Getting Entrepreneurial
By Stu Leventhal – Guru Marketing Tips Editor
Do you have a great business idea? But, truly you know that you do not have enough experience with bringing a new product or service to the market place?
Many people have the imagination to come up with smart new gadgets but they do not have any idea how to get the product actually made. A great idea can make you famous and wealthy but you often need to be able to launch a real company or a small business to turn your idea into profit.
Launching a company from scratch takes lots of biz skill sets plus a large variety of experiences, if you are going to be successful!
Usually idea people are not experienced with running and managing a company by themselves yet they are afraid to take on partners because they do not want to have their idea stolen from them. Those concerns are very valid because ideas do get stolen. But that is where patents come into play.
The thing about patents is that they are meant to protect the inventor from competitors copying your idea and not having to pay you for coming up with the great idea. You thought up and designed a new gadget or developed a better more efficient way of getting something done so most of us agree that you should get full credit for your smarts and you should also profit from what you invented or discovered or puzzled out. So you file a patent to show you were the first to come up with your idea.
But hey, obviously not everyone that discovers something or develops a great new idea has the salesmanship to sell it too. You are ideally going to have to partner up with sales gurus who can sell, sell, SELL!
Now many imaginative people will simply sell their patent to another entity thus cashing in quickly. Now it is the patent buyer’s problem to manufacture, market, promote and sell the new invention to the public. The inventor has been paid in full for their idea and the company now owns the rights to do what they will with the invention.
The disadvantage to the inventor or idea originator when they sell a patent is that they only get a onetime payout for their genius idea. The company that buys their patent can go on profiting from their idea for years and years and years. The inventor does not share in the spoils other than their one time payout. For this reason many inventors and idea people will attempt to keep ownership of the patent but license out the usage of their invention or patent idea to one or a host of independent companies.
A Creative can also license out the rights to manufacture and sell their invention while still retaining full ownership of the invention. You as owner and your lawyer would set limits in the contract as to what the licensee was allowed to do with your invention.
Bearing in mind that it certainly takes lots of varying abilities and plenty of money to bring a product from the drawing board all the way to the market place, usually the smart person with the invention or revolutionary new idea is going to need loads of help getting the finished product onto shelves in stores around the globe. You’ve got the winning idea, now you have to partner up with someone that has the marketing, a sales team, distribution angles covered, networking and connections already in place to turn your idea into a success story.
Starting a startup company, even when you do have loads of money on-hand is very difficult; you are trying to break into a market and an industry that is well established and your competition is not going to be happy about sharing their pieces of the pie with you. Your competitors will fight back, HARD! Without money, an idea person is at a real distinct disadvantage!
It is of no wonder that the average person lacks the confidence and the means to start their own company, even when they are sure they have a great idea or unique concept for a different kind of company.
When an entrepreneur lacks funds to bring their products to market they can try selling their ideas; but, do you know how to sell a new product or new business idea? Do you know how much money to even ask for, when selling the rights to manufacture or sell your invention or idea?
Are you aware of the different kinds of patents? Getting a patent will protect your idea from being stolen but you have to craft the patent correctly and file it in the right way. Usually a patent lawyer is necessary to do the filing in a way that protects you as the inventor and originator of the idea. When you try to draft the patent paperwork yourself there is a good chance that you will not cover all of the basics and thus a wise team of lawyers working for a competitor with deep pockets, can find a way for their client to get around paying you for your patent. Idea people need to consult with proven, patent attorneys to protect their ideas from theft!
What is holding you back from bringing your product, service or idea for a new company to the market place? Are you sure forming a startup company is the best way for you to move forward with bring your idea to market? Have you thought about whom you might partner up with? Are you low on funds? Most importantly, do you love coming up with new ideas to fix old problems but the thought of running an actual company with loads of employees to manage scares the hell out of you?
Before you commit to starting a startup ask yourself these questions:
TIP: There are Idea Brokers and Idea Submission Companies who, for a fee, will present your entrepreneurial idea to established companies and investors. Usually you have to give them a percentage of the sales they create for you. The point is; there are alternatives to starting one’s own company for bringing one’s ideas to the market place. If you check the broker out with the Better Business Bureau and idea groups like the United Inventors Association, you can usually screen out the scam artists. Yes, the invention submission industry has a bad reputation for charging inventors and idea people money and then not getting them any results; so, do your research before you sign anything with anyone.
Launching a startup is a big commitment that the faint of heart should not undertake unless they are truly ready to dedicate everything they have towards making their business idea a winner. Always bear in mind that most startups fail, so the odds are against you… That being said; running one’s own company is a great achievement, well worth striving for!
Samuel Goldwyn said, “No person who is enthusiastic about his work has anything to fear from life.”
Donald Grant Mitchell said, “There is no genius in life like the genius of energy and industry.”
Thomas A Edison said, “Genius is one percent inspiration and 99 percent perspiration.”
Albert Einstein said, “Imagination is more important than knowledge.”
If you are an idea person, a creator an inventor…you are in the best of company!
Now let’s get those new products, services and ideas…to market!
Many people have the imagination to come up with smart new gadgets but they do not have any idea how to get the product actually made. A great idea can make you famous and wealthy but you often need to be able to launch a real company or a small business to turn your idea into profit.
Launching a company from scratch takes lots of biz skill sets plus a large variety of experiences, if you are going to be successful!
Usually idea people are not experienced with running and managing a company by themselves yet they are afraid to take on partners because they do not want to have their idea stolen from them. Those concerns are very valid because ideas do get stolen. But that is where patents come into play.
