Ever wonder why 90% of startups fail?  

Understanding the pitfalls that startups face can drastically improve your chances of success. Based on our decades of experience, here are the Top 10 Tips to navigate the startup world and turn those odds around:

1. Ignoring Expert Advice: Some inventors think, "I don’t need to follow a proven process from experts, I can get to market alone." Trial and error will always take more time and money than leveraging a proven process and team. Save yourself the grief and seek expert guidance so that you can have peace of mind.

2. Falling for Unnecessary Add-Ons: Do you have “sucker” written on your forehead for those that prey on inventors? Don't get weighed down by extras you don't need! Identify and focus on what truly moves the needle for your business rather than splurging on every suggested service or product.

3. Rushing to Patent: Worried someone will steal your idea? This common fear leads inventors to think: "I must get a...

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...

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,...

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...

We all have that little voice in the back of our head - some are just more aware of it than others. 

Your thoughts and mindset are at the core of your destiny. They are the foundation of your words to follow, and then your actions and your habits, and ultimately your destiny. 

At the end of the day, you are what you believe you are. The universe tends to conspires to help people that believe in themselves and their purpose. If you are to do something profound in your life like start a new business or create something to help others, you have to really believe you can do it. 

Practicing a healthy mindset can give you insights into what you are thinking and why you are thinking it. The key is to reflect on yourself as if you were a 3rd party. This is challenging at first, but with practice you will become more and more objective and become more aware of your thoughts.

If you don’t master your mindset and feed it abundant thoughts, your mind will default to...