July 2nd 2010 – Dave Savage – President of the Inventors Association of GA

Wednesday, July 7th, 2010 2:46 pm

Podcast: Download

(click here to listen) 3 Biggest Business Mistakes

1.)    Validate Before Patenting- People are scared of others stealing their idea, so they immediately run to patent attorneys to protect their brainchild. However, you could be senselessly wasting money if your idea isn’t even feasible in the first place. Take the time to validate your business model before going off to patent your product. Attending special sessions (e.g. inventor societies) where people share business ideas without disclosing critical information is a great way to get criticism about your product.

2.)    Go to Trade Shows – Along the lines of validating your business model, seek outside sources to help you assess the practicality of your product. Outside of simply “Googling” for information, visit trade shows for your industry (many are free). Even if you don’t have the product in hand go anyway because you will learn about the competitors in your industry and may also find future business partners.

3.)    Garner an Alliance – Surround yourself with people that support you and your business. In your work place, treat others like they are your business partners. You are more likely to retain your employees if they are also emotionally vested in your company.