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THE TWELVE STEPS OF ENTREPRENEURIAL INVENTING!
By Dumas Martin, Jr. Idea Development Consultant
"GOT A GREAT IDEA? But you don't know how to develop, market or
protect it? We'll teach you how! THE IDEA CLUB.COM's proven training
techniques are helping to create success stories everyday!
1) FIND A NEED FOR WHICH THERE IS NO PRODUCT. Look in your workplace,
home or office for new product ideas. Many items used everyday can be
improved with a little creativity. Use your insight to help you!
2) CONFIRM THE NEED THROUGH CAREFUL RESEARCH. Do your Due Diligence.
Get professionals to assist in researching the need for your new
product. Learn the demographics (the customers age, income and
location).
3) COLLECT WRITTEN CONFIRMING DATA Determine the profitability by
doing a business plan, a marketing plan and a feasibility study. Be
certain that your idea (product) can be produced at a low price with
high profits. This will peak the interest of potential investors.
4) RAISE WORKING CAPITAL Your business plan will tell you how much
money will be needed to start. Consider setting up a
corporation to raise capital or licensing the idea to a large company.
5) DEVELOP A PROTOTYPE.Many local shops will build prototypes
inexpensively, depending on the complexity of the product. If the
cost is too high; build a 'mock-up' instead. It will look like the
real thing, but it doesn't work. Inform everyone involved about that.
Honesty is the best business policy.
6) GET THE PROTOTYPE/DRAWINGS PROTECTED. Any patent attorney can help
you. Go to the yellow pages, local chamber of commerce or local city
hall to find one. If you are a fast learner, some of the initial
steps are easy enough to do yourself if you follow the step-by-step
instructions. (COPYRIGHT FOR EXAMPLE)
7) DETERMINE MARKET SIZE THRU TEST MARKETING. Use professionals and a
sample run of your new product to best determine the real size of
your market. Don't roll-out (Go into full scale production) until
you've done your homework!
8)DECIDE TO PROCEED OR LICENSE THE PRODUCT. If you want to build a
company, i.e., hire employees, get a building and start manufacturing
your product, then you want to proceed. You'll need insurance,
equipment, supplies and lots of patience. If you want to develop then
sell the idea, then licensing is for you. Get a good patent attorney
to help to negotiate all aspects of the deal.
9) SET UP PRODUCTION. If you decide to proceed, you will need to
contact suppliers from all over the country to find the best prices
and relationships for your business. Make your local librarv your
best (business) friend. The MILLION DOLLAR DIRECTORY will be
invaluable to you. Also STANDARD AND POOR'S and THE BUSINESS THOMAS'
GUIDE.
10) SET UP DISTRIBUTION NETWORK. Distributors and buyers are always
looking for new, innovative products; especially if they are very
profitable. Build these features into your business and you will
increase your chance for a successful venture.
11) SET UP ADVERTISING/PROMOTION STRATEGY. Remember, to be
successful, you must tell your story to the world! Set up a plan
including public relations, direct advertising, tradeshows, internet,
etc. Go on radio, television, online and in the regular magazines,
newspapers and trade magazines. Press releases that are well written
will be well received and possibly published.
12) GET ADDITIONAL FUNDS FOR LAUNCH. To launch successfully, not only
will money be necessary for advertising and running your business,
you will need money to produce enough products to meet present orders
and anticipated future orders. Plan ways to raise capital by selling
shares in your corporation or through business loans. (Use your S.B.D.C. often!)
Your product has passed all of the initial tests. Now will you? Do
you have the drive, determination and perseverance to see your dream
come true? It's time to do what it takes to start SELLING YOUR WINNER
all over the world!!
There are NO GUARANTEES that any particular idea or product will be a
hit, however, using these steps will INCREASE your idea's chances for
success! If you are ready to start your entrepreneurial venture,
just go to our website: http://www.InCorpPros.com.
