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Editor’s note: Trevor P. Schmidt is an attorney with Hutchison PLLC.
RALEIGH – There is an old saying for writers struggling to find their voice, “write what you know.” The same can be said for entrepreneurs. To found a successful company, it is not enough to be passionate about business, you have to have insight into the specific needs of your industry. My most recent guest on the Founder Shares podcast, Daniel White, shared with me that knowing the market need in your space, and being able to uniquely address that need is key to a successful company.
“When I went outside of ophthalmology, I didn’t do very well,” Daniel said. “But, when I stayed within ophthalmology, particularly retina, I tend to do very well.”
Editor’s note: Trevor P. Schmidt is an attorney with Hutchison PLLC.
RALEIGH – As an intellectual property attorney working with startup companies, I get a lot of people telling me about the idea they have for an invention or a new business. Everyone from the woman cutting my hair, to the waiter at lunch, to old high school classmates; everyone has an idea. I love hearing these ideas. I love the enthusiasm and creativity of people and the desire to solve new and old problems.
But here’s the thing: the big idea is only the first step of thousands that you need to take to run a successful business—let alone create a market-altering company.