Bringing Your Product to Market|
Note: This review is of the first edition. I have every reason to believe the current edition is even better.
"I always hesitate to talk about odds because I believe that product entrepreneurs are their own biggest enemies. Their own mistakes are the reasons most of them fail. On the other hand, many inventors look at all the steps involved in the product-to-market approach and say, 'I don't have to worry about all those steps; I have a great idea!'"
to quote directly from page 7 of Don's book. Then he goes on to explain how at most only 1 out of 500 or 1000 people with their "great ideas" -- and who actually follow through and introduce their new product -- succeeds. There is so much good, well said, quotable material in Don's book that it is hard to know where to start -- except to recommend you read the whole thing.
In fact just quoting a few chapter titles should give you a solid idea of the books approach. An approach that Don has used to help "more than 100 entrepreneurs market and sell their products successfully." Chapter 1, Facing Realities: Hard Work Lies Ahead; Chapter 2, Financing: Forget the Myths -- Here's the Truth; Chapter 3, Drop Your Paranoia: Talk About Your Product Idea! That should give you a good idea of the flavor.
Don's whole point in the book is to get you off to a sound start and selling your invention product for less than $5000 in up front costs -- including what others chip in. That's why the second chapter talks in depth about financing and why "You Always Need Your Own Money" even though "Plenty of People Are Willing to Be Investors." The bottom line is that equity in a profitable business has value but there is no equity in a failed business whether the failure was due to a bad idea, poor management, running out of cash, external events (including competition), or whatever. By now you may be realizing this book isn't about inventing, it's about business.
The book is so much about business, and how to successfully build one that less than 5 pages are devoted to patents -- and most of that is devoted to figuring out whether or not to get one. Don also covers licensing: the best time to get a licensee and negotiate a license is when your product is on the market and selling. He does cover licensing earlier in the game but he also notes that "licensing isn't that easy." In fact, his estimate is that only approximately 300 to 500 product ideas are licensed per year (presumably in the US and including movie tie-in products). In other words it's a tough game and there are big players that are expert at it competing against you.
That, of course, is why you need this book. It cuts through all the "dream" stuff that dances through the heads of would-be inventors and gets down to the brass tacks of how to determine if your invention has the "big motivator" and other criteria needed to make it a success. Once you've done that the book takes you through the process of turning that potential into actual success.
© Copyright 2004 James E. White, All Rights Reserved
Home | Book List | Order | Site Map | Previous | Next | Back to Top | Privacy | E-mail