Challenges the Inventor Faces with Focus and Expectations
Inventors tend to have 2 major challenges besides the obvious one of money that I have talked about several times. The other two are managing focus and expectations.
Focus: Life gets in the way for all of us; but getting back on track is critical. To successfully get a new product to market, you have to have a reasonable schedule and work to stay on track with it. A good way to stay on track is to accomplish attending a pertinent professional tradeshow and having prototypes created for launching the product nationally.
Expectations: Inventing is really hard work. You will need a stomach lining and a budget to get to market. Unrealistic expectations in regards to how fast it will happen, and how much money you can make can derail any inventor.
5 Important Tips for an Inventor
- Understand the process.
- Don’t dream about little umbrella drinks in Tahiti. That is fantasy land you still live in the real world.
- If you plan to be a “start-up” you will always need money from investors or the bank or anywhere else you can find it.
- I you are able to license your intellectual property, you will get to go to the bank; but you involvement will be limited. The licensee will manufacture where they feel it is best, and they will determine the pricing.
- It all takes time!
Getting a product to market successfully depends on managing focus and expectations. If you are bouncing all over the place with ideas and life, you won’t make it. Likewise, if your expectations are in Tahiti rather than the real world, you won’t make it.
Learn the process; stay focused; and by all means, manage your focus and expectations.
For more detailed advice on getting an invention to market, check out Inventor’s Galaxy Guide.
I mentioned the importance of attending a tradeshow. I take a couple dozen inventors to the National Hardware Show in Las Vegas every year. It’s an excellent venue for launching many types of products and could be worth you looking in to. National Hardware Show
