Guest post by Nadia Finer
Yes, that’s right – my mum is an inventor! Even though we just call her mum, (and like all mums she can still be a little annoying at times). It was great growing up with a mum who is an inventor and there is a lot I learnt from the experience.
Here are three things right now. But if you want to hear her full story check out my business podcast.
3 Things I Learnt About Business From Growing Up With A Mum Who Is An Inventor
1 | Protect your idea
Intellectual property is big business and without protecting your idea properly when success hits you will regret it. My mum has been to court countless times defending her invention from the big companies and without proper patents, in the place she never would have won those battles.
These days many people put their ideas straight into crowdfunding platforms which mean the idea is out there for all to see. This is an interesting progression but one to watch because when an idea is out there – it is out there for good and you will have difficulty protecting it.
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2 | Physical products require more upfront investment
Physical products take much more upfront work to get out there. From idea to research, to testing. Finding the right materials and the right suppliers and then assembling and finding distribution channels. When we were kids we used to help my mum assemble her products in the front room whilst we were watching TV!
So, for a physical product to get to the point where it is making any money takes a lot of upfront work and you need some way to finance yourself.
Informational products are a lot easier to get out there and take a lot less upfront work. It is possible to sell an email course without actually writing the whole email course upfront for example.
It is easy to test the market and tweak until you get something that fits and knows is going to be worthwhile investing the time and energy.
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3 | Determination is key
This is so important I cannot stress it enough. No matter what business you find yourself in determination, tenacity and grit are required.
Becoming successful in business requires serious hustle and every entrepreneur needs to be willing to put the effort in. My mum started off assembling her own products when she went big she was in and out of court defending her idea.
Being an entrepreneur is not easy and there are difficulties at each stage of business. The most important are to enjoy the process and the journey. To remember that this is all a part of having your own business. There’s a reason you left your office job, after all, right?
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Nadia finer is a business coach for solo entrepreneurs who want to GO BIG IN BUSINESS, even if they feel little. Join the Profit Pack to learn how to pump up your profits…. and GO BIG! You’ll learn a range of techniques designed to ramp up your revenue and create consistent $5k months. Finally!