The hardest part about beginning a startup company is coming up with an idea that not only fills an important void, but that no one else has already come upRead More
The post 3 Super Solid Ways to Create New Business Ideas appeared first on The Entrepreneurs Library.
]]>The hardest part about beginning a startup company is coming up with an idea that not only fills an important void, but that no one else has already come up with. It is exceedingly likely that the first idea you come up with will not be a success. As such, it is imperative to not let yourself become discouraged by initial disappointments and to keep on pushing.
These popular techniques will go a long way towards helping you create new business ideas:
The entrepreneur who successfully creates a new business and can withstand the test of time is the one who is able to peer into their crystal ball and predict the trends of the future. While this process does require just a smidgen of good luck, a great entrepreneur knows that luck is merely the residue of skill and hard work. Luck does not come to those who park themselves on the couch and wait for it to come along, it happens to those who get up, get out there and work for it.
A top notch idea for a business is one that is ahead of the curve and anticipates changes in the landscape. The person who is monitoring current trends instead of future trends is going to come up with ideas that are instantly outdated. A decent entrepreneur looks at what is going on now and thinks of a way to fit in with the current landscape.
On the other hand, a great entrepreneur thinks about the future and wonders how they can create the next big thing, rather than an inferior knockoff version of the current big thing. Monitoring the current trends in the business world can provide some help when it comes to developing new ideas, but you have to consider the amount of time it takes to start a new business.
An idea that seems fresh in the moment is often past its sell by date when you are finally able to get down to brass tacks and start the process of opening a business. Consider the future and what place your product will hold in that future.
I am willing to bet that there are many things in your everyday life that drive you crazy. One of my personal favorite ways to create new business ideas is by taking the time to consider the things about life that annoy you the most. If you hone in on the things that “piss you off,” you will be able to brainstorm real solutions to everyday problems. If you are are the type of person that feels like you have to “do things on your own,” this task brainstorming technique will come naturally to you. As I’ve come to learn from many authors on innovation, the best entrepreneurs are those who find out about what we lack most and discover a new way to provide the public with the needed item.
Invention is not a must in these scenarios, but it can help you to develop new ideas. Brainstorming about products that every human being would want, but have yet to be created is a great way to amplify the creative process and ensure that you remain ahead of the curve at all times.
Speak to people you know, as well. There are many instances where the things that annoy you and frustrate you will also annoy and frustrate them. Canvasing close friends and family can also provide you with important information about frustrations that they are having that you had failed to consider.
Consult with members of the opposite sex and ask them about their daily frustrations. A company that is able to consider a variety of concerns from various walks of life is one that will prosper in the long term. Having a narrow focus leads to a lack of creativity and should be avoided.
Most people prefer to avoid frustrating moments at all costs, but those who can train their mind to look deeper can find valuable business ideas that no one else has considered.
Just because you cannot create new business idea does not mean that you should give up on your entrepreneurial dreams. Some of the best and brightest entrepreneurs are those who analyzed the current marketplace, discovered inefficiencies that could easily be corrected and decided to do something about it.
This strategy is helpful for entrepreneurs who are struggling to come up with ideas of their own. Perhaps you are someone who enjoys a certain product, but finds it to be overpriced. This is your opportunity to research the product you enjoy and see if any changes can be made during any part of the process that can have a positive effect on the pricing structure.
Or, maybe you can take a closer look at what the major players in your desired niche are doing wrong. A company does not have to be the same size as the big boys to successfully compete with them. The playing field has never been more level and a person can learn a lot from what the major business in their field are doing wrong.
There are typically enough gaps in the industry that you seek to join that can be easily exploited. Perhaps there is a service that a major company should be offering that they have not thought of. By using this as your starting point, you can start a business that already has built in clientele.
Some larger businesses are no longer in the business of innovation, they are more focused on maintaining their current piece of the pie. If so, this also provides an opportunity to come up with an idea that takes a product that is already available to the next level.
The Dream Cafe by Geoff Crook
Seeing What Others Don’t by Gary Klein
The Myths of Creativity by David Burkus
One Simple Idea by Stephen Key
A More Beautiful Question by Warren Berger
The post 3 Super Solid Ways to Create New Business Ideas appeared first on The Entrepreneurs Library.
]]>A summary of things you should know about Sell Your Ideas With or Without a Patent according to Stephen Key: Introduction In this episode bestselling author Stephen Key reveals hisRead More
The post A Preview of Sell Your Ideas With or Without a Patent with Stephen Key appeared first on The Entrepreneurs Library.
]]>In this episode bestselling author Stephen Key reveals his insights on his book, Sell Your Ideas With or Without a Patent, where he shares his secrets to making profits of product ideas.
In his book Key reveals many stories, tactics, and tips on how to effectively protect an invention idea in order to earn royalties from it in the future. The goal of the book is to teach you how to fill out a patent application for the USPTO, save large amounts of money on the legal expenses that come with patenting, find an excellent patent attorney, and win over a licensing contract.
This book is perfect for entrepreneurs who have innovative mindsets and want to know the inside secrets of making money off new inventions with or without patents.
A book like this has never been written anywhere, ever because it’s from the business perspective, not the legal perspective.
This book is written in such a way that if you have a simple idea you can read a few chapters and be ready to start immediately. And then I go in from a different perspective if you have a big idea and show you what exactly you need to do.
You can do this and do it with confidence!
This book is for the listeners that have ideas but not sure what to do with it in fear that someone else might take it. If you dig into this book you will learn to understand how to use the tools provided and they are very inexpensive but you’ll learn how to write this information down that has value in that perceived ownership. This book is written in such a way that it gives you ownership.
