Entrepreneur Magazine Bringing Your Product

Build an empire step by step Don't risk a small fortune trying to make a big one. Let acclaimed consultant Don Debelak show you how to get your exciting new product off the drawing board and into the marketplace--without losing your shirt! In this book, you'll learn what every inventor and entrepreneur needs to know about manufacturing techniques, product design, distribution channels, patents, licensing, and cash flow. You'll also discover how to handle some very tricky issues that are crucial to your success, including * Knowing when your product is market ready * Creating a step-by-step product-to-market strategy * Adjusting your strategy to changing market conditions * Finding financial help from investors, manufacturers, and distributors * Having manufacturers pay development costs prior to licensing Also available from the Entrepreneur Magazine library: * The Entrepreneur Magazine Small Business Advisor * The Entrepreneur Magazine Small Business Answer Book * Guide to Integrated Marketing * Human Resources for Small Businesses * Making Money with Your Personal Computer * Small Business Legal Guide * Starting a Home-Based Business * Starting an Import/Export Business * Successful Advertising for Small Businesses SPECIAL OFFERS! FREE issue of Entrepreneur Magazine * 50% discount on Entrepreneur Magazine subscription * 1/2 price admission to any Entrepreneur Magazine Small Business Expo * Discount on American Entrepreneurs Association membership See details and coupons in back of book.

ENTREPRENEUR Magazine is the banner publication of the Entrepreneur Magazine Group. It has the largest newsstand circulation of any business monthly with a total ABC-audited circulation of 410,000. gt;DON DEBELAK is President of DSD Marketing, an inventor assistance firm. He has personally helped more than 100 entrepreneurs market and sell their products successfully.

Introduction: The Five Criteria for Success

xiii

PART 1 GEETING STARTED

3

(88)

Chapter 1 Facing Realities: Hard Work Lies Ahead

3

(10)

Raising Your Chances of Success

4

(3)

What Are the Odds?

7

(1)

Dropping Ideas

8

(2)

The Step-by-Step Approach

10

(1)

Time Management

10

(3)

Chapter 2 Financing: Forget the Myths--Here's the Truth

13

(18)

Some Hard Financial Facts

14

(3)

Development Financing

17

(1)

Running Out of Cash

18

(1)

Staging the Investment Process

19

(5)

Transitional Period Funding

24

(6)

Financing the Growth Stages

30

(1)

Chapter 3 Drop Your Paranoia: Talk about Your Product Idea!

31

(15)

Will Your Idea Be Stolen?

32

(1)

Why You Should Show Your Idea

33

(1)

Patents

33

(2)

Patents Do Have Their Place

35

(2)

Recent Changes in Patent Law

37

(2)

Steps to Take

39

(4)

Patent Searches

43

(3)

Chapter 4 Professionalism: Know What You're Doing

46

(16)

Attitude

47

(3)

What You Need to Know

50

(7)

Where to Find Information

57

(2)

How to Package an Idea

59

(2)

Off and Running

61

(1)

Chapter 5 Licensing: The Preliminary Work

62

(29)

Licensing Isn't That Easy

63

(3)

A Winning Licensing Approach

66

(1)

Step 1: Creating an Idea

66

(2)

Step 2: Researching the Idea

68

(1)

Step 3: Deciding on the Tyre of Company to Approach

69

(2)

Step 4: Determining a Positioning Statement and Marketing Strategy

71

(5)

Step 5: Selecting the Companies to Approach

76

(3)

Step 6: Making Personal Contacts with Companies

79

(2)

Step 7: Deciding When to Get a Patent

81

(3)

Step 8: Finishing the Development of Your Idea

84

(3)

The Next Step

87

(4)

PART 2 THE GO/NO-GO DECISIONS

91

(94)

Chapter 6 Distribution: Nothing Is More Important

91

(22)

Why You Must Evaluate Distribution

92

(9)

When Is a Product Easy to Distribute?

