Investing money in a idea because you BELIEVE IT!

[bonkers123]

If you invest all the money you get or have already in a idea that you believe in a good idea? What are the possibility of it actually being successful if you execute on it and believe in it so much...Even with belief in the product and execution is it possible that it can fail, im guessing because there is no demand for it? Just was thinking about it today and would love your feedback on it..thanks.

 

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[rocksolid]

Any business can fail. Many current successful business people failed many times before succeding. I think having a plan is very important. Do you currently have any type of business plan? I can think that a new widget is the greatest thing but how do I know other people will think so too? Does your idea / product solve a problem? Do you know who your target audiance is and will that be broad enough? How will you market this item? THese are some questions you need to answer. I'm sure other people will chime in.

 

[Deege]

Blind belief can lead to failure, but if you study it and make sure everything is solid all the way around, demand all the way to execution, and you still believe in it. Then your belief is no longer blind.

If you are still a believer go for it, what do you have to lose? Even if there is failure, you can learn much from it, take a look at the failure threads, 90% end on a positive note.

Belief without action is just and idea, just a "if i had done this" moment waiting to happen.

 

[PaulRobert]

If you invest all the money you get or have already in a idea that you believe in a good idea? What are the possibility of it actually being successful if you execute on it and believe in it so much...Even with belief in the product and execution is it possible that it can fail, im guessing because there is no demand for it?

I think the best thing you can do is READ, REREAD, and DO every single step listed below. (Not in any particular order.) Whatever works best for you.

Also, never pour all your money into a single idea, you always need a cash reserve or two.

"There are several stages in the new product development process...not always followed in order:

1. Idea Screening
The object is to eliminate unsound concepts prior to devoting resources to them. You must must ask yourself at least three questions:

• Will the customer in the target market benefit from the product?
• Is it technically feasible to manufacture the product?
• Will the product be profitable when manufactured and delivered to the customer at the target price?

2. Concept Development and Testing

• Develop the marketing and engineering details. Who is the target market and who is the decision maker in the purchasing process?
  What product features must the product incorporate?
  What benefits will the product provide?
  How will consumers react to the product?
  How will the product be produced most cost effectively?
  What will it cost to produce it? Test the product by asking a sample of prospective customers what they think of the idea.

3. Business Analysis

• Estimate likely selling price based upon competition and customer feedback.
• Estimate sales volume based upon size of market.
• Estimate profitability and breakeven point.

4. Beta Testing and Market Testing

• Produce a physical prototype or mock-up.
• Test the product (and its packaging) in typical usage situations.
• Conduct focus group customer interviews or introduce at trade show.
• Make adjustments where necessary.
• Produce an initial run of the product and sell it in a test market area to determine customer acceptance.

5. Commercialization

• Launch the product.
• Produce and place advertisements and other promotions.
• Fill the distribution pipeline with product.

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Regarding your question on how to protect your product, it would depend on what kind of product you are planning to market.

The answers are complicated by the fact that several legal concepts may apply to any given innovation, product, process, or creative work. These include patents, trademarks, service marks, trade names, copy rights, and trade secrets. It is necessary to know which are applicable and when each is appropriate. This varies somewhat from jurisdiction to jurisdiction. The advice of a lawyer that specializes in these matters and is knowledgeable with your philosophy regarding protection is essential.
Generally, copyrights are fairly easy to obtain but are applicable only in certain instances. Patents on the other hand, tend to involve complex claims and approval processes, tend to be expensive to obtain, and even more expensive to defend and preserve.

Personally, I believe that marketing the products fast to become the market leader is much more important than a patent."

 

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