Vaporisation and how to avoid it

25th June, 2009

It sounds a lot like something out of sci fi movie but 'Vaporisation' could happen to you! Don't despair, RMIT's Entrepreneur in Residence, Marcus Powe is back with some tips on how to avoid 2009's most terrifying outcome:

In last month’s post I introduced a tool that entrepreneurs use with great effect –  environmental forces. I wonder how many of you have considered the opportunities that exist for great design: right now.
The second tool that will assist you is called the industry critical success factor. Simply put, these are requirements or factors that you need to fulfill completely. Given that many businesses are literally vaporising before our eyes, those that remain have been able to fulfill these factors. The first factor is the ability to comply. This means being able to meet all the rules and regulations that impact on either the individual or business in design. Classic, and dare I say boring, examples are forgetting or leaving the paperwork, the taxation, the employment, bills and their payments, even collecting money because they all they get in the way of good design! The quickest way to make any money is  to have excellent administration, not just good administration but excellent administration.
The second factor is to create value. Many think that value refers to economic value. Most entrepreneurs I work with create intangible value. This is value that literally sticks in the clients minds. This is value that grows sales and builds a brand. I wonder how many designers concentrate on intangible value. The third factor concerns leading or following a trend. Many think that clients and the community look for the ‘latest’. In fact it appears that only 2.5% of the population truly embrace the new, then a group of approximately 13.5% will wait until the ‘new’ becomes acceptable and then the majority of the population (70%) will embrace the new, which by then is quite old! It is little wonder that designers who introduce the new frighten so many and there is such ferocious competition for such a small percentage of the population who ‘get’ good design. 
The challenge (financially) appears to cater for the majority while searching for those who appreciate design, if the reverse is pursued then vaporisation may occur...

Marcus is the Entrepreneur in Residence at RMIT University where he works with staff and students to refine and develop their ideas and business opportunities. In 2008, Australia’s Business/Higher Education Round Table recognised Marcus’ contribution with the award for Australia’s Best Entrepreneurial Educator.

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