Give your idea as many opportunities as possible to succeed! It’s great hearing innovative ideas from people and business owners, but don’t make the same mistakes as others, such as:
1. NOT LISTENING
Be ambitious, believe in your idea, but don’t blindly ignore other views that might not match yours. Instead, take the insight, reflect and think how you might be able to use that to your advantage and then decide. Talk to other people besides friends and family, it could lead to other more fruitful opportunities.
2. BELIEVING (IT IS CHEAP/FREE) THAT THEY DON’T HAVE TO SPEND MONEY
Don’t be the person strapped for cash, under pressure and then makes bad decisions, even if you do decide to license an idea instead because it’s less risky and capital-intensive. You still need to have money to develop your idea. Did you know it took Bugsy Malone 12 months of development to bring out his B.Malone clothing line and then it sold out! This has happened to lots of people with ideas! Put yourself in a better position, develop your product idea on the side of a full-time/part-time income and then once your idea becomes profitable, leave. (Unless of course you are blessed with a wealthy partner.lol).
3. FOCUSING ONLY ON ONE IDEA
As the saying goes, don’t put all your eggs in one basket. No one idea is that great or that big that it will become an overnight success. The truth is most people with success have lots of ideas or variations of an idea and focus on the most viable one, learning from their failures as they move forward.
4. BELIEVING A PATENT & PROTOTYPE IS ENOUGH
A client said she needed a prototype to file a patent, then launch (I will have another post this separately soon). But believing you can achieve success with just a prototype & patent never really works! Don’t waste months/years creating the perfect prototype/s or spending all your money into a patent without knowing if you have a viable product. Did you know 97% of patents don’t even make it to the marketplace! Get a prototype and aggressively find buyers to generate income leads.
5. NOT TAKING ACTION
The first step to bringing your idea to the market and achieving success actually beings with you doing something about it! You can’t moan about being hungry if you don’t take any action to feed yourself. Keep saying ‘tomorrow’, and for most, that day will never come. So, buy a book, find a supplier/manufacturer, call a company who can help you strategically get a real outcome (not just research) – Do something.
Why am I telling you this? SIMPLE – So you can have a stronger start with a bit of insight to help. Especially if you are trying to get that idea out of your head and turn it into something profitable. I know, there is so much information out there, and it's hard to make sense of it all. So, I want to provide you with some insight as a nudge in the right direction. This post alone won't turn things around, but it's a start.