101

(6)

Tactics for Resolving Distribution Problems

107

(4)

The Importance of Proper Timing

111

(2)

Chapter 7 Product Appeal: Will Customers Buy?

113

(15)

Preliminary Marketing Go/No-Go Decisions

114

(3)

Conducting Initial Market Research

117

(2)

Free or Low-Cost Market Research

119

(3)

Final Marketing Go/No-Go Decisions

122

(5)

Going Forward

127

(1)

Chapter 8 Manufacturing Costs: Can Your Product Make a Profit?

128

(23)

The Preliminary Evaluation

129

(4)

Building a Model or Prototype

133

(8)

Contract Manufactures

141

(2)

Firm Price Quotes

143

(1)

The Initial Production Run

144

(2)

Start-up Manufacturing Costs

146

(5)

Chapter 9 Inside Help: Everyone Needs Key Contacts

151

(15)

Inside Contacts: Why You Need Them

152

(2)

Finding the Right Insiders

154

(4)

When to Use Insiders

158

(1)

Asking Insiders to Invest

159

(7)

Chapter 10 Reworking Your Product: How to Adjust and Pass the Go/No-Go Decisions

166

(19)

Understanding Your Target Customers

167

(4)

A Product That Hits Prospects' Hot Buttons

171

(4)

Finding the Right Distribution Channel

175

(5)

Product Design

180

(5)

PART 3 SELLING YOUR PRODUCT

185

(132)

Chapter 11 The First Sales Period: Proving a Product Will Sell

185

(18)

Goals of the First Sales Period

186

(5)

Preparing to Start

191

(2)

Where and How to Sell a Product

193

(7)

Making Adjustments

200

(2)

Keeping the Light Green

202

(1)

Chapter 12 Evaluating Initial Sales Results--Before You Spend Big Money

203

(18)

The Initial Analysis

204

(7)

Reevaluating the key Go/No-Go Decisions

211

(3)

Tactics for Correcting Problems

214

(6)

Is It Go-Go Time?

220

(1)

Chapter 13 Licensing: Now Is the Ideal Time

221

(23)

A Broader View of Licensing

222

(2)

Step 9: Developing Proof That a Product Is Marketable

224

(3)

Step 10: Preparing Presentation Materials

227

(8)

Step 11: Presenting to the Appropriate Companies

235

(4)

Step 12: Negotiating the Contract

239

(4)

Conclusions

243

(1)

Chapter 14 The Transitional Period: Growing Your Business

244

(25)

The Transitional Plan

245

(18)

Problem-Solving Tactics

263

(5)

Dreaming Possible Dreams

268

(1)

Chapter 15 Checklists for a Smooth-Running Company

269

(10)

Factors for Success

270

(1)

Finding Enough Capital

270

(2)

Presigning Sales Representation

272

(2)

The Benefit Must Be Clear

274

(1)

Are You Motivating Buyers?

275

(1)

Administrative Concerns

275

(1)

Manufacturing Considerations

276

(3)

Chapter 16 The Business plan: Turning into an Operating Company

279

(14)

Business Plan Myths

280

(3)

Important Points

283

(3)

The Business Olan Format

286

(5)

Financing

291

(2)

Chapter 17 Financing the Growing Business

293

(24)

Step 1: Understand the Financing Options

294

(11)

Step 2: Know the Options Available for Your Product

305

(3)

Step 3: Determine Which Options to Pursue for Various Phases of Financing

308

(3)

Step 4: Make Yourself Known in the Community Before You Need Money

311

(1)

Step 5: Prepare Your Business for Financing

312

(2)

Step 6: Approach Multiple Sources of Financing

314

(1)

Conclusion

315

(2)

Conclusion Exhilarating Times: You Too Can Be Successful

317

(4)

Appendix Sample Patent Documents

321

(10)

Glossary

331

(6)

Helpful Sources

337

(4)

Index

341

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Entrepreneur Magazine Bringing Your Product to Market

Summary

Author Biography

Table of Contents

Supplemental Materials