Make your passion for entertainment a key part when looking for new product opportunities

Make your passion for entertainment a key part when looking for new product opportunities

Most people lead fairly ordinary lives built around family, work, church and hobbies. That’s fine for most. The need to pay the bills drives many to engage in work that is unsatisfying, boring and stifling. The fact that so many people work in energy-draining jobs should be a motivating factor in seeking an entrepreneurial opportunity. Unfortunately, most people are completely risk averse and are turned off by the potential rewards available almost exclusively to entrepreneurs.

The perceived risk taker (entrepreneur) is not actually the true risk taker. The real risk taker is the person who is willing to work a boring job for average pay, letting life fly by without ever feeling the excitement of being in the fray. This person leaves life without leaving a trace. Looking back on a journey that did not involve excitement, change and risk seemed to reflect an empty, unfulfilled life.

Entrepreneurs crave change, excitement, competition, and risk, understanding that these are the defining obstacles that must be overcome to achieve success. The ability to test yourself against the vast mass of competitive options available in the market is a drug for serial entrepreneurs. They may not always succeed, but they will always try.

Most new products are developed from the life experience of the entrepreneur. The hundreds of new product ideas I review each year are mostly skewed toward hobbies: pets, cosmetics, sporting goods, and children’s products. And overwhelmingly, these offerings can be described as having a fun component.

Would you be surprised to know that the toy industry is 60% smaller than the pet product market? Make me! However, I saw momentum in many product categories, which I think explains this surprising number. I call it “Passion for Fun”. Golfers, hunters (and fishermen) and pet owners are among the most passionate people I interview. They are intensely immersed in all aspects of their passion. Maybe toy manufacturers aren’t making hot new toys or parents are spending more money on educational products, but I know parents love their kids. They’re just not passionate about toys.

An avid outdoorsman will buy any product that can potentially give him an advantage when hunting or fishing. More strikes for the fisherman, closer and clearer shots for the hunter, more fish caught and more game killed is the goal of every sportsman. They are passionate about their sport and want to learn about any product that will increase their success and enjoyment.

Pet owners are just as passionate about their animals. Sharing a home with an animal is in itself an expression of commitment, sharing and passion. Pet toys, exercise equipment, top-of-the-line foods, and even vitamin-enriched bottled waters are huge sales for pet owners as they pamper their animals. The joy that pet owners get from sharing their lives with a beloved pet is very rewarding. Watching a child play with a puppy or kitten is one of the most precious memories for parents.

Golfers share the same commitment to expanding the enjoyment of every aspect of the golf experience. I review more golf products each year than any other single category. In each case, the entrepreneur believes he has developed a product that will improve golf performance, lower scores and increase the playing experience. These entrepreneurs are always golfers with a passion, looking to provide an advantage through the unique features contained in their invention.

Passion for fun entrepreneurs, because of the love they have for their hobby or sport, provides products that are a joy to them. It’s much easier to succeed with a product that screams leisure, happiness or fun. The ability to create an exciting new product opportunity that provides a fun feature and benefits an area of ​​passion is a dream come true for these entrepreneurs.

My father worked a dead-end job. He was very unhappy that life passed him by (his words). He told me as a young man, “do something that’s fun, not work”. Work and play mean different things to different people. Some people are happiest at work, regardless of the type of work: it identifies them. Invariably, these types of people are entrepreneurs. They enjoy the work because they own the business.

However, most people prefer to do “fun” work for a living. Working as a golf pro, sports commentator, artist, writer, personal trainer or coach are just a few jobs that many people would describe as fun and rewarding. Most of the products I review that succeed in the market offer features and benefits that provide a way to bring more fun to passions and hobbies.

I also review a lot of work related products. Many of them have huge potential. The ability to secure advancements in wellness, technology or e-commerce can be extremely lucrative. As a capitalist, I love these projects. Regardless, the real fun and passion I see when working with hobbyist entertainment products is usually absent from industrial inventions.

New products related to hobbies and sports are often easier to conceive, easier to patent and trademark, and easier to design and manufacture than most industrial products. The capital required to market a pet exercise toy can be a piece of mechanical tool or technology. Often times we use the inventor of a fun product as the branding spokesperson for the item. The passion for fun that an entrepreneur has put into their product is contagious and translates to greater sales and credibility.

When aspiring entrepreneurs are looking for a product to build and market, we strongly advise them to look around the house or garage. What is their true passion? What brings joy, happiness and a sense of fulfillment? When they cut out a book, assemble model airplanes, play chess, golf, swim, or read, is there something they often think will enhance the experience. This is the surest way to find a potential opportunity in an area of ​​great interest. You can invent this new product and it will be rewarding for you and every user as your entrepreneurial career begins.

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