The next three blogs will address three topics important to inventors:
The focus (pun intended) of this first blog: Focus. I have touched on this topic in previous blogs including this one.
Focus is a key tenet of successful businesspeople. The pundits are always amazed when a business leader remains laser focused on his core mission even when all around him seems in chaos. Many people – creative people (like inventors) in particular – lack focus.
Where and how should you focus to succeed with your invention?
- Focus your time on your most promising invention
- Focus on finding the best path forward for your product
- Decide what, specifically, you wish to do and stay focused on that
Focus your time on your most promising invention. Don’t flit from one idea to another, then back again. How do you discern which of your invention ideas deserves your focus? Measure your product ideas against the 7 key criteria for success. Selecting a product idea that fits many of the 7 success criteria will greatly increase your chances for success with your product. Once you have selected a champion, stay with it!
Focus on finding the best path forward for your product. How do you find the best path forward? Consider similar products that are already in the marketplace. How are they marketed: in retail stores; on QVC/HSN; via DRTV; via catalogs or online? What are the key strengths of your product and how can they be optimized so consumers immediately get it? Once you have chosen a path forward, focus on it and be doggedly persistent.
Decide specifically what you want to do. Focusing on your most promising invention and finding the best path forward will point you towards what you want to do — and should do. If you genuinely want to build a business around your product and feel you have the skills to do so, then assemble a team and go for it! If your financial and personal circumstances don’t support your building a business, then work to license it to a manufacturer who can get it out there for you in exchange for a quarterly royalty payments.
Stay tuned for Part II: Financing!