You will find throughout this book that it is a very technical book but it’s very easy to read and understand. I took a topic that was complicated and
I brought it down to a level that anybody can understand and be able to use these tools that are provided for us. So this book strips away the fear, it shows you how to take a small idea for $65 and have that perceived ownership. It talks about how to structure a licensing agreement even if you don’t have any ownership. It’s time for us to take advantage of our size, to be quick, to be small, to be smart, and take these tools that the USPTO provide anyone in the world, to play the largest game in the world. But you have to understand how to leverage those tools and that’s why this book is very different.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 09:11
“There is no such thing as ownership, it’s only perceived ownership.” – Stephen Key
I have been bringing my simple ideas to market and collecting royalties for each and every one that is sold. I am here to show you how to save money and protect those ideas when you bring them to market.
A few years ago I was in federal court suing a small toy company Legos which took three years and through that whole process I realized that we never really own anything, even if we have patents. We have this fear that we have to have patents to go forward with our ideas and that’s just not true. This book was written from a business perspective about how to take our ideas, bring them to market, and use the tools from the USPTO to our advantage.
The Obstacle Is The Way by Ryan Holiday
Buy Sell Your Ideas With or Without a Patent by Stephen Key on Amazon today
Visit InventRight.com to learn more about Stephen, his books, and YouTube channel
Visit Entrepreneur.com and Inc.com to read more articles by Stephen Key
Follow Stephen Key on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
One Simple Idea by Stephen Key
The Dream Cafe by Geoff Crook
The Maker Movement Manifesto by Mark Hatch
Related advice:
5 Lessons Entrepreneurs Can Learn From Stephen Key
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of Sell Your Ideas With or Without a Patent with Stephen Key appeared first on The Entrepreneurs Library.
]]>Who is Stephen Key and what you can learn from him: As an award-winning inventor and author, Stephen Key and his runaway success serves as a motivator to all otherRead More
The post 5 Lessons Entrepreneurs Can Learn From Stephen Key appeared first on The Entrepreneurs Library.
]]>As an award-winning inventor and author, Stephen Key and his runaway success serves as a motivator to all other entrepreneurs. His belief that all a person needs is a well-executed idea in order to be truly successful provides hope to those who lack it. Key is determined to show budding entrepreneurs the ropes and give them the lessons they need to turn their fortunes around. Here are five of the most important ones.
Key teaches his followers to trust in their gut and believe in their instincts. He achieved his success by trusting in his instincts and you can too. Key preaches the importance of accepting when something does not have the right look or feel to it. When a situation does not feel right to you, there is typically a very good reason for that.
If you are looking into something that does not sit well in your gut, it is time to do your homework and take a long look into whatever aspect concerns you the most. We tend to minimize our own intelligence in these sorts of scenarios, but Key teaches us that we are much smarter than we believe.
The old saying that if something walks like a duck and quacks like a duck, then it’s probably a duck holds true here. There is no need to over think a situation to death. Trust your instincts and go with the choice that makes the most sense to you.
Rushing into a decision due to time constraints goes against every principle that Key attempts to teach. He is not afraid to talk about times that he made a decision hastily and how it did not benefit him to do so. Since he makes it so easy to learn from his mistakes, it becomes easier to make the right choice in our own lives.
One of the most important lessons Key teaches is that hastiness has no place in the world of business. When a deal is being made, there is no reason why the other side of the negotiation table should be pushing for a fast decision. If they do, this should serve as a gigantic red flag.
In order to come to the right decision, a person needs time to think it through. While others will try to convince you that there are great reasons for urgent behavior, Key preaches the importance of not buying into such a mind state.
Key has experienced a great deal of aggravation by trying to convince businesses to change their ways and try something new. By spending time selling his inventions, he has been able to get an insider’s view as to how business is done and is not shy about sharing all of his revelations.
As such, he has learned the importance of tailoring your products towards the people who actually need them, as opposed to selling to someone who has no need for your product. When you waste valuable time trying to pitch to someone whose mind is already made up, that is time that you cannot get back.
Most people have a comfort zone that they like to remain inside of and pitching to those is a hopeless endeavor. Even the best idea of all has little to no value when it is being wasted on someone who has no interest, so plan accordingly.
Just because we want something badly does not mean that we are meant to have it. Key teaches us that things not going our way is not always a cue to work harder. Sometimes, we must accept that a situation will not turn out in a way that is favorable to us. Instead of continuing to battle, it is preferable to cut our losses and live to fight another day.
While having a great deal of willpower is great, it does not always serve us well. Stubbornness and the ability to fight are great, but they are not always the most useful tools we have at our disposal. Letting things go is often the best course of action, whether we want to admit it or not.
Pushing too hard to make something happen that is not meant to be can lead to regrets. One of the hardest lessons in life is knowing when to push harder and when to let something go. Navigating this difficult divide takes time and no one should be expected to fully grasp this concept overnight.
In a world where more and more communication takes place over e-mail and text message, lack of proper communication is bound to happen from time to time. When you are in doubt as to whether your message is being communicated in the manner you prefer, do not hesitate to pick up the phone.
Key teaches that e-mail and text message are convenient, but do not have the personal touch needed to properly convey a message. When a person is unable to witness or hear the intent behind your words, this leads to issues that can be tough to solve.
Picking up the phone can be inconvenient, but it also nips minor problems in the bud before they have a chance to become major ones. By making the call and/or taking the time to meet someone in person, you demonstrate a far greater level of commitment, giving you an advantage over your competition.
Preview One Simple Idea with Stephen Key himself
Buy One Simple Idea by Stephen Key on Amazon today
Visit Licensing Lifestyle on Inc. to read more of Stephen’s content
Visit InventRight.com to learn more about Stephen’s company
Follow Stephen Key on Twitter
The post 5 Lessons Entrepreneurs Can Learn From Stephen Key appeared first on The Entrepreneurs Library.
]]>