Basic Mistakes of Inventors

There are a number of mistakes typically made by inventors of "new" products. Today I would like to explore some of these mistakes and some ways to he;p avoid them. First there are unrealistic goals or expectations that come from one's invention or idea.
It may be a great idea but without hard work and many hours it will not make you a millionaire or based upon the sales expectations it cannot. The second mistake revolves around not researching the marketplace. I mentioned in previous writings about a pet product that someone "invented" that a trip to a major pet retailer would have shown the person the product was already there and unless his idea could improve the products function at a more advantageous retail price, he could have stopped his concept at that point.
The third major mistake is the assumption that everyone will want to buy your product or idea. Here you must assess the size of the potential marketplace and then after doing reasonable research into that marketplace determine if the product is salable. Research does not include asking friends and family about your product, you must get a reasonable amount of independent input from your expected target market. Remember for each year of your target market in the USA there are about 3.5 to 4.0 million people up to the age of 50. Depending on your product and target marketplace you can determine the gross number of potential customers and then begin to do your homework and figure out the sales units and then dollar possibilities. All of this assumes the right price point and the ability to attract retailers to the product. These are just three of the major mistakes that are made future postings will cover others and there are more trust me. If you want to learn more about getting your product into the retail arena and help in all phases of the product development cycle from finalization to sourcing to sales contact me at BHR Global Associates, Inc (Bruce Rubin) at bruce@bhrglobal.com or call me at 267-664-5165.