The ability to succeed as an entrepreneur is one of the most rewarding experiences any person can enjoy. Seeing your product on a store shelf is an amazing rush. Knowing that your service is benefiting the public is incredibly rewarding. Beyond the obvious monetary rewards, the knowledge that you have achieved a level of success most people can not even attempt is a significant gift.
So what does an inventor, or creator, do to advance their opportunity if they do not have classic entrepreneurial makeup. In my consulting business I see an inordinate number of great product placement opportunities and an inversely small number of real potentially successful entrepreneurs. It is very tough for anyone to step out of their comfort zone and wear a completely new shirt. This is one reason there are so few entrepreneurs and so many dreamers. Nevertheless, there are opportunities and strategies that can overcome personal entrepreneurial limitations.
There are numerous, sound, legitimate, capable consulting firms that can handle business opportunities for inventors. They are able to perform a basket of services that most individuals would find overwhelming. A good consultant saves the client time, money and mistakes. Make sure you interview more than one firm, ask for current and past references, request samples of products the firm has developed.
Do not use an invention submission service, ever! This is always a road to heartbreak hotel.
An effective consultant should be able to offer a strategy for execution before the inventor lays out a single dollar. The firm should be able to perform, or have access to professionals that can perform every aspect of the projects needed elements. If the inventor has certain abilities, ask to have them backed out of the fee structure, as these can be self-performed. The comprehensive consultant can act as a projects managing consultant (handles every aspect of development, sales, marketing, production, negotiations, etc.). Often, the inventor needs only needs specific tasks performed, in areas where they are inexperienced or challenged. This often includes sales and marketing.
A consultant should be able to clearly advise best strategies, opportunities and limitations the project might face. They should also be realistic in assessing potential for success. Be wary of unbounded enthusiasm and guarantees of success.
Many inventors approach me and state unequivocally that they need a specific amount of money. I have never, never seen an inventor who could justify the amount of money they THINK they need. They are guessing and have not conducted any of the required research essential for quantifying the projects real financial needs.
Many inventors believe they need to raise vast sums of money to complete development, produce and sell their product. Rarely is this so. It is far more likely that a prototype can be sold or licensed, a strategic alliance entered, or a partnership formed, seriously mitigating the need for significant investment dollars. These are a few of the strategies a competent consultant might consider.
As an inventor of a potentially exciting commercial opportunity, it is important that you remain flexible and realistic. Inflated expectations kill more deals than almost any other factor. When I meet an inventor that has been working on their project for many years, I become wary, very wary. This is always a sign that they are deal averse, can not let go, want too much control, or have unrealistic financial hopes.
While consultants are available, there are other potential sources of help for the timid inventor. Many universities now have entrepreneurial study programs and offer mentoring. The Service Corp of Retired Executives is a well-known resource for small business assistance. Also, many local/regional governments have organized small business development programs, recognizing that small business is the principal creator of job growth and tax revenues.
Just because you do not have an entrepreneurial makeup does not eliminate your creative commercial opportunity from potential market success. Investment monies will not be chasing a rookie, limited ability entrepreneur. However, money and opportunity always is interested in exciting new technologies, products and services. Get the necessary experienced help to drive the project and enjoy the significant potential income stream that can be generated when a product is successfully sold, licensed or partnered.
Geoff Ficke has been a serial entrepreneur for almost 50 years. As a small boy, earning his spending money doing odd jobs in the neighborhood, he learned the value of selling himself, offering service and value for money.
After putting himself through the University of Kentucky (B.A. Broadcast Journalism, 1969) and serving in the United States Marine Corp, Mr. Ficke commenced a career in the cosmetic industry. After rising to National Sales Manager for Vidal Sassoon Hair Care at age 28, he then launched a number of ventures, including Rubigo Cosmetics, Parfums Pierre Wulff Paris, Le Bain Couture and Fashion Fragrance.
Mr. Ficke and his consulting firm, Duquesa Marketing, Inc. (http://www.duquesamarketing.com) has assisted businesses large and small, domestic and international, entrepreneurs, inventors and students in new product development, capital formation, licensing, marketing, sales and business plans and successful implementation of his customized strategies. He is a Senior Fellow at the Page Center for Entrepreneurial Studies, Business School, Miami University, Oxford, Ohio.