Invent It, Sell It, Bank It!

“Entrepreneurs: the only people who work eighty hours a week to avoid working forty hours a week.” (Location 208)

It’s important that you know yourself well before taking one more step. You can be a source of truly spectacular ideas, but ideas without follow-through go nowhere; (Location 241)

THE SIX ESSENTIAL CHARACTERISTICS OF SUCCESSFUL INVENTORS (Location 245)

Start with the important part: create something special. Believe in it so much that other people can’t help but see it the way you see it. (Location 268)

“Think about what’s the worst thing that can happen.” So I’d (Location 302)

think about it. Once I knew what the worst thing was, I’d say, “Okay, I can deal with that,” and move forward. If I couldn’t deal with it, I’d go in a different direction. (Location 303)

For the record, square one is always this: accurately identifying and describing your product, followed up by figuring out how you’re going to make it, and what it’s going to cost. (Location 350)

Shyness will sink you in this business. (Location 408)

There’s also a bit of showmanship required for great selling, so if you suffer from stage fright, now is the time to start working on beating it back. Acting classes, comedy classes, public speaking courses, and especially improv classes are great training grounds for introverts and others who want to sharpen their communication and presentation skills. (Location 414)

excitement keeping you up at night, you’ll want to reconsider your decision to take (Location 481)

this path. Pursuing a dream is admirable, but to do it at the expense of your health, your family, your financial well-being, and even your sanity is not good. Life is just too short to spend it doing something you don’t enjoy. (Location 482)

Your worst enemy is self-doubt. Never underestimate or undervalue yourself. (Location 497)

NINE QUESTIONS TO SEE IF YOU HAVE A WINNING IDEA (Location 520)

You tend to know what a market needs if you are the market. (Location 817)

Do everything yourself, except when you absolutely can’t. Know when to ask for help or let the experts do their job. (Location 829)

Once you’re satisfied with the cost and quality of their product, and your prototype maker has signed a nondisclosure agreement—very important if you have not already filed for a patent—you will hand over the design of your invention and they will refer to your specifications to create a functional model that you can use when conducting market research and giving pitches. (Location 863)

the kind I needed, and the one any new inventor intent on selling his or her idea will need, is called a “pre-production prototype.” It is essentially identical to the finished product, but is made using a one-off mold, which is a lot cheaper to pay for than a permanent mold. (Location 883)

on while waiting for your prototype to be made: contact retailers, look for manufacturing options, investigate your funding options, set your price, file for your patent and trademark. With the exception of the final two, nothing on this list will cost you anything but time, so you risk nothing. (Location 889)

can use the Internet to find a reliable prototype maker, as well as manufacturer, packager, sales rep, or any other resource you need. It is worth the time and effort to educate yourself as thoroughly as possible about every aspect of your business, from design to manufacturing to packaging. (Location 913)

But ordering product before receiving orders isn’t an example of preparedness; it’s one of the biggest mistakes entrepreneurs make. (Location 970)

Your market research will focus on three primary areas of interest: • First, you will want to know as much about the competition as possible. Are there other products out there like your invention, and if so, who makes them, who buys (Location 976)

them, and how well do they sell? • Second, you will want to be informed about the consumer market in general. What is the state of the economy, and how is it affecting consumers’ spending habits? What’s on trend right now? • Finally, you want to know specifically whether people will like your invention and recognize its usefulness and appeal. (Location 978)

you’re looking for accurate feedback. It will do you absolutely no good to get overwhelming positive response to your invention if you’ve asked the wrong people the wrong questions in the wrong way. (Location 988)