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I've Got An Idea
Written by: Karen E. KleinArticle Overview: What do you do with a great business idea? Forget about it until someone else runs with it and hits it big? Or do you have the commitment, time and energy to really do something with it?
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Free Download - Diamonds in the Rough By Karen E. Klein |
I've Got An Idea
There’s a world of blood, sweat and tears that separates a great
business idea from a great business. That’s why - with few exceptions
- people don’t buy ideas. After all, ideas are a dime a dozen, right?
So,
what can you do with your great idea? If you’re like most people,
you’ll forget about it until the day you see that someone else has
turned it into a reality. If you’re not like most people, you’ll become
obsessed with the idea to the point where you know you have to find a
way to add value to the idea, whether that means patenting it,
licensing it or starting a company to market it.
If you’re in
the latter category, put together a plan to go with your idea. It
doesn’t have to be a full business plan. Start with a proof of concept
that explains what your idea is, how it will generate revenue, what
kinds of operating expenses you’ll incur producing it or pursuing it
and what your competition will be. What unmet need will your product or
service fulfill? Why will customers buy it instead of buying your
competitors’ products?
If you feel that your idea is a can't
miss, pursue intellectual property protection for it and share it with
a few trusted colleagues – preferably people already in business for
themselves. Ask them to sign “non-disclosure” agreements before you lay
out the idea.
Don’t get sucked in by phony inventor or patenting
schemes that fleece naïve would-be entrepreneurs for thousands every
year by flattery and flat-out fraud.
If you really have an
innovative, promising business idea, and you’re driven to pursue it,
you’ll be able to prove the concept, protect the idea legally and
either license it to an existing business or round up the funding that
will allow you to take the idea to market yourself, perhaps with a more
knowledgeable business partner.
Article Tags: blood sweat and tears, business idea, business partner, business plan, colleagues, dime a dozen, disclosure, exceptions, flattery, fraud, intellectual property protection, inventor, latter category, operating expenses, promising business, proof of concept, rsquo, sweat and tears, unmet need
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About the Author: Karen E. Klein RSS for Karen's articles - Visit Karen's website Karen E. Klein is a Los Angeles-based columnist for Business Week and The Los Angeles Times. She has also written for Newsday, The Chicago Tribune, Newsweek, The Los Angeles Daily News and Sunset magazine. Click here to visit Karen's website Another Day Another Rip Off Ive Got An Idea A Reality Check It Takes Planning Take the Oath |
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