Turning your invention into a business has all of the same requirements as starting any other business. It takes time, focus, funds, and a team of people to help get it off the ground. The entrepreneurial spirit forges ahead through most difficult situations, providing the power it takes to succeed in business. But unfortunately, entrepreneurs starting a business need more than inner power and determination; they need the tools and information to make their vision a reality.
As an entrepreneur inventor, you are building your business around your invention. It is vital for you to first make sure that you have the legal right to market your idea by conducting a patent search. Once you determine that your idea is not infringing on any other patent, it is important for you to own your idea by filing a patent to ensure that you will be the only one in the marketplace who has the right to commercialize your invention. Owning a granted patent is a tremendous asset for any business owner, as it gives the right to legally remove a competitor who is infringing on their patent from the marketplace!
Building a business around your invention is no different than running a company. Success is ultimately determined by the actions of the owner, who decides on the mission, vision, and goals of the company. Another major factor in the success of any business is the market acceptance of a product or service. For an entrepreneur inventor, building a business around their own idea or invention makes the stakes that much higher. There is an added layer of responsibility and passion because success depends on their own idea and invention.
Another important first step for an entrepreneur inventor who wants to build a business around their idea or invention is to create a plan of action. In business, this is called a business plan. There are many reasons to write a business plan. The main reason is that it helps an entrepreneur take a serious look at their vision and create a roadmap on how to execute that vision. It details all aspects of the start-up, such as the mission of the company, the steps to accomplish the mission, the competition, the plan to capture market share, and projections for profitability. It lays out the goals of the company and provides a clear-cut path to get there. Once a business plan is developed the next stage for an entrepreneur inventor is to follow the plan of action and turn their idea into a commercial success.