Five Steps from Big Idea to Profit!
Five Steps from Big Idea to Profit!
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Taking an idea and building it into a business that is profitable takes a team. We asked our Expert Team to share some tips. Here are five steps to get you started from Kenny Durham , founder and CEO of Innovators Warehouse.
Step 1. Start with a Big Idea!
Innovation starts with a Big Idea of something you can do better, faster, or cheaper than the way it has been done before. But it take more that just a Big idea…
“What’s The Value of An Idea? Zero…… Ideas that are implemented and become new products and services are very valuable. The value of an idea lies in the using of it.” Thomas A. Edison
Step 2. Do Your Homework
Make sure someone else hasn’t already had your idea. If your idea is pioneering, try to be realistic about why no one has tried it before. If it has been tried but is no longer on the market do your homework and find out why. Make sure someone hasn’t beat you to the punch and already blocked you out of the market by doing a Google search and a patent search. (Google search is always a good place to start. If you find your concept on line – read the fine print – look for patent information – you can save a lot of time and money by looking on line.) Consider things like ease of manufacturing, production cost, distribution issues, and financial commitment required. But most of all, think about how your invention will make life better for others. That is the foundation of your business and our marketing message later.
“I never perfected an invention that I did not think about in terms of the service it might give others… I find out what the world needs, then I proceed to invent….” Thomas A. Edison
Step 3. Build Your Plan
If everything in step two looks good then try and construct a plan. Ask yourself if you are truly equipped financially and skill set wise to see your plan to fruition. If you’re not, which you might not be alone, try and locate the helpful resources. People are out there to help you with your Big Idea if you take the time to look for them.
“Four steps to achievement: Plan purposefully. Prepare prayerfully. Proceed positively. Pursue persistently.” William Arthur Ward
Step 4. Own your Idea
Gain ownership of your Big Idea. Patent, Copyrights, Trademarks, or whatever is appropriate.
“Before then any man might instantly use what another had invented; so that the inventor had no special advantage from his own invention. The patent system changed this; secured to the inventor, for a limited time, the exclusive use of his invention; and thereby added the fuel of interest to the fire of genius, in the discovery and production of new and useful things.” Abraham Lincoln
Step 5. Treat Your Idea as a Business
Now you’re in it to win it. Make sure you treat your project like a small business. You must surround yourself with the right team, be capitalized, and get ready to launch your big idea.
“Individual commitment to a group effort, that is what makes a team work, a company work, a society work, a civilization work.” Vince Lombardi
About Kenny Durham : Kenny Durham is President and founder of Innovators Warehouse. With 10 years of practical experience commercializing new products in every way possible. He specializes in sharing a common sense PATENT TO PROFIT approach. Through practical education Innovators Warehouse, led by Kenny Durham , is changing the way individuals and small businesses maximize their new product opportunities.
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