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 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...

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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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...

Launching the next big app can be a complex process, but here are a few key steps you can take to increase your chances of success:

1. Develop a solid concept: The first step in launching a successful app is developing a solid concept that meets a real need in the market. Conduct market research to identify potential users and competitors, and use this information to refine your concept.

2. Partner with a team: Having a strong team is critical to the success of your app. You'll need to find talented mentors, developers, designers, and marketers who can work together to bring your concept to life.

3. Develop a prototype: Once you have a concept and a team, you'll need to develop a prototype of your app. This will allow you to test your concept with users and make any necessary adjustments before you launch.

4. Conduct beta testing: Beta testing is a crucial part of the app development process. It allows you to get feedback from real users and identify any bugs or usability issues that...

An elevator pitch is a short, compelling summary of an idea, product, or service that can be delivered in the time it takes to ride an elevator (usually 30-60 seconds). You need an elevator pitch in order to speak to buyers and investors. Here are some steps to help you write an effective elevator pitch:

1. Start with a hook: Begin with a strong and attention-grabbing statement that will make the listener want to hear more. This could be a surprising statistic, a thought-provoking question, or a bold claim.

2. Identify the problem: Clearly articulate the problem that your idea, product, or service solves. This should be a specific and pressing issue that your target audience is experiencing.

3. Explain your solution: Explain how your idea, product, or service solves the problem you identified. Be specific and concise, and use language that is easy to understand.

4. Highlight your unique selling proposition: Identify what sets your idea, product, or service apart from the competition....

Launching a new product can be an exciting and challenging process, but with the right strategy and mentor, you can increase your chances of success. Here are a few key steps to consider when launching a new product:

1. Conduct market research: Before launching your product, it's important to conduct market research to understand your target audience, their needs and pain points, and the competitive landscape. This will help you refine your product concept and develop a marketing strategy that resonates with your audience.

2. Develop a strong value proposition: Your product needs to offer a clear and compelling value proposition to your target audience. This includes not only the features and benefits of your product, but also the emotional and psychological benefits that your product provides.

3. Create a marketing plan: A successful product launch requires a comprehensive marketing plan that includes both traditional and digital marketing channels. This can include advertising,...

Revealed: Learn what it's really like to become a startup entrepreneur. Mike Corradini and Stephen Ritch will be interviewing Linda Hopkins, owner of The Rainbows End Daycare and a T-Shirt subscription business.

Watch video here:

https://www.facebook.com/FastLaunchSystem/videos/1111397222701790