Step By Step Invention Knowledge-1

When you feel that your idea has the potential to be successful, it’s time to make some fundamental decisions:  Do you want to make and sell the product yourself? If you start a business, do you plan to sell it or continue to operate it? Would you rather license the idea and let someone else run with it? The answer to these questions is different for everyone and every invention.  To arrive at the answers it’s worth thinking carefully about the following:

What are your own strengths and weaknesses?

What are your resources both human and financial?

What is your ultimate goal and do you have a plan of how to get there?

It’s vital to know who you are.

It’s very important to be honest with yourself about your strengths and weaknesses.  Are you a manager, salesman, or an entrepreneur at heart?  It’s a good idea to concentrate on what you’re good at.  For instance, the entrepreneurial mind and spirit does not always do well in a management role.

Are you a starter, a sustainer, a finisher? Are you a good communicator? Do you like working with other people? Are you a big picture person or detail oriented? If you decide to make and sell your own product, you may initially need to do everything.  To “wear lots of different hats”.  But you should plan for the eventual success of your enterprise. Once a business gets started it’s easy to find yourself swept along in day-to-day tasks.  So, while you still have plenty of time to think, it’s worth considering who you are. This process will give you an initial indication of whether you’re suited to starting and operating a business. Or would you prefer to license the idea and completely avoid the complications of running a company.

Be honest.  There’s no right or wrong answer.  But the knowledge will help you maximize your effectiveness.  You will identify which tasks you enjoy and excel at.  Then, when the time is right, you can plan to delegate the things you either don’t like or are not suited to.  Doing this exercise now will save you a lot of frustration, boredom and money later.