Forums: Discussions for entrepreneurs and small business.

Here is my dilemna.  I am an idea person.  I absolutely thrive and get so excited by coming up with new product concepts.  I have a knack for seeing unmet needs in the marketplace.  However,  I do not enjoy all the "detail work" required in starting up a business.  My goal has always been to focus on one of my ideas and start my own business.   The problem is I am always coming up with "newer, better" ideas so I am having a hard time deciding on just one.  Since I love "coming up with new product ideas" so much... my IDEAL business would be finding a way to make money licensing my ideas to existing companies. Because I know I will never stop coming up with new product concepts.   Any thoughts or words of wisdom.

Thanks,

Karen

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There is no scarcity of opportunity to make a living at what you love; there`s only a scarcity of resolve to make it happen.

Just pitch your ideas to companies and license them. They they will take care of the rest instead of you having to follow through. I also recommend a journal to keep these ideas on paper so you can focus on one at a time. If you do everything at once, all will suffer with you being spread too thin.

I would recommend creating each product or concept and catalog them into one e-commerce website. You start business on the product you create.

Sounds like you are right on target and know what you want.  Just license your ideas, one after the next.  Words of wisdom... go for it.  You already know what you want to do, just do it!

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Leslie
Founder and President
Charmed Life Products LLC
Grill Charms™… The MUST HAVE grilling accessory that is revolutionizing the American Cook-out AND The perfect gift for any occasion!
Grill Charms
                                                                                                    

Make sure you at least "notarize" the entries in you journal (with the DATES, not just signatures). Also, do not openly disclose any pertinent information without a signed NDS agreement (Non-Disclosure Agreement/Statement). If they do not sign - walk away (especially early on without proper protection). If you`ve submitted a patent application, it really doesn`t matter as much.

Although some companies reject NDS`s (as a matter of policy). There will always be another (more appropriate time) to engage them. But not without (at least) a notarized document that establishes "date of conception".

Here are 2 threads on the similar subjects.

Hot idea...nooooo time to cultivate
http://www.startupnation.com/pages/community/forum_posts.asp ?TID=1333

Protecting my Idea
http://www.startupnation.com/pages/community/forum_posts.asp ?TID=1700

Ideas are a dime a dozen.

What may matter more are structured or big ideas, and focus.

There`s no point of solving small problems, `cause not much money would come out of it.  It`s better to solve big problems.


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BrandAlchemy turned me on to an "ah Hah!" term: "Proof of concept."

I`d never heard of it, and it succinctly and very quickly separates "ideas" from "useful ideas."

Lots of people have plenty of ideas. They`re free, after all, requiring only a mind and some imagination. But converting from an idea kinda person to an inventor takes work. Along the way comes this proof of concept.

Nobody really cares if you have an idea. But!...if you can "prove" it`ll work, with a prototype, a demonstration, or some other tangible method, then you`ve got something someone can value.

Remember those old expressions, "Wheelchair General," or "backseat driver," or even "the peanut gallery?" :-) What do they mean?

They`re a reference to how anyone can look at what IS going on and come up with why it`s being done wrong, could be done better, should be done differently, and so forth. The real proposition, though, is to actually DO something about it.

I`d take a look at why you`re having trouble sticking with one idea, and what you mean when you think about the word "details." :-)

Hi Karen,

I`m in a similar position to you. Lots of ideas (some better than others) but no time to do anything with them. I was doing some research online and came across this website which may be of interest.

http://www.boggleit.com

They claim to be a kind of `Dragons Den online`. You submit your idea, they evaluate it. If they think its good they`ll offer to  buy it from you or joint fund it.

It turns out these guys have been featured on the BBCs Working Lunch programme. You can watch the video here http://www.boggleit.com/news-feature-4.htm

They seem to be hot on non-disclosure which was my initial concern. Well worth a try perhaps. (and if not they have a great free business advice booklet).

Ideas are, in themselves, worthless.  An idea is kind of like a fox running wild in the woods - its only worth something [in money terms] once captured and prepared for market.

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James Lindon, Ph.D. Patent Attorney
Lindon & Lindon, LLC
Cleveland, Ohio
Patents, Trademarks, Copyrights, Pharmacy Law, Litigation
[this is not legal advice - provided for discussion only]
Intellectual Property for the Individual and Small Business: Identify, Protect, Enforce, Defend.
"Fools rush in where angels fear to tread."
http://www.LindonLaw.com