you watch TV, you may have come across a show called Shark Tank, on the show people pitch their ideas of how to expand their business to 4 investors who listen to them, to see if they would invest in the business. One of the investors is Lori Greiner who specializes in products that have a mass appeal and help people’s lives, much of what is changing the attitude from why would I want it to I can not live without it. The process to have an idea and go all the way to selling it is what the book Invent It, Sell It, Bank It! by Lori Greiner, Random House, NY, 2014. The book is helpful as a consumer and wherever you are in the chain of transactions – most of us work in one sector or the other. If nothing else, there are different skill sets or focuses needed as you move from inventor to selling the items, although anyone can learn them. Ms. Greiner’s book has a number of chapter and the first one deals with people who invent.

If you are curious, you can be an inventor. The 6 essential characteristics are passion, confidence, drive and determination, organizational skills, self-sufficiency and independence; charisma and showmanship and some money to do. Each of the characteristics are necessary, but also will need balance to work and share with others. Remember while invention is wonderful, you should remember to enjoy yourself and have fun because this will help you concentrate on your strengths and get help with your weaknesses.

You have an idea that you wish to make money from, it is good you have an idea, next you will want to have some idea from a financial point of view is a hero or zero. Hero meaning has the possibility of making lots of money, zero because it may only appeal to 10 people on the planet and you have to find those 10 people. The guideline to know where the product is include 9 questions.

1, What is my Product?  Need 2 sentences to describe it. That will help in the naming.

2. Does it Solve a Problem?  what solution and who experiences the problem?

3. Is It Unique? with the internet it should not be hard to figure out. Remember better is not unique, will people pay extra to buy better? if yes who? if not – what price are they willing to pay?

4. Is it something People will Need or Want? If you create to people’s needs, when the economy goes through its cycles, you will be better protected – they need it for their living or it is consider a necessity.

5. Is it Demonstrable? Your customers will have to get or understand your product as soon as they see it. If they need to read the instructions ask yourself when was the last time you read the manual for something you bought?

6. How Do I Make it? Your invention needs to be put together with what materials? from where? what is the size of the product that somebody needs to display to sell?

7. Who is Your Target Market? Whenever possible invent for the masses. The broader the audience, the better chance of making sales. You can always target niche markets.

8. Is it Safe? if it is not, safety regulations will stop you.

9. Is it a Consumable? Does the product need to be replaced on a continuing basis – if you gain sales, you should have repeat sales to build from.

Linking to dividend paying stocks, all products in all sized companies go through the same checklists. Generally we believe the larger companies will tend to get it right, but that is the reason for Movies having part 2, part 3, part 4, etc.  If you take your product or idea through the lists, you will see there are many moving parts, many questions that need answers, many directions to go it for there is more than one answer to the questions. If you buy a dividend paying stock, they get it right more than wrong on a regular basis. The companies develop systems in place which can get the idea to a product and onto a shelf for the consumer to buy. If you are still working on your invention you want to profit from the dividend producing companies until you reach the stage where you can show the world.

There are more questions than answers, till the next time – to raising questions