Loved this, would like to see it updated!
If there was only one business book, this would be it! Everything you need to know to launch a product or open a small service business. Smart, savvy been around the block advice not couched in business buzz. This is real business with very frank advice. I would like to see this updated with information about social media incorporated. Real world problems and solutions presented in a logical fashion. So many business books are not written by people who actually "do business"-this one is.
Couldn't Put it Down!
As a first-time product inventor and longtime Webpreneur, I found Debelak's book both refeshingly creative and rooted in solid business principles that will help usher entrepreneurs along the right product development path -- continually arming them throughout the process with tips and tools to test (and re-test) the validity of a new business idea as it moves to market.
Bringing Your Product to Market is chock full of litmus-test-type checklists and common-sense (yet far from obvious) ideas, such as reaching out to product packaging specialists to get a more accurate forecast of how many units a product might sell.
In short, this is a **must read** for anyone serious about introducing something new or unique into the marketplace.
I'm eager to continue putting Don's tenets to work (and the test) and am moving on to a more formalized product testing stage. Stay tuned for more case study updates!
You Can Do It -- Often At Low Cost
This book's author, Don Debelak, is a strong believer in inventors marketing their ideas. However, he also covers the licensing approach. He realizes that raising money is the number one problem and he covers the whole spectrum -- from doing it with zero dollars to how to raise a million dollars.
His advice is based on ten years as a new product marketing consultant. Throughout the book, he gives examples of the right and wrong moves people have made. My quick count (examples are in italics) indicated 106 examples.
Don estimates that in any given year, in the USA, about 200,000 individuals are working on product ideas but, at most, 500 will succeed in introducing their idea. In other words, one in 400 will succeed!
He stresses that in addition to the money problem, inventors should recognize the importance of three things -- that many revisions will be needed, that you can do it, and that you will need help from people experienced in your specific market area.
The author emphasizes entrepreneurs believe many myths about money. One common myth is that you should not borrow money until you have spent all of yours. Actually, in startup situations, banks expect you to have cash on hand equal to the loan requested. He emphasizes getting investors early in the process. If more money is then needed, investors will generally seek to protect their investment by investing more money.
Inventors often have no idea as to what the ratio of the selling price is to the cost of manufacturing. Quite often the selling price must be four to five times the cost of manufacturing the item. Few inventors seem to be aware of what sales, marketing and administration costs will be.
Many inventors fail to do even elementary market research. Can you communicate your product's benefits in 5 to 10 seconds? Is it significantly better? Have you consulted an impartial panel or are you still in the dream world of kind words from friends and relatives? The author gives several suggestions for doing low-cost market research.
You know your invention inside and out -- but do you know your buyers "hot buttons"? That is their motivations for buying products like yours. Don describes four basic reasons why people buy products. Unless you understand these, your sales pitches and your ads may fail miserably.
He points out that everyone loves a winning product. Therefore, it is vital to give your product the appearance of gaining momentum. Don't crank out a mountain of product and hope it will sell -- get a mountain of orders and work around the clock to fill the orders.
Don't assume a big blast of advertising is the answer. Many of the big advertisers succeed because they have established their brand names by years of advertising. Ads are expensive. Advertise, but analyze your results. He lists eight factors to be considered when analyzing the results of your ads.
While Don feels making your own product is better than the licensing approach, he does list 12 key steps to licensing an idea. Ideas don't sell themselves. Dramatic presentations and your ability to create a sense of urgency are vital when going the licensing route.
He gives an extensive check list for growing a company and for making it a smooth-running operation.
Surprisingly, he does not discuss business plans until later in the book. He feels they are overrated. A budget is vital at the very start, but until you gain some experience from producing and selling your product, a business plan will probably consist of wishful and wild estimates.
In summary, the message to inventors and entrepreneurs is that you can do it -- often at low cost -- but you must be prepared to work hard and, most of all, to work smart.
Check for more reviews on Amazon.com
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