How Should You Finance Growth - Your Own Money or Others'?

Think about the times you have said something like, "Why has not anyone invented a product that would do ______?"

That query can be the beginning of a distinctive product. You have probably had those thoughts and let them go without capturing them.

Write down your ideas for products the next time you notice them surfacing in your thoughts. Capture an idea without judging it and irrespective of how incomplete it is in your mind. It can be developed later in the event you pick you require to take it to the next level.

Day-to-day chores or issues bring opportunities for new products. Lots of new products, such as the Weed Eater, were created to make a chore much simpler or to save time doing an disagreeable but necessary task. All of us have small time in the busy world they live in. A quantity of the most successful products save us time. If your product idea makes life simpler, it may have potential. I say often, "They can put a man on the moon but cannot make a coffee pot that doesn't spill when you pour from it." A quantity of the best products come from very simple ideas.

Go to the US Patent and Trademark Office website in the event you think you have no product ideas of your own. This website can provide ideas regarding the competition you may encounter.

In addition, the US Patent and Trademark Office website has thousands of patents and lots of can be leased from the patent owner for a percentage or royalty. Look at expired patents, . Patents usually only last 17 to twenty years. Somebody can produce a product that has an expired patent. Sometimes an elderly idea is much more valuable when made from today's materials. You may be able to file a brand spanking new patent on an elderly idea by improving it in some way.

Leverage your first idea in to additional products as you create your business. A distinctive design in form can be expanded and manufactured in other forms. This will let you generate a complete product line from a single idea or group of ideas.

It is important for your idea to serve a niche in the market. The smaller the niche the better, because a small niche lets you concentrate on that market and that market only. Later, you may migrate in to new niches as a way to expand your business.

My idea began day on my job in 1995. I was employed at Cape Canaveral Air Force Station near the Kennedy Space Middle in Central Florida. In the coursework of a discussion with some co-workers the subject centered on our mutual hate for wearing mandatory company identification badges. by chance a man from another company came by and gave us a lapel pin that his company was handing out for a promotion. After everyone left, I happened to attach my ID badge to the lapel pin by attaching the small alligator clip to the bottom of the pin. That is when the idea hit me. I thought if I put a small cutout at the bottom of a lapel pin, it could accommodate the alligator clip attached to any and all ID badges.

I set out to design a lapel pin with a cutout space and a bar at the bottom. I desired to make it feasible to generate custom designs from logos of corporations or to make stock pins with logos from several industries to keep on hand so they could be sold individually. It took me weeks to prefect the design.

Nice ideas keep you awake at night. I would go as far as to state that in the event you do not stay awake night after night, you might not be passionate to pursue your idea.

I drew designs on pieces of paper for lots of days. At night, I would wake up with another idea as to the way it would look. I got to the point that I kept a pen and paper on my nightstand to write down ideas that came to me in the midst of the night. This is something I still do today, however, I have modernized a bit and now use a digital recorder.

Most ideas come to people on their day job. Lots of come while addressing issues that cannot be solved. Other ideas come to people while spending time working on a hobby. Your idea does not must involve rocket science. You do not must invent a brand spanking new tremendous computer. A simple idea is often best. An idea that inspires others to say, "Why didn't I think of that?" can make millions of dollars.