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...

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 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...