The dilemma we all face when we coming up with a new idea is what to do next. And it is ‘what we to do next’ that makes the difference between success, failure and a reduced bank balance.
It is important when you come up with a new idea to put emotions, assumptions and presumptions to one side and replace them with pragmatism, honesty and commercialism.
You need a special set of skills
Progressing forward with a new idea may seem simple enough, but the reality is, to win a whole host of elements need to perfectly align together. Sadly it’s failing to understand what needs to connect why so many inventors get wrong.
Product development and launch is one of the most emotional, mind taxing and bank draining industries. Whilst coming up with a new idea, designing it out and producing prototypes is something most people can do, it’s when you start to commercialise the idea that 'most people' become a few.
Most inventors believe all they have to do is come up with a good idea, design out the concept, produce a few prototypes, file a patent and voilà, they are going to make a million or two. This could not be any further from the truth.
To succeed in this industry you need to have commercial expertise and industry knowledge. You need to have the right mindset, unwavering dedication, be totally committed and importantly have the financial resources.
Underestimating the amount of time, money and skill required to take a project forward is a costly mistake to make.
It is therefore important before stepping on the ladder you : A) look ahead to establish the ‘critical path’ and the objective and B) look back and examine the time, commitment and financial resources you have to complete it.
By taking these two simple steps you will expose the foundations of the project and qualify if you have the mindset and resources to pull it off.
If after assessing the foundations you feel you are on rocky ground with no hope to firm things up, it is important to you, your family and your idea you consider the risks involved.
Likewise, if after assessing the foundations you feel you are on solid ground, you should embrace the challenge and ‘enter’ the product development and launch arena with confidence and an unwavering commitment to win.