One of the challenges for the entrepreneur is figuring out what the consumer wants and will value highly. Often times the things that consumers value the highest are not even an option in the market until an entrepreneur takes the risk and creates something that may or may not succeed. A good example of this can be seen in the 1949 film "The Fountainhead" based off a book by Ayn Rand.
Before His Time
In this film, the main character Howard Roark is an architect who wants to design and build his own unique buildings. He is firm in his desires to only design the buildings that he wants to and refuses to simply design buildings based on the drab basic ones that society wants him to use. The point comes when he can't afford to be an architect because no one values his designs enough for them to be bought so he can earn a living. He finds other sources of income, falls in love, and doesn't give up on his dream. Eventually he is allowed to work on designing a housing project, but gets stabbed in the back when his designs get changed and everyone blames him. But he never gives up! After winning a trial, the closing scenes of the film allude to the fact that he has finally created his one of a kind masterpiece. The most important and entrepreneurial part of this whole story is the idea of how the society he was in valued his "futuristic" designs.
This is entrepreneurial because as we discussed earlier, the current society he was living in did not value or appreciate his designs. It took time to eventually show them that his architecture was something of value, and that it could bring about huge changes. I think this is interesting because it truly shows what many modern day entrepreneurs face.
Good Ideas
Sometimes we tend to think that if something is a good idea, that it already exists. We look around at what we have instead of thinking about what we could have. That is the interesting part about this aspect of entrepreneurship. That the most valuable things haven't been thought of yet.
The Big Question
So how does this aspect affect society? In the simplest of ways, it means that entrepreneurs are constantly providing society with new and different products or ways of doing things. Just like in the film, often times we might thing their creations odd or unnecessary. But it is our duty as consumers to find the products that we do like and allow them to potentially change the way we do things. What would have happened if people would have said that they preferred horses to Ford cars? Or if candles were so popular that Edison got laughed at until he quit? The world would certainly be a much different place. It is for this reason that consumers must encourage entrepreneurs, otherwise their ideas will be stifled with a lack of traction.
These interactions between entrepreneurs and consumers happen often. Every time you don't use a new product because it is different than what you like and are used to is one less chance to change the world we live in. Granted, not each and every entrepreneur will create something life changing or hugely impactful, but it is essential to understand this interaction so that when one springs up, their idea does not slip through our fingers.