So You've Just Come Up With A Million Dollar Idea - Now What?
While there is no set formula on how a would-be inventor can take their great idea from mind to manufacturing, there are some things they must be aware of and some steps they simply must take as they move forward. If you think you have one of those great ideas, set aside all celebrations for the time being and start taking real action toward making the idea a productive and profitable reality. Be warned, though: this isn't going to be easy.
1. Ask Yourself Some Serious Questions
It's very important to keep your feet on the ground, even if you feel you've reinvented the wheel in spectacular fashion. An idea itself is worthless until proven in many ways, but that can be
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When talking to potential partners, you're likely to get more valuable feedback on setting up a company, manufacturing, distribution and other important elements of a startup.
A second (third, fourth and beyond) opinion should provide you with affirmation that your idea has value, beyond what you've imagined thus far. These outside opinions help you to chisel your idea into something with real-world applicability. Also, be prepared for the naysayers, who, although discouraging at first, can also give you useful information.
3. Analyze Development And Production Costs
It's one thing to create a homemade prototype, quite another to put it into real production. How much is it going to cost to perfect your prototype enough to actually manufacture it? How much will it cost to produce each unit and who can handle that for you? Ideas are typically modified in the development stage, meaning your original idea may evolve into something different or even spawn two or more spinoff ideas, equally valuable and worth pursuing.
Although the technical aspects of bringing an invention to the production stage are tedious and challenging, this is a crucial stage for you and will determine the economic feasibility of moving forward. You need to figure out who you can trust, where your startup capital is going to come from and whether or not you should form some type of company now. Depending on your educational level
Type of prejudices represented by characters Racism is a belief in superiority of one race over another which often results in becoming prejudice. In the book To kill a mockingbird the main character is Jean Louise Finch also known as Scout who is only in the first grade. She live in Maycomb, Alabama with her brother and father. Throughout the book her aunt alexandra decides to stay with them. Maycomb is filled with very many racist people.
In George Orwell’s novel 1984, psychological manipulation was used by the government through telescreens, the Thoughtpolice and Newspeak to control the public. This tactic emphasizes how a totalitarian government would act in a modern day situation.
1. Idea generation, 2. Idea screening, 3. Concept a. development and b. testing, 4. Marketing strategy development, 5. Business analysis, 6. Product development, 7. Market testing, 8. Commercialisation.
3. A business plan that helps you to stay with your big idea but also keeps you focus on the
Creativity is by far one of the best tool our mind can possess but when it comes to us developing our own “original idea” I think it is impossible to take full credibility for it. I believe there is no such thing as an original idea because all ideas are based off of another idea, if anything all ideas are previously owned or thought of and could be considered as plagiarism.
To start, I’d have to have designs of the products I’d have manufactured. Then, I’d find a factory that could offer high-quality products for me to then sell through an online website I’d have created. Afterwards, I’d hopefully be running a successful company.
As Malcom Godwell, author of OUTLIERS, has shown that the success is as much as a result of opportunities. So I think if we combine the idea of Peter Thiel’s book Zero to One where he wants us to think out of the box not to follow the traditional misinterpreted patterns of historian to stimulate your creativity and combining it with Foster idea of using courage and overcoming fears. F. P johns says criticism is hard to take by your friends and relatives .The fear of rejection holds us back Foster advises us to remember that everyone is afraid don’t be scared infect scare use their fear to overcome them. Only first few ideas are hard to get once you start getting an idea you will be sitting in hail of ideas. He believes it’s not true that people are born with creative mind he says it’s something they learn to generate and can be learned by anyone with practice so don’t be embrace having an idea is better than not having an idea at all. This book makes you feel very optimistic he has cleverly put together exercise.es, stories , quotations , illustrations offering a practical and fun way of generating
For some reason, people are afraid of sharing their idea with the mindset that someone is going to “steal” it. It’s highly unlikely that someone will go through the trouble of re-creating and building your product/brand. If you are really afraid, just tell them that its patent pending, or will be launching very soon. Remember, you can’t get feedback if people don’t know about it.
Napoleon Hill stated ideas are the beginning points of all fortunes. When you have a great business idea it is not enough just have it somewhere in your brain, the second thing to do is to realize it in other words it is called idea feasibility. Same as this American author stated by having a successful idea you can open doors to new opportunities and attract fortune. The idea is like a new product which can be applied to a new business. The more successful the product is the better results it will give in the
A lot of good products come from small business owners, but without a patent, you may end up having your idea stolen. An attorney can make sure that you document your invention properly per the rules and regulations of the United States Patent and Trademark Office. All the forms will be filled out and filed properly as well. This will protect your new invention,
You must be intentional about devoting time to thinking creatively. Life is so full and so fast these days that it seems we barely have time to breathe let alone time to sit still long enough to actually think. That is why you must set this
Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting
Most people do not have sufficient cash to start a business, but with a good invention, it is possible to raise all the cash you need. You will, however, need to have a patent. You may have a good working prototype, but investors will want to know that your product is protected from copycats. With a working prototype and a patent or patent pending, you will have a much better chance of selling your product idea to investors and raising the startup capital you need.
1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking.
In the beginning lectures, I had no idea that brainstorming and conceptualizing an idea was part of an elaborate process to generate good product ideas. Great inspiration and a creative idea require deep thinking. I have learned that opportunity identification involves looking into the problems first rather than diving