Succeed With Your Invention: Small business advice for your start-up August 2010
Brian Fried, Inventor, Entrepreneur, Author www.youandyourbigideas.com
What better way to observe National Inventors Month than by chatting with Brian Fried, author of You and Your Big Ideas! and host of Got Invention Radio. Brian discusses how you can turn your good ideas into a successful small business.
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Q: If someone has a product idea, what should they do first?
A: The first steps are:
Write it down immediately, before your forget the idea.
Search online to see if it already exists.
Prepare a simple prototype or drawing to see if your idea is really practical.
Do your research. Make sure there is a market that will be excited about your idea, too.
Take steps to protect your idea.
Q: How important is getting professional assistance with patent searches?
A: It’s vital. Early in the process, consult with a patent attorney or professional search firm to make sure your idea can be patented, and to keep the process on the right track.
Q: Is starting an invention business really difficult?
A: Don’t get sidelined, because you think it will be too complicated. There is a process involved, but there are many ways to go through it. You can get a lot of help and moral support by talking with people who have already navigated the process. Local or online inventors groups, and SCORE are good places to start.
Q: What are three “must haves” that every invention-based business plan should have?
A: The three “must haves” are:
Thorough research. You need to have a good understanding of whatever industry you’re getting into.
Make or license? The approach is different if you elect to do your own manufacturing, or license your idea to another business.
Planning. Inventions can take a long time to pan out, so you need to determine the time and resources necessary to get to the next level.
Q: How can an inventor best navigate the invention process?
A: SCORE can help you through the early stages when organization and finding direction are so important. You can also learn from a mentor’s experience in a particular product, the business of manufacturing, or the retailing side. Everyone should take advantage of their in-person and online resources, information, and advice, especially since it’s all available at no cost.
Register for a 6-part webinar series covering the essential areas of small business success.
This Month’s Webinar: August 25
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409 3rd Street SW, 6th Floor
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Brought to you by SCORE, America’s free and confidential source of small business mentoring and coaching. SCORE is a nonprofit association of more than 12,000 business experts who volunteer as mentors. SCORE offers free mentoring and low-cost workshops nationwide. A resource partner with the U.S. Small Business Administration, SCORE has helped more than 8.5 million entrepreneurs since 1964. Call 1-800/634-0245 for the SCORE office near you or visit online at http://www.score.org.
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