The thing about patents is that they are meant to protect the inventor from competitors copying your idea and not having to pay you for coming up with the great idea. You thought up and designed a new gadget or developed a better more efficient way of getting something done so most of us agree that you should get full credit for your smarts and you should also profit from what you invented or discovered or puzzled out. So you file a patent to show you were the first to come up with your idea.
But hey, obviously not everyone that discovers something or develops a great new idea has the salesmanship to sell it too. You are ideally going to have to partner up with sales gurus who can sell, sell, SELL!
Now many imaginative people will simply sell their patent to another entity thus cashing in quickly. Now it is the patent buyer’s problem to manufacture, market, promote and sell the new invention to the public. The inventor has been paid in full for their idea and the company now owns the rights to do what they will with the invention.
The disadvantage to the inventor or idea originator when they sell a patent is that they only get a onetime payout for their genius idea. The company that buys their patent can go on profiting from their idea for years and years and years. The inventor does not share in the spoils other than their one time payout. For this reason many inventors and idea people will attempt to keep ownership of the patent but license out the usage of their invention or patent idea to one or a host of independent companies.
A Creative can also license out the rights to manufacture and sell their invention while still retaining full ownership of the invention. You as owner and your lawyer would set limits in the contract as to what the licensee was allowed to do with your invention.
Bearing in mind that it certainly takes lots of varying abilities and plenty of money to bring a product from the drawing board all the way to the market place, usually the smart person with the invention or revolutionary new idea is going to need loads of help getting the finished product onto shelves in stores around the globe. You’ve got the winning idea, now you have to partner up with someone that has the marketing, a sales team, distribution angles covered, networking and connections already in place to turn your idea into a success story.
Starting a startup company, even when you do have loads of money on-hand is very difficult; you are trying to break into a market and an industry that is well established and your competition is not going to be happy about sharing their pieces of the pie with you. Your competitors will fight back, HARD! Without money, an idea person is at a real distinct disadvantage!
It is of no wonder that the average person lacks the confidence and the means to start their own company, even when they are sure they have a great idea or unique concept for a different kind of company.
When an entrepreneur lacks funds to bring their products to market they can try selling their ideas; but, do you know how to sell a new product or new business idea? Do you know how much money to even ask for, when selling the rights to manufacture or sell your invention or idea?
Are you aware of the different kinds of patents? Getting a patent will protect your idea from being stolen but you have to craft the patent correctly and file it in the right way. Usually a patent lawyer is necessary to do the filing in a way that protects you as the inventor and originator of the idea. When you try to draft the patent paperwork yourself there is a good chance that you will not cover all of the basics and thus a wise team of lawyers working for a competitor with deep pockets, can find a way for their client to get around paying you for your patent. Idea people need to consult with proven, patent attorneys to protect their ideas from theft!
What is holding you back from bringing your product, service or idea for a new company to the market place? Are you sure forming a startup company is the best way for you to move forward with bring your idea to market? Have you thought about whom you might partner up with? Are you low on funds? Most importantly, do you love coming up with new ideas to fix old problems but the thought of running an actual company with loads of employees to manage scares the hell out of you?
Before you commit to starting a startup ask yourself these questions:
- Where do I want to be professionally and personally with my life, five years from now?
- Do I like punching the clock?
- Am I a workaholic?
- Do I want to be my own boss?
- Is family more important to me than my career?
- Do I actually have what it takes to run a company?
- Do I have the nerve to find out if I have what it takes to create a startup company and see things thru until it turns into a success?
- Do I have other ideas besides this one to bring to market or is this my only one big shot to fame and fortune?
- Who do I know that I can go to for straight talk, business advice, when I need it?
- Will the royalty checks that are estimated to come to me from licensing my product or idea out to other already more established companies, be enough for me to live on and be satisfied with?
- Can I trust the company that wants to license my idea? What is their reputation?
- Do I need a non-disclosure agreement signed before I even meet with potential investors to discuss my idea? (ask your attorney!)
- Have you identified a list of companies that you would like to pitch your idea to?
- Have you identified lots of potential partners or companies to partner up with?
- Are there lots of investors specializing in funding your type of idea?
- Are you looking for a fast, quick payout or long term, continual profits
- If you do keep total control of your idea, how will you market it? Where will you advertise? Are there lots of annual trade shows where your idea could be showcased?
TIP: There are Idea Brokers and Idea Submission Companies who, for a fee, will present your entrepreneurial idea to established companies and investors. Usually you have to give them a percentage of the sales they create for you. The point is; there are alternatives to starting one’s own company for bringing one’s ideas to the market place. If you check the broker out with the Better Business Bureau and idea groups like the United Inventors Association, you can usually screen out the scam artists. Yes, the invention submission industry has a bad reputation for charging inventors and idea people money and then not getting them any results; so, do your research before you sign anything with anyone.
Launching a startup is a big commitment that the faint of heart should not undertake unless they are truly ready to dedicate everything they have towards making their business idea a winner. Always bear in mind that most startups fail, so the odds are against you… That being said; running one’s own company is a great achievement, well worth striving for!
Samuel Goldwyn said, “No person who is enthusiastic about his work has anything to fear from life.”
Donald Grant Mitchell said, “There is no genius in life like the genius of energy and industry.”
Thomas A Edison said, “Genius is one percent inspiration and 99 percent perspiration.”
Albert Einstein said, “Imagination is more important than knowledge.”
If you are an idea person, a creator an inventor…you are in the best of company!
Now let’s get those new products, services and ideas…to market!