What could school kids and new inventors have in common? One group is playing with gifts from the holidays and trying to stand out from the crowd while struggling to keep up with the trends … and the other group is kids! Oddly enough, these two groups have more similarities than you’d think. Check out these New Year’s Resolutions that can be shared by both kids and inventors.
- I Will Spend More Time Studying
- I Will Be Honest
- I Won’t Follow The Crowd
- I’ll Be Smart With My Allowance
With a new invention, it’s easy to get carried away. “How could someone not have thought of this,” you think. Like a kid who thinks they found a new way to sneak answers into a test, unfortunately, you may not be the first to come up with your idea. Perhaps there is nothing like your invention in stores, and you don’t see any advertisements for anything similar, but that doesn’t mean you shouldn’t do your homework. Not performing a patent or an internet search would be a big mistake and is a common misstep for new inventors. So study up, and do some patent searching before you get ahead of yourself.
Obviously you plan on making your new invention thrive in 2016. After all, no one comes up with a new or revolutionary product and expects it to fail, but things are rarely simple. Everyone at some point will face setbacks and experience challenges they never saw coming when manufacturing your new product, no matter how much studying they do. A common mistake startup founders make is trying to hide bad news, so make sure you foster a relationship with your investors based on trust and transparency. Let the people who had faith in your idea know the good, as well as the bad and take it all in stride. Your backers have faith in your idea for a reason, so don’t think one bit of bad news will scare them away.
“If your friend jumped off a bridge, would you do it too?” There’s a good chance you heard that as a kid – it’s a classic parents go-to. However, when it comes to bringing your product to market, this still holds true. Just because other inventors you meet are manufacturing with a specific company, or are going with a global distribution plan right from the start, doesn’t mean that is what is best for your invention or your eventual brand. If you’re new to inventing, manufacturing and distributing, it is best to take things slow and learn as you go. You don’t want to end up taking on too much, leaving yourself without a safety net.
Bringing your first invention to market can be thrilling, but it can also be scary. With R&D, manufacturing and distribution all up to you, budgeting is extremely important. Like a kid with a new allowance, capital from your first set of investors can quickly burn a hole in your pocket. Don’t let that happen! Another major mistaken inventors make is going through your startup money too quickly. Do your research, set an initial allowance for each phase of development, and stick to it. If you spend less than expected in one area, then it can reallocated to another!
For more information on manufacturing, inventing, and gaining an experienced partner who knows how to work with both, please visit the Pivot International website!