If You Think Everybody Gets Rich Off A New Invention, You Are Dreaming!
It’s unfortunate, but transforming a rough idea into a full-fledged invention is incredibly difficult. In fact, most inventors are rarely able to actualize their ideas, mainly because the time and energy involved in the inventing process is intimidating to most people.
Here are a few reasons why most product ideas and inventions rarely see the light of day.
It’s easy to come up with an idea for an invention. In fact, it’s all too common to come across an entrepreneur who has this idea for “the next big thing.” However, elevating that idea to a fully thought-out invention takes a great deal of time, research and hard work. Unfortunately, most people just can’t fathom that kind of commitment and dedication. If you have an idea for an invention, it’s important that you take a moment to ask yourself,
“Do I actually want to create this product? Is this something that I want to invest thousands of dollars and countless hours in? Would I stake my reputation as an entrepreneur on this idea?”
If you can ask yourself these questions and you still firmly believe that you have what it takes to make your idea work, then you might be ready to begin the process of creating your invention.
Turning an Idea Into Reality
Many people are extremely enthusiastic about inventing a product, but they rarely take the time to develop a game plan regarding how they’re going to invent their dream product. So, if you’re thinking of inventing something, take a little time and lay out your strategy on how you’re going to make everything work.
If you find yourself infatuated with the idea of being an inventor, but the thought of laying out a daily work schedule for yourself (e.g., setting time aside to fill out a patent, do marketing research, develop a prototype) sounds utterly tedious, then you might be in for some disappointment.
Sometimes inventors take the time to create an initial prototype, and then they begin the time-intensive process of applying for a patent to then only discover that their brilliant invention already exists. Do yourself a favor, and take some time to do some research before you develop a prototype. Ideally, you should do your homework, and double-check to make sure that your idea doesn’t exist already.
Furthermore, you should also do some homework regarding your product’s marketability, its appeal, its manufacturing costs, what your general return on investment would be, and so on. By doing all of your due diligence in advance, you’ll be ready to answer any and all questions that investors might have once you start seeking funds.
Some people have this preconceived notion that the patent process is as simple as answering a few basic questions on the Internet. Well, that’s pretty far from the truth. In fact, the patent application process is extremely time intensive, as an inventor will have to fill out an application (which includes plenty of important product details) and send it to the US Patent and Trademark Office.
Then, a patent examiner will review your application, which generally involves a lot of back and forth — sometimes, the process can take up to year or more. Now, it’s not impossible to get a patent, but most people balk at the idea of spending that much time fixated on a single task, so it’s important to remember that acquiring a patent will take time.
Having a business mindset is crucial when it comes to becoming a successful inventor. It’s important to have a firm grasp on basic business minutiae (investment info, marketing strategies, distribution info, etc.), but it’s also important that an inventor makes sure to act in a professional, business-like manner at all times.
Your behavior, whether you like it or not, will directly impact the success of your product. If you act inappropriately or unprofessionally, then that will highlight just how unprepared you are to develop a business around an invention. Far too many inventors have dropped the ball simply because they lacked business etiquette.
Promoting an invention means more than simply talking about your product on Facebook from time-to-time. If you want to successfully market your idea, you have to live and breathe your invention — it basically needs to become a part of you. You should market your idea aggressively, pursuing every valuable opportunity that comes your way.
In fact, promoting your invention is just as important as the actual inventing process.
Ready to Turn Your Idea Into a Business?
Most inventions never see the light of day because most people aren’t willing to invest the time and energy into actualizing their ideas. However, if you think that you have what it takes, then make sure to go ahead at full speed. Good luck!