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Why Character Traits Matter Most

mindset startups success Jun 04, 2024

Why do some people accomplish more than others of equal intelligence?

This question has puzzled psychologists, educators, and entrepreneurs alike for decades. While many attribute success to intelligence or academic prowess, emerging research suggests that character traits often play a more pivotal role in determining an individual’s success, especially in the entrepreneurial realm.

The ProductMentor team has worked with thousands of inventors and entrepreneurs, so we see the patterns that all successful people share. We have a front row seat to witness the character traits that are more influential than IQ, genetics, or academic achievements in predicting success

In the world of entrepreneurship, where unpredictability is the norm and resilience is a necessity, these traits are not just beneficial but essential.

The Essential Character Traits for Entrepreneurs:

  1. All-In / Do Whatever It Takes: Entrepreneurs who succeed are typically those who are committed...

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Why You Should Wait To Patent Your Product

patent May 16, 2024

In the journey of bringing an innovative product to market, securing a patent often seems like the first crucial step. The common belief is that a patent provides a protective shield around your idea, safeguarding it from competitors. However, the strategic timing of when to file for a patent is critical. Often, waiting to patent your product until after it has evolved and refined can be the wiser choice.

The Evolution of Ideas

In the initial stages, your product is likely in its most basic form. As you navigate through the development process, feedback, testing, and further ideation will lead to improvements and modifications. Patenting too early could mean you end up with protection for a version of your product that you no longer intend to produce.

Case Study 1: The Overspecialized Patent

Consider the case of Emily, who invented a novel gardening tool. She patented her first design immediately. However, as she developed her prototype, she realized significant changes were needed...

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Should I launch a product by myself?

company mindset startups Apr 16, 2024

Launching a product is the dream of many aspiring inventors and entrepreneurs. The thought of seeing your brainchild on store shelves or dominating online sales charts is undeniably exciting. However, the journey from concept to market isn't a straight line—it's a complex maze. And while it's natural to ask, "Can I launch a product by myself?", the deeper question is whether one should.

The Lure of Independence and the Reality of Rookie Mistakes

The allure of entrepreneurship often lies in its promise of autonomy. However, going solo has its challenges. Rookie mistakes are not just possible; they're almost inevitable.

  1. Supply Chain Nightmares: Consider the story of Sarah, who designed a revolutionary kitchen gadget. She found a manufacturer overseas that offered an unbeatable price. However, she didn't account for shipping delays, customs issues, and the significant product defects that slipped through due to lack of quality checks. Her launch date was pushed back by months,...

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Do you have Idea Intoxication?

In the whirlwind journey from concept to market, it's easy for inventors to fall victim to "Idea Intoxication." This phenomenon isn't just about passion; it's a euphoric state where the thrill of the idea overshadows the realities of the business world. While the energy and vision behind an invention are crucial, they must be grounded in practical business strategies to avoid the pitfalls of failure.

Idea intoxication can lead to a tunnel vision of sorts, where the potential of a product is magnified beyond reason. Inventors might fantasize about the vast markets awaiting their innovation, the lucrative profits just on the horizon, and the revolutionary impact their product will have. However, without a solid grasp of business fundamentals, this intoxication can lead to poor decisions and unrealistic expectations.

 

Myth #1: "I Just Want to Sell My Idea."
The belief that an idea alone is a sellable commodity is one of the most pervasive myths in the inventing world. Inventors...

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The Difference Between Licensing and Launching Products

In the realm of innovation, many inventors grapple with a central question: Should they license their product idea to another company or launch it themselves?

On the surface, licensing seems to be a shortcut to success. You conceptualize, another firm produces and markets, and you sit back collecting royalties. However, a deeper dive reveals that licensing is often more of a fairytale, primarily because your product is unproven. Conversely, launching a product, i.e., taking control of its manufacturing and selling, is typically the best bet for real-world success, especially when selling online or in retail outlets. 

Licensing: An Uphill Battle with Low Odds

Licensing, while theoretically appealing, often turns out to be a challenging endeavor. Here's a closer look: 

  1. Unproven Ground: One of the most significant pitfalls of licensing is that an unproven product has little to no sales record. Brands are naturally risk-averse. They are less likely to take a chance on an...
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Why Now Is The Best Time To Start A Business

Starting a business gives you the flexibility and opportunity to control your destiny. But with all the pain and dysfunction in the world today, a lot of people are probably thinking, "how could I ever start a business in this environment". Here's why..

