Why Is Inventing So Popular These Days?

From TV shows such as American Inventor to leading magazines such as Inc. and Entrepreneur filling their pages with articles about inventing and innovation, it is no surprise that so many people are getting excited about inventing! Along with this, the tough economy is actually fueling the inventing business and here is why….

Many corporate executives and employees are once again nervous about the financial state of the companies they work for and are nervous about losing their jobs. Certainly seems natural to worry. So, what is a person to do? They finally decide that they will take a chance and start their own business. The risk is great but they could in effect control their own fate. If they succeed or fail it will be because of their efforts and abilities (among other factors) and for many that just feels good. I know that when I decided to “take the plunge” I was nervous and had no idea what would eventually happen. I left the comfort of a secure paycheck and benefits but decided that from that point on that no one was going to eliminate me through lay offs, changes in company direction, or whatever other reasons companies have for letting people go – and often with little or no notice!

Today, people are coming to me in droves asking me to help them start their businesses and inventing is indeed a business. Most of them are financially prepared to make a break from the corporate life but realize that soon enough they will have to do something to get their business to succeed. Just something to think about…..

Why are most inventors not making millions?

You know….my mother always said and it still rings true today – you must work hard and be patient if you want to be successful. Vague…I know! However, for most inventors, it seems as if they feel success will just show up at their doorstep simply because they believe their product is the best that has even been created. Having worked with inventors for years, I can safely say that managing these expectations is just part of my job. The reality is that most inventors won’t enjoy success and the reasons vary. One large one though is their inability or lack of desire to stay the course and continue to endure the many “no’s” they will receive from large retailers as well as a lack of overall sales in the early going. Today, more than ever, selling products is difficulty due to the endless amount of people coming up with product ideas and a lack of shelf space to house them all. So, what to do?

– You must expect to spend at least a year and likely a few before you will achieve any meaningful sales – you just have to get used to this fact

– Just developing and making your product ready for retail from day one will almost always take at least 6-9 months and many times a year or more. Lots of moving parts to deal with and the people you hire to help you get things done are likely also busy with other projects meaning that it will take time to accomplish each phase of getting your product completed

– Keep a smile on your face! I know its not easy sometimes but this is essential! Nothing great seems to happen overnight….and successful inventing is no exception.

So, knowing that time is the key and working hard are just a few key thoughts for making money in this business. It can be done and is done everyday so think of it that way. Just stay with it….and like a new plant seed eventually it will grow and bear fruit!

Jim
Don’t forget to pick up a copy of my new book The Business of Inventing at http://www.jimdebetta.com

Summer heat….but time to heat things up even more with your business!

When summer arrives, I tend to do what so many others do – go away on vacation with my family, enjoy the beach and/or the mountains, sleep in a little later on a lazy weekend day, or just spend time outside. However, when you run your own business, the work never stops. And when you take time off, the “payback” for slacking off can catch up to you in a hurry!

So, what is the secret to balancing your lazy summer days and your business that you know you need to grow? Plan it out!! Here is what I do so I can enjoy the summer and yet get my work done:

– I make sure I plan out a few weeks off during the summer but I always stay in touch with work. If we go to the beach, I bring my laptop (not to the actual beach!) and check my emails early in the morning and then later in the evening when the kids are worn out and ready for bed. I get the best of both worlds – I get some fun in the sun and I keep up with my work!

– I work harder on Mondays and Fridays so I can start my week off feeling good and end my week on a high note so I can relax some on the weekend. During the mid week, I still work hard but knowing I give that extra push in the beginning and end makes me feel better about everything.

– Spend time outside on your deck or by the pool and think about where you business is now and where you want it to be at the end of the year. This means looking at what is working and what is not and making changes so that by the end of the year you can be closer to what you want.

So, the key is balance. You need time off to recharge and enjoy life but you want to stay on your work so you don’t fall behind and play catch up all the time. Reward yourself after a hard day of work and do what you can to motivate yourself when you have a slower day. Either way…find ways that work for you and love your business…isn’t that the reason you started it anyway?

Jim

**Pick up a copy of my new book, The Business of Inventing at http://www.jimdebetta.com today!

How inventing makes the world go ’round!

Inventors are certainly special people! They are creative problem solvers and thinkers who often come up with some of the greatest products that solve everyday problems and make our lives more convenient and enjoyable. For people that have such a special skill, they are lucky to be able to pursue their ideas and in this country we are free to pursue our dreams no matter where they may take us.

I just got back from the INPEX invention trade show in Pittsburgh and as always I really enjoyed seeing so many cool products and meeting so many enthusiastic inventors just looking for some help….and some hope! I speak at this show each year now and I always love talking about how to prepare your products for retail and with that comes one of the most important aspects of inventing – knowing that a successful inventor can help stimulate economy by creating work for others and allowing that inventor to earn a living, spend money, and potentially prosper and hopefully help others. We all need some help at one point or another and so I do my part to make sure people with ideas understand the long road ahead of them and what to expect along the way.

So, I say to any aspiring inventor – get up and find out what it will take for your dreams to become a reality. Learn what you can and then prepare for the journey. While doing so, understand that when you become successful as a small business you do more than just help yourself. You inadvertently help others. You create jobs. You spend money which supports other businesses. A lot of good comes from your success!

Jim

Visit me at http://www.jimdebetta.com

Invention success is a marathon…not a sprint!

Guess how long it takes the average inventor to get their product to market? If you said less than a year you are wrong! Let me tell you why bringing a product to market can move slowly….despite your best efforts to make things move faster.

1 – From the day you come up with an idea, you literally will embark on more than literally a dozen critical steps to have a retail ready product including CAD drawings, prototyping, website creation, patent and trademark filings, factory sourcing, marketing plans, and much more!

2- Each step in the process takes time and almost always takes more time than you anticipate. For example, your web designer may say it will take them 2 weeks to design your site, but along the way they get busy with other clients, you make more changes than you figured you would and that takes up more time, and before you know it more than a month has passed…..

3- Money can stop an inventor cold! Inventing, like any other business, requires capital and most people do not have a bundle of cash from which to draw from while getting their product developed. Often, many inventors use what cash they have, when they have it, to move from step to step. This can drag out the process…

4- Selling to major retailers is a game of extreme patience! Since their are literally millions of people with ideas for products but only thousands of spaces available on store shelves, getting placed often starts with a “no” regardless of how great your product is. Retail buyers take care of their current vendors first and then they look at new products. They are also so busy that many don’t (and can’t) get back to everyone that calls on them…so the sales cycles are long.

On average, from the day you come up with an idea, expect things to take about a year under the best circumstances and often between a year and two years. I have seen people and have worked with people who have done it in less time, but that is the exception and not the rule. Plan to be in it for the long haul and know that no matter how excited you are about moving ahead that taking the careful and slower route will usually lead to better results!

Jim
http://www.jimdebetta.com