Posts Tagged: "success"

Seven Steps to Success in Business or Entrepreneurship

There really is no one-size-fits-all approach entrepreneurs and business executives can follow, and there is no roadmap to success that will work in all cases. That doesn’t mean there aren’t a number of things that can and should be understood, appreciated, and truly internalized if you are going to pursue any kind of economic engagement as more than a hobby, or to do more than merely punch a clock for a paycheck every other week. This is not to say that there isn’t anything wrong with making a few extra dollars as the result of a hobby, or being happy where you are, doing your job and then punching out at 5 o’clock. But if you want more, if you have hopes and dreams of building something from the ground up that is your own and will become your business, or climbing the corporate ladder to become a C-suite executive, you need to treat each business endeavor with an entrepreneurial mindset from the earliest stages. If you don’t, it will create all the wrong habits, and worse, it will create the wrong mindset. A mindset is a very difficult thing to change, and patterns become easy, comfortable and difficult to break.

A Successful Patent Operation Requires the Right Team and the Right Deal

It should go without saying that a good team is a necessary ingredient toward building a successful patent operation. Unfortunately, many companies think they can check the “IP team box” once an in-house IP lawyer has been hired, and/or outside prosecution or litigation counsel has been retained. While those are often necessary ingredients for executing on the patent front, they are by no means the only ingredients. More is required, particularly in today’s patent market, which not only requires an understanding of patent prosecution, but a keen understanding of the business, strategic and financial aspects of patents.

How to Find Valuable Invention Services

Several years ago I was speaking to an inventor group about carefully selecting who they work with so they work only with reputable companies. At the time one particular invention promotion company, as near as I could tell had a remarkably low success rate. This company reported their successes all-time and reported the number of clients over 5 years, making it impossible to know what the success rate actually was. At best the success rate was approximately 1 in 2,700, but likely was much worse. I asked the room full of inventors this simple question: If I told you that only 1 in 2,700 inventors would ever succeed how many of you would be convinced that you would be the 1 and not the other 2,699? Virtually everyone raised their hand. That eternal optimism is wonderful, but it also contributes to getting taken advantage of by those who make money by telling you your invention is wonderful when that really isn’t the case.

Failing Your Way to Success

Consider, for example, the old axiom that entrepreneurs must be unwaveringly fixated on a single goal. Most startups are built around a single product or service that is assumed (but not yet proven) to meet a real consumer need and offer a lucrative market opportunity. The CEO of that startup is likewise singularly focused on getting a fully-baked product out the door as soon as possible in order to start generating revenues while at the same time building a pipeline for future offerings. Given the limited resources in most startups, this often means that the engineers are building Version 2 of the product before Version 1 has even been tested in the market.