  1. Change = Opportunity. Whenever there are changes, new opportunities always surface to address those changes.
  2. Work From Home trend. Society is coming to the realization that entrepreneurship is the future, whether as a side hustle or to replace your income.
  3. Access to people. It has never been easier to reach specific audiences that would benefit from your business. Look no further than social media and influencers. 
  4. You’re never going to get rich working for someone else. Now there are always exceptions to this but rich people know that the greatest risk is not betting on yourself. 

So if you have a concept, an idea, a product, or an app, now is the time to develop it.

Click Here for more inspiration.

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Why You Need a Mentor

A product mentor can be incredibly valuable for anyone involved in product development, whether you're a new product manager or a seasoned entrepreneur. Here are a few reasons why you might want to consider working with a product mentor:

  1. Gain experience and insights: A product mentor can offer you valuable insights and experience that you might not have acquired on your own. They can share their experiences, offer advice, and provide guidance based on their own successes and failures. Gaining another perspective or feedback can help skyrocket a good idea into a better one.

  2. Receive constructive feedback: A product mentor can provide feedback on your ideas, strategies, and plans, helping you to refine and improve your approach. This can be especially helpful if you're struggling to identify areas for improvement or if you're feeling stuck in your product development process.

  3. Build your network: A product mentor can also help you expand your network of contacts and connect you...

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Top 3 Questions Inventors Ask

Inventing is a thrilling journey, one that starts with a burst of inspiration and the spark of an idea. However, the process that transforms that idea into a tangible, marketable product is anything but simple. For most inventors and entrepreneurs, this journey can seem like a vast, uncharted wilderness, filled with uncertainties and dilemmas.

The 3 most common questions that inventors and entrepreneurs ask us are:
1. Where do I start?
2. Should I license my product?
3. Do I need a patent?

Let's shed some light on these questions.

1. Where Do I Start? The Power of Research.

The first milestone on your invention journey isn't the drawing board; it's research. It's a foundational step that informs your path, mitigates risks, and increases your chances of success. So, what should you be researching?

Understanding the Market: Begin with identifying and understanding your target market. Who are the potential users or buyers of your invention? What are their needs, preferences, and...

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Why Startups Fail

success Oct 12, 2023

Starting a business is a lot harder than most people think. Rarely is a business so in tune with its customer’s needs that it can float along with minimal effort. But why do so many businesses fail? The reasons run deep, but here is what you should know before starting your own business. 

KEY TAKEAWAYS

  • According to business owners, reasons for failure include money running out, being in the wrong market, a lack of research, bad service providers, ineffective marketing, and no proven process.
  • Ways to avoid failing include setting goals, accurate research, loving the work, not quitting, and aligning yourself with the right team. 

Reasons for Failing

If you poll former business owners, you will get a wide variety of reasons as to why their businesses failed. 

  1. Money Ran Out: This widely given reason doesn’t really explain why a business failed. The money ran out because it stopped coming in, so why did the cash flow dry up? Was it due to poorly managed...
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The Opportunity Cost of Waiting to Pursue Your Idea

company money Sep 14, 2023

The opportunity cost of waiting to pursue your idea can be significant. Here are a few reasons why:

  1. Missed market opportunities: Markets are dynamic and constantly evolving, and what is a great idea today may not be a great idea tomorrow. Waiting too long to pursue your idea can mean missing out on a key market opportunity, and allowing competitors to get ahead of you.

  2. Delayed learning: Pursuing your idea sooner rather than later can help you learn valuable lessons about your customers, your market, and your product. The longer you wait, the longer it will take to gain this knowledge and make the necessary adjustments to your strategy.

  3. Lost time and resources: Every day that you delay pursuing your idea is a day that you're not making progress towards your goals. Waiting can also mean that you're spending resources (money, time, energy) on other activities that are not as important or valuable.

  4. Regret and missed potential: If you have a strong passion for your idea, waiting...

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