Believe it or not, there are many people who think there is nothing left in the world to invent!
They believe someone already has invented everything that can possibly be invented and that you really can’t make any money going into business for yourself because there are so many businesses already.
Those naysayers are not new. When I invented some of my earlier products like the squeezable catsup bottle, the granola bar, and, especially, form-fitted disposable diapers, I was told no one would buy them. I was even fired for wasting company time getting the patent on the diapers.
Well, they couldn’t have been more wrong, could they? Those products have been extremely successful in the marketplace. They have become so popular many people don’t even remember a time when they weren’t around. Suppose I had given up?
So if you think you have a good idea for a product or service, you probably do. I don’t want you to give up.
You must find something that is unique, something that no one else has thought of yet. There are so many different characteristics or features of products that can be improved upon like color, quality, packaging and manufacturing.
And the same is true about services. Even though someone else is doing something similar to what you are thinking about, there are so many services needed in every town and city that if yours is unique, you will be successful. You can offer a better price or special services like one-hour photo shops or drive-through coffee stands.
We all know these aspects of your product or service are not new – they can actually be borrowed from ads you’ve seen – but you can put them together in your own special unique way to make it your business.
The trick is to determine your market carefully. The consumer is king as they say. Who do you want to buy your product or service? Why do you think they will buy it? Do you know how your product will be manufactured or distributed? How many do you expect to sell? How will customers find out about the product or service? How will the product or service fit into your target customer’s lifestyle?
If you have a product you are trying to sell, think about who will be selling it. Does it take up a lot of space and therefore will need to be warehoused? How will it get to consumers? Does it cost retailers a lot of up-front money? These are all considerations you must think carefully about before your product or service can get beyond the first few steps to market.
Then try the idea out on your family and friends. They are probably representative of the general public. If they like it, other consumers will too. My family has helped me numerous times over the years. My wife was the one who taught me how to stick the first granola bars together with honey!
Many times I have taken suggestions from family members during the product development process and they were usually right! So, another important asset every entrepreneur needs to be truly successful is a supportive family!
Article – Copyright 2000 Stanley I. Mason. Syndicated by ParadigmTSA
