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Patents held by startups generally have a limited ability to reduce competition. The average time required to obtain a patent is 36-to-40 months, during which there is no guarantee your adVenture will ultimately receive patent protection. Even if you are granted a patent, the scope of your claims may be significantly denuded.
A continuing question I hear from young entrepreneurs is whether a university degree is important to startup success, or just a distraction in achieving their purpose in the world. For example, I do business mentoring at nearby Arizona State University and Embry-Riddle Aeronautical University. Learning by doing is the only way to go.
With the appearance of do-it-yourself services on the Internet, entrepreneur curriculums at every university, and a wealth of new books on the subject, the need for expensive consultants and business advisors has also been mitigated. The same is true for filing patents, registering trademarks, and filing copyrights.
Most of you aspiring entrepreneurs have new ideas on a regular basis, and find it hard deciding which to pursue, or try to tackle several at the same time. In addition to personal focus, I find that the best entrepreneurs build and demand a culture of focus and excellence in their team, their investors, and even their advisors.
In my experience, consummate entrepreneurs tend come up with more startup ideas than they can ever implement, and some of the ideas may not even make business sense. But how does any entrepreneur know which ideas to implement, and which ones are best left behind? Check for intellectual property barriers in your way.
In my experience, consummate entrepreneurs tend come up with more startup ideas than they can ever implement, and some of the ideas may not even make business sense. But how does any entrepreneur know which ideas to implement, and which ones are best left behind? Now we soon expect a computer on every wrist.
As a mentor to aspiring entrepreneurs, I’m always surprised by the fact that some never seem to be able to that first startup going, while many others never seem to stop, starting their second or third initiative before the first one is fully hatched. I’m now convinced that serious entrepreneurs relish the startup process more than success.
As a mentor to many aspiring entrepreneurs, I challenge them to think beyond what I call linear extensions to a current trend, such as another “easier-to-use” app for smartphones, a new dating site for pets, or another niche social network. Examples I have seen include atomic battery technology, or how marine algae could help feed the world.
Everyone recognizes a great entrepreneur when they work with one, but most entrepreneurs don’t know what to look for in themselves that will drive that perception by others. This leading by example is easy to say, but not so easy to put into action. This leading by example is easy to say, but not so easy to put into action.
How an entrepreneur answers this question speaks volumes about their knowledge of business realities, customers, confidence, and their ability to handle investor funding. I like patents, trademarks, and trade secrets, so this answer is a better sustainable competitive advantage than the other five answers. Don’t bash the competition.
For example, my personal interest is entrepreneurs, and MySpace is for tweens. Here is my characterization of the social networking scene, as it relates to business networking for entrepreneurs and startups: Twitter. Believe it or not, this is my favorite for entrepreneurs. Entrepreneurs can find like-minded people here.
You have probably heard plenty of times that being an entrepreneur is a risky business, and investors talk all the time about reducing the risk. I don’t agree, for example, that the first priority is to avoid startups with a high attrition rate, like trendy restaurants and entertainment. What more could a budding entrepreneur want?
If you are really an entrepreneur, you are a risk taker and less cautious by nature, so failures should be expected. People who are afraid of failing should not become entrepreneurs. Successful entrepreneurs, on the other hand, tap into the positive power of failure. If you haven’t had a failure, you aren’t pushing the limits.
Their primary intended reader is a “first-time entrepreneur”, but clearly other stakeholders within the startup universe can also benefit from the book’s hands-on advice. They are both former entrepreneurs and current Partners at Foundry Group , a highly successful, early stage venture firm. The Magicians Tells Their Secrets.
It seems like everyone wants to be an entrepreneur and get rich these days. As an example of a good resource, I enjoyed the classic book, “ Idea To Invention ,” by Patricia Nolan-Brown, that does a great job on the key steps. File at least a provisional patent and one or more trademarks. Keep thieves away (protect it).
You don’t need to invent an innovative product to be a real entrepreneur. Many of these new entrepreneurs were regular employees a few years ago, focused on a skill specialty. Here are a few examples: Marketing specialists. We are becoming a society of entrepreneurs. specialist entrepreneur startup freelance business'
Most aspiring entrepreneurs look to their alma mater, or any university, as a source of classes that can help them, but neglect to think outside the box or take advantage of all the other resources to be found there. Access to entrepreneurs-in-residence, business mentors. Access to intellectual property and current research.
Here are five of the most common examples: Failure to document a founder agreement at the beginning. Disclosing inventions before the patent application is filed. Entrepreneurs often put off the hassle and the cost of filing a patent until first funding. Founders ignore non-compete clauses from former employers.
In my experience, inventors and technologists arent interested or arent very good at building a business, and entrepreneurs arent usually good scientists. Historically, its also not often that a good inventor was also a good entrepreneur. Most good entrepreneurs are idea people, and can flood you with ideas.
In my experience, inventors and technologists aren’t interested or aren’t very good at building a business, and entrepreneurs aren’t usually good scientists. Historically, it’s also not often that a good inventor was also a good entrepreneur. Most good entrepreneurs are idea people, and can flood you with ideas.
Entrepreneurs often have formidable technical expertise, key to developing a new product or service, but a great naïveté in management skills. It’s here that entrepreneurs must shift their thinking from tactical and operational, to strategic and managerial. No entrepreneur is born with these skills.
In my experience, inventors aren’t interested or aren’t very good at building a business, and entrepreneurs aren’t usually good scientists. Historically, it’s also not often that a good inventor was also a good entrepreneur. Some now argue that even our entrepreneur heroes, like Thomas Edison, really cheated on the invention side.
