8/5/2021 Tip: Edison Did NOT Invent the Light Bulb | Growthink

8/5/2021 Tip: Edison Did NOT Invent the Light Bulb

Today’s Quote

“All publicity is good, except an obituary notice.”
~ Brendan Behan

 

Today’s Tip

Did you know that Thomas Edison DID NOT invent the light bulb.

Why do I tell you this?

Because every single day at least one entrepreneur contacts me with some fear about someone stealing their idea.

And their fear is unjustified.

Successful entrepreneurs don’t focus on the fear of someone stealing their idea. Rather, they focus on executing on the opportunity by bringing their idea to market.

Which is what the 22 inventors of the incandescent light bulb before Thomas Edison FAILED TO DO.

That’s right. Twenty-two inventors had the idea before Edison (not only did they have the idea, but 22 people actually invented incandescent electric lamps before Edison did).

And Edison didn’t steal their idea. Rather, Edison improved on their idea by first understanding the market. He realized that a more commercially viable and longer lasting light bulb was needed if light bulbs were to go mainstream.

So, he and his team created this product and the rest is history.

The moral is that he who has the idea first generally doesn’t win. In fact, if your idea is so good, usually others have thought of it before you or at the same time. The winner is the one who takes it to market first, tweaks it based on customer feedback, and scales the business.

 

Today’s Resource

Writing a business plan? Use this template…

Over the past 20 years, literally hundreds of thousands of entrepreneurs, executives and business owners have come to me for help on their business plans.

Well over 100,000 of them have used my business plan template to quickly and expertly complete their business plans.

And they’ve collectively raised billions of dollars and have gone on to build some pretty incredible companies.

Get the template here <—

 

Trivia

Today’s Question: What is the all-time bestselling car in the world?

Previous Question: In a business hierarchy, what is the “marzipan layer?”

Previous Answer: The group of managers just below the highest level of directors.

This phrase refers to the fact that in some cakes, a layer of marzipan lies just below the icing.

 

Join our Tip of the Day

To get Growthink’s Tip of the Day delivered to your email inbox, enter your information below:

[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]
[for="inf_misc_Pleasegiveusabriefoverviewofyourbusinessandorcurrentchallenges"]