targeting of your audience should be a part of your business plan. And this is the time when people provide free service to make people aware for alternatives. This is the zero level. This level is very important as this allows you to understand the market and possible competitors. 

At another level or level 1, we try to provide differential value to our product and charge minimum so it is economically. At this level, it is very cheap in price but also the quality is at lower side. The example is service provided by Walmart. 
After this, our focus should be on increasing the quality. This will allow you to penetrate more deeply to capture more target and to grow your bussiness. 

Next, one can increase quality and price both and this depends how innovative you are. For example, the 1stIphone was launched with high price and with many innovative features compare to available and successful mobile phone at that time. Due to innovation, people will love to put money as they get real value for their money. 

Without innovation and without going for high price, we can categories our service and divide them into different level of price as Turbo Tax system. 

Innovation changes everything!! So make your plan innovative to change everything for you and only for you!!

Parmit Singh Dhurandhar