If you are really an entrepreneur, you are a risk taker and less cautious by nature, so failures should be expected. People who are afraid of failing should not become entrepreneurs. Successful entrepreneurs, on the other hand, tap into the positive power of failure. If you haven’t had a failure, you aren’t pushing the limits.
In my experience, inventors aren’t interested or aren’t very good at building a business, and entrepreneurs aren’t usually good scientists. Historically, it’s also not often that a good inventor was also a good entrepreneur. Some now argue that even our entrepreneur heroes, like Thomas Edison, really cheated on the invention side.
Based on my experience as a mentor and an entrepreneur, if you fail on your first startup, you are about average. Every young entrepreneur knows implicitly that startup success is a long hard road. Of course, a real entrepreneur always takes a failure as a milestone on the road to success. How can you improve your odds?
Every entrepreneur realizes that change is now the norm, and they have to adapt their business quickly to survive and prosper. In fact, the best entrepreneurs seem to see breakthrough changes coming even before they really happen, and are able to turn them into huge new opportunities. Technically, this is known as perceptual acuity.
In their passion and excitement about a new product or service, entrepreneurs tend to continually narrow the scope of potential competitors, and often claim to have no direct competitors. First to market, for example, is not normally a sustainable advantage for startups. No investor wants to be tied to a “one-trick pony.”
What you will convey in your conversations What protections you will place on those communications For example, you might decide that portions of your concept will be controlled more closely (a secret algorithm). I also will point out that in the The 15 Mistakes of First Time Entrepreneurs : 9.
As an advisor to new hardware entrepreneurs, I often hear the myth that a business plan is no longer required to find an investor, if your idea is good enough. What you don’t realize is these famous investors only deal with entrepreneurs who sold their last company for a $100M dollars or more. and trademarks.
What you will convey in your conversations What protections you will place on those communications For example, you might decide that portions of your concept will be controlled more closely (a secret algorithm). I also will point out that in the The 15 Mistakes of First Time Entrepreneurs : 9.
Every entrepreneur realizes that change is now the norm, and they have to adapt their business quickly to survive and prosper. In fact, the best entrepreneurs seem to see breakthrough changes coming even before they really happen, and are able to turn them into huge new opportunities. Technically, this is known as perceptual acuity.
You don’t need to invent an innovative product to be a real entrepreneur. Self-employed services specialists are just as important, and are a growing part of this new “ age of the entrepreneur ” that I discussed last week. Many of these new entrepreneurs were regular employees a few years ago, focused on a skill specialty.
Here are five of the most common examples: Failure to document a Founder agreement at the beginning. Disclosing inventions before the patent application is filed. Entrepreneurs often put off the hassle and the cost of filing a patent until first funding. Founders ignore non-compete clauses from former employers.
In my role as advisor and mentor to many new entrepreneurs, I often find myself suggesting that they think bigger. For example, I’m not sure the world needs one more social media niche site, or another dating site, or yet another flavored drink alternative. Two heads are better than one.
With the appearance of do-it-yourself services on the Internet, entrepreneur curriculums at every university, and a wealth of new books on the subject, the need for expensive consultants and business advisors has also been mitigated. The same is true for filing patents, registering trademarks, and filing copyrights. Martin Zwilling.
Despite the book’s shortcomings, it contains a number of insightful lessons for budding entrepreneurs. Of the 100 business “lessons” articulated in the book, I highlight a few below that I feel are the most relevant and impactful for entrepreneurs. Some of the examples are patently obvious (e.g., (i) Book Verdict.
Here are a few examples: Setting up the business. Establishing the legal structure for your business, registering trademarks, filing copyrights and patents, and drafting partnership agreements used to require extensive attorney fees and ongoing consultation. That wasn’t even possible a few years ago. Don’t be the last to get on board.
Entrepreneurs often have formidable technical expertise, key to developing a new product or service, but a great naïveté in management skills. It’s here that entrepreneurs must shift their thinking from tactical and operational, to strategic and managerial. No entrepreneur is born with these skills.
Everyone recognizes a great entrepreneur when they work with one, but most entrepreneurs don’t know what to look for in themselves that will drive that perception by others. This leading by example is easy to say, but not so easy to put into action. This leading by example is easy to say, but not so easy to put into action.
I hear a lot of entrepreneurs contemplating their great “idea” for several years with little discernable progress, and looking for money to start. That means skip the jargon and include explanations and examples. File a provisional patent, register a trademark, and reserve your company domain names. Marty Zwilling.
For example, I usually hear about an aggressive marketing budget, with a plan to penetrate a few big retail chains, and some videos to catch your attention on YouTube. Examples include the Nike Run Club app where people participate in challenges and win trophies. Offer an alliance with competitors to expand the market.
A real simple example, is someone comes to register for a particular web service, puts their name, and contact information into a site, and our clients asks them for a valid phone number. For example, we handle all of the main languages, including dialects. In 2011, we had two of our patents approved.
Young entrepreneurs often are so excited by new technology or their latest invention that they forget to translate it into a value proposition that their customers or potential investors can understand and relate to. Entrepreneurs who make this case effectively will get the decision they want, no matter how esoteric their technology.
Santa Monica-based Fundable (www.fundable.com) is a newly launched, crowdfunding site which is headed by local entrepreneur Wil Shroter. Dolgoff has a fascinating background--he invented the first LCD projector, he helped inspire Star Trek's Holodeck, and he also is a serial entrepreneur who took his company public on the NASDAQ in the 90's.
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