ABSTRACT
According to the Small Business Administration, as of 2017, small businesses account for 99.7% of employer firms in the United States and for 67% of new job creation. Entrepreneurial startups account for the great majority of innovation and product commercialization in the United States. Successful entrepreneurs identify a solution that solves a problem. Some Internet of Things entrepreneurs may begin with a novel technology and seek to identify an ideal market. Other aspirational entrepreneurs recognize a problem and seek to solve it with an innovative product or service. By relying on potential customer input in the beginning, testing low-cost product ideas and often, and iteratively refining solutions to meet real needs and solve real problems, the design approach to innovation helps assure entrepreneurs to avoid many pitfalls in the fire, ready, aim approach to entrepreneurship. With a solid initial product and target market developed through the ideation process, the entrepreneur can shift to determining the business model for the product or service.
