Turning your invention idea into a functioning product is a dream come true for many people. However, inventing a new product or starting a business can be a maze, as it’s something most people haven’t experienced before. Although mistakes are natural when on a new path that is completely foreign to you, there are some mistakes inventors make that should and could be avoided.
Expect unrealistic results
If you think your invention idea will turn into an instant success overnight, you may want to rethink your business plan. It’s normal to think your idea is the best idea, but setting unrealistic expectations for the results are just going to set you up for disappointment and failure. Few inventions make people millions of dollars, especially when it’s your first one. So make sure to keep your head up high but not lost in the clouds. Passion for your invention idea, combined with hard work and drive, is the key recipe for success.
Assuming your inventions for everyone
Not having a defined target market and realizing that not everyone is going to want to buy your invention idea is one of the biggest mistakes you can make in your process. Even if nothing out there exists like your invention, you still need to look at whether it’s something that people want and will buy. Market research is a critical step in the process and its one that shouldn’t be skipped.
Lacking business acumen
Having an idea is important, however, that’s not the only thing that’s important. The invention idea is only a small part of the grander picture. Inventors that are the most successful are the ones who have lots of ideas and only act on the ones that make the most sense for them to enter a market with. It’s important to have some knowledge of all aspects of the business because just having an invention idea is only going to get you so far.
Product development is tough and it’s not cut and dry, there are so many different factors and components that go into it. However, there are a lot of mistakes that frequently get made that can be avoided. These are just three, but make sure you’re aware of as many as you can be before you jump in head first.
MAKO Design + Invent is the original firm providing world-class consumer product development services tailored to small businesses, startups, and inventors. Simply put, we are the leading one-stop-shop for developing your physical product from idea to store shelves, all in a high-quality, cost-effective, and timely manner. We operate as one powerhouse 30-person product design team spread across 4 offices to serve you (Austin, Miami, San Francisco, & Toronto). We have full-stack in-house industrial design, mechanical engineering, electrical engineering, patent referral, prototyping, and manufacturing services. To assist our startup and inventor clients, in addition to above, we help with business strategy, product strategy, marketing, and sales/distribution for all consumer product categories. Also, our founder Kevin Mako hosts The Product Startup Podcast, the industry’s leading hardware podcast. Check it out for tips, interviews, and best practices for hardware startups, inventors, and product developers. Feel free to Contact Us anytime for help with your project.