Wilson PonI’ve got a great idea, but I’ve got no idea!
January 22nd 2009 23:47
You have a great idea that you feel certain has huge commercial possibilities, but you have no idea how to go about undertaking the commercial aspects. Simultaneously you probably think if someone was to offer you an upfront payment of $1 million (hopefully even more) you would be being taken advantage of. Even then you expect ongoing royalties and commissions.
If this sounds like you, you are just one of thousands of people or entrepreneurs in a similar situation in Australia and millions in a similar all around the world.
Many inventor type people are absolutely paranoid about their great idea while having no idea on how to commercialise their idea and invariably their great idea goes nowhere. A key element of commercialising any great idea is being able to communicate with and work with a team of people.
Any new product or idea must have commercial viability and have the potential to pay its way and produce profits and a satisfactory return on investment (R.O.I.) after all costs are taken into account. These costs will probably include patent and trade mark fees, design costs, tooling costs, manufacturing costs, packaging costs, storage costs, marketing, advertising and selling costs, shipping costs with wage costs and overhead costs such as insurances. And after all that the customer may take up to three months or even longer to pay their account.
For those who think they will sell their product through a major chain and have their product on the shelf in hundreds of stores around the country within a week there will come a rude awakening when they learn the major chains expect to be paid for having a new product on their shelf. These chain stores can also have almost draconian trading terms and delivery conditions which many long-term experienced suppliers find difficult.
My new 300 page book I’ve got a great idea, but I’ve got no idea! published by Sydney Business Centre details countless important issues facing entrepreneurs and many of the issues facing entrepreneurs on the road to success.
Sydney Business Centre also present a one-day training workshop titled I’ve got a great idea, but I’ve got no idea!.
If this sounds like you, you are just one of thousands of people or entrepreneurs in a similar situation in Australia and millions in a similar all around the world.
Many inventor type people are absolutely paranoid about their great idea while having no idea on how to commercialise their idea and invariably their great idea goes nowhere. A key element of commercialising any great idea is being able to communicate with and work with a team of people.
Any new product or idea must have commercial viability and have the potential to pay its way and produce profits and a satisfactory return on investment (R.O.I.) after all costs are taken into account. These costs will probably include patent and trade mark fees, design costs, tooling costs, manufacturing costs, packaging costs, storage costs, marketing, advertising and selling costs, shipping costs with wage costs and overhead costs such as insurances. And after all that the customer may take up to three months or even longer to pay their account.
For those who think they will sell their product through a major chain and have their product on the shelf in hundreds of stores around the country within a week there will come a rude awakening when they learn the major chains expect to be paid for having a new product on their shelf. These chain stores can also have almost draconian trading terms and delivery conditions which many long-term experienced suppliers find difficult.
My new 300 page book I’ve got a great idea, but I’ve got no idea! published by Sydney Business Centre details countless important issues facing entrepreneurs and many of the issues facing entrepreneurs on the road to success.
Sydney Business Centre also present a one-day training workshop titled I’ve got a great idea, but I’ve got no idea!.
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