New training on Inventor Vs Entrepreneur (…And How to be Both!)
Are you an inventor or an entrepreneur? What’s the difference between the two? Well, from what I’ve noticed, the difference is that inventors tend to be typically more focused on the product or invention functionality while entrepreneurs look more into the business opportunities of the product or invention they created. I mention this because I meet so many inventors who do not know how to generate revenue once they actually create the product. They spend a small fortune on their idea but then they go nowhere with it.
The one thing in common between an entrepreneur and inventor though is that both come up with new ideas. Both are capable of putting a product out there for the world to see, which means you can be an entrepreneur and an inventor at the same time!
That’s why I created this new training on “Inventor Vs. Entrepreneur (…And How to be Both)!”
I created this training because I don’t want you to be one of those inventors who doesn’t ever sell their product. I’m here to help you become an inventor and an entrepreneur at the same time. Go ahead and check out my video to learn more!
(For those of you who prefer to read this content, transcription is included as well below!)
Wishing you so much happiness and success.
Karen Waksman, Retail MBA
Transcript For Video Listed Here…
A lot of inventors have brilliant ideas. They’re probably the smartest people in the world, I think. I love them, I enjoy them. The first five years of my business I only worked with inventors so I understand you really really well.
A lot of inventors come up with ideas, maybe you don’t have a lot of money but you’re very creative and you’re trying to bring your product to the world. And that’s fantastic! Unfortunately, in order for you to make money out of that product, you got to actually desire making money and really committing to making money and let me explain that. So the inventor who has ideas and tries to hand over that idea to a third party like Invent Help or whatever it is, tend to get their business stuck in a way that I’ve never seen. They spend ten grand, 20 grand, supporting up a third party that go help them get their product out to the world and hoping that someone else will take care of their business and so forth.
But the problem with that inventor who’s handing over their business to somebody else is that they’re not taking responsibility for the product itself and they tend to be less than 1% successful typically, not to bad mouth any invent company. They do, on occasion, support. But just the stats in the world alone regards to product, most inventions and most physical products don’t make any money and or very few do. And you know, it’s less than 5% that are actually crushing it with their product and so forth. And so I want you to be in that small percentage. And don’t count me on that 5%. It’s some small version of that are making real real money with their products, many many millions of dollars with their products and I want that to be you.
So what I’d say to you is that if you’re going to go and try to hand off your business to a third party, you’re going to have a very difficult time because what matters with physical products is that you put the energy behind it in order for it to succeed. So let me explain. I work with so many people across the globe. I’ve been doing this for so long. The people who sit with their product, stare at their product, commit to their product, choose to sell their product even though they hate selling, choose to figure what they’re going to do to tweak the product if the product doesn’t sell, choose to not give up until that product converts into making money is the person who is going to make money. The person who is looking at the product and says “Oh I have a great idea. I’m just going to hand it over to somebody else to go manage it” very barely actually converts into a lot of money. I barely, like I’ve been doing this for so long, I don’t see that very often.
Yes, there’s exceptions to rules but most of the time they’re literally stuck in their kind of dreamland with their invention and actually converting it to anything else. You have to care more than anybody else that your products going to get out to the world. You have this idea and it deserves to be in the world and only you can take it to the next level. It doesn’t mean that you’re always going to be a sales rep. It means that you’re going to be the one who sees it through whatever it takes. You’re going to take classes, you’re going to learn in trainings, you’re going to commit to it. You’re going to say “I will not stop until I convert into making money.” And that’s the person who’s going to become the entrepreneur.
So question number one: Are you willing to do that? Are you willing to be the person who’s actually going to just be like everybody else who comes up with ideas that die out in the world or you can actually take something with what you are doing and create a world where they know about your product. And I hope that you become the entrepreneur. Now, if you are willing to take the action, my recommendation is to study. And the reason I say that is because I meet people all the time and they’re coming up with ideas but they don’t their opportunities and so they lose out on a lot of opportunities.
For instance, some people just say well I just want to license my idea or write my idea to a company and have them go produce it. But maybe they don’t understand what that looks like and they lose a lot of opportunity and revenue. When you write your idea to a third-party company, on the one hand you get a percentage of every unit they sell of your product. On the other hand, you know if they’re actually building out your product, they’re not doing a very good job at it, your product could go nowhere. So you really have to commit to understanding who you’re partnering with beyond just making a quick buck. You have to really understand the company and what they’re actually going to do to ensure success with your product and so forth. And a lot of times, inventors get signed up to work with third-party licensing their product and then the product goes nowhere. And they don’t make any money and they lose that out on that product for ten years because they didn’t know what they didn’t know.
Not to scare you and that’s not my tactics. But just what you know will make the biggest return of investment. Other inventors who are willing to do little bit more work and understand who can maybe possibly get some money together and not spend the 20 grand and hire somebody out to go license their idea could take that money and start a small company and spend a portion of that figuring out how to actually sell that product to retailers and or wholesalers and or distributors and or sell it on TV, HS and QBC, and sell it to websites like Groupon and sell it to corporations like bookstores, museum stores, and so forth and are willing to invest a little time and effort can make a bundle of money and if they’re willing to put their back into it and actually learn how to do that they can make a fortune and so forth.
So at the end of the day, the difference of an inventor and entrepreneur is someone who is not going to quit and don’t hand away all your business right away upfront. Learn what you’re about to do. See where all the different revenue opportunities are for your business, then make wise choices and hire the appropriate people. Otherwise, you might be the type of person who hires a rep who takes a year to get a product out in the world and doesn’t do anything for you and so forth just because you didn’t know what you didn’t know. So that’s why I do what I do. I walk people through exactly how to approach, pitch, and sell to retail chains and I have many other strategies on how to make money with physical product beyond retail because not every product makes sense for retail.
So if you want to learn more, you can take a look at what we’re up to retailmba.com or subscribe to this channel. We’re constantly giving away free content and helping you support yourself generating revenue with your product, the things to think about and so forth. But I hope you become an entrepreneur, the committed one, the one that takes actions, the one that doesn’t quit, the one that does the work, the one that learns and studies and educates themselves and you know, don’t have off your business, do the work initially and see the biggest return of investment there. Again, Karen Waksman, Retail MBA. Hope this help. Thanks so much!