Business Decisions
- Is your idea unique?
- Other people may have the same idea, your idea may not have been stolen by anther person or company.
- Is their a large enough market for your product to be profitable?
- Will you patent your idea?
- Your idea could make a great business without a patent.
- Trade secrets can be more valuable than a patent.
- The manufacturing cost of a product is usually marked up by 300% to 500% to cover expenses and profit.
- To get public or private funding a working prototype is needed.
- To contain costs you must do as much direct work as possible developing your prototype.
- Studies have shown that by the fifth attempt your business will be successful.
- Some corporations employ patent attorneys to ensure that their new products contain no patentable features.
- “Opportunity is missed by most people because it is dressed in overalls and looks like work.” Thomas A. Edison
- “Genius is one percent inspiration and ninety-nine percent perspiration.” Thomas A. Edison