Copyright 2000- 2009 Dumas Martin, Jr. All Rights Reserved
By Dumas Martin, Jr. Idea Development Consultant
"GOT A GREAT IDEA? But you don't know how to develop, market or
protect it? We'll teach you how! THE IDEA CLUB.COM's proven training
techniques are helping to create success stories everyday!
1) FIND A NEED FOR WHICH THERE IS NO PRODUCT. Look in your workplace,
home or office for new product ideas. Many items used everyday can be
improved with a little creativity. Use your insight to help you!
2) CONFIRM THE NEED THROUGH CAREFUL RESEARCH. Do your Due Diligence.
Get professionals to assist in researching the need for your new
product. Learn the demographics (the customers age, income and
location).
3) COLLECT WRITTEN CONFIRMING DATA Determine the profitability by
doing a business plan, a marketing plan and a feasibility study. Be
certain that your idea (product) can be produced at a low price with
high profits. This will peak the interest of potential investors.
4) RAISE WORKING CAPITAL Your business plan will tell you how much
money will be needed to start. Consider setting up a
corporation to raise capital or licensing the idea to a large company.
5) DEVELOP A PROTOTYPE.Many local shops will build prototypes
inexpensively, depending on the complexity of the product. If the
cost is too high; build a 'mock-up' instead. It will look like the
real thing, but it doesn't work. Inform everyone involved about that.
Honesty is the best business policy.
6) GET THE PROTOTYPE/DRAWINGS PROTECTED. Any patent attorney can help
you. Go to the yellow pages, local chamber of commerce or local city
hall to find one. If you are a fast learner, some of the initial
steps are easy enough to do yourself if you follow the step-by-step
instructions. (COPYRIGHT FOR EXAMPLE)
7) DETERMINE MARKET SIZE THRU TEST MARKETING. Use professionals and a
sample run of your new product to best determine the real size of
your market. Don't roll-out (Go into full scale production) until
you've done your homework!
8)DECIDE TO PROCEED OR LICENSE THE PRODUCT. If you want to build a
company, i.e., hire employees, get a building and start manufacturing
your product, then you want to proceed. You'll need insurance,
equipment, supplies and lots of patience. If you want to develop then
sell the idea, then licensing is for you. Get a good patent attorney
to help to negotiate all aspects of the deal.
9) SET UP PRODUCTION. If you decide to proceed, you will need to
contact suppliers from all over the country to find the best prices
and relationships for your business. Make your local librarv your
best (business) friend. The MILLION DOLLAR DIRECTORY will be
invaluable to you. Also STANDARD AND POOR'S and THE BUSINESS THOMAS'
GUIDE.
10) SET UP DISTRIBUTION NETWORK. Distributors and buyers are always
looking for new, innovative products; especially if they are very
profitable. Build these features into your business and you will
increase your chance for a successful venture.
11) SET UP ADVERTISING/PROMOTION STRATEGY. Remember, to be
successful, you must tell your story to the world! Set up a plan
including public relations, direct advertising, tradeshows, internet,
etc. Go on radio, television, online and in the regular magazines,
newspapers and trade magazines. Press releases that are well written
will be well received and possibly published.
12) GET ADDITIONAL FUNDS FOR LAUNCH. To launch successfully, not only
will money be necessary for advertising and running your business,
you will need money to produce enough products to meet present orders
and anticipated future orders. Plan ways to raise capital by selling
shares in your corporation or through business loans. (Use your S.B.D.C. often!)
Your product has passed all of the initial tests. Now will you? Do
you have the drive, determination and perseverance to see your dream
come true? It's time to do what it takes to start SELLING YOUR WINNER
all over the world!!
There are NO GUARANTEES that any particular idea or product will be a
hit, however, using these steps will INCREASE your idea's chances for
success! If you are ready to start your entrepreneurial venture,
just go to our website: http://www.InCorpPros.com.
Copyright 2000- 2009 Dumas Martin, Jr. All Rights Reserved
© 2009 Created by Lee Green
