Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea Into a Reality (5 page)

The next time I was in London, Sally and I met at Harrods for lunch, and of course we found ourselves in the massive jewelry hall looking at the gorgeous watches. Spontaneously, we decided we should buy ourselves something to remember this important occasion always. We both bought far more expensive watches than we ever had before. Whenever I look at that watch I remember that momentous occasion. It is one of both of our fondest memories.

To Be Unwilling to Accept Failure

This one comes as a big surprise for many inventors. But in fact, it’s the inventors who refuse to accept failure that actually fail. It’s one thing to ignore skeptics; it’s another to ignore when every person you talk to—including the important ones, those with experience in the field who judge products every day—consistently tells you that your idea just isn’t going to work. It is not failure, however, to accept that the idea isn’t working, and move on to another one. It’s smart. Know when to move on. Moving on is not the same thing as giving up. It’s
about refocusing your energy toward the next great thing you’re going to accomplish. Besides, sometimes what looks like failure is often an important milestone on the path to achievement.

“Courage does not always roar. Sometimes courage is the quiet voice at the end of the day saying, I will try again tomorrow.”

–M
ARY
A
NNE
R
ADMACHER

REMEMBER TO HAVE FUN

If you’re interested in more comprehensive analyses of what makes a great inventor, or you want to see how you compare to entrepreneurial superstars, there are many books and diagnostics available. One of my favorites is
Entrepreneurial Genius
, by Gene Landrum. But in the end, all you can do is try. You’ll know soon enough if you’re not cut out for this life. Just remember that it’s supposed to be fun. When I finally gave in and devoted myself full time to my products, I didn’t mind that I was working every night and weekend. I didn’t mind all the exhausting travel. I had my husband by my side encouraging me, and wherever I went I made sure to try to have a little fun by going to a great restaurant or seeing some sights before hopping back on the plane to Chicago. I was always designing, planning, plotting, and making lists in my head. I found each day exciting and invigorating because I knew all my efforts were coming back to me.

On the flip side, I was too naïve to know that it was going to be such a long road ahead, what I’d have to tackle, and what comes with starting a business and maintaining it. If it’s anxiety instead of excitement keeping you up at night, you’ll want to reconsider your decision to take this path. Pursuing a dream is admirable, but to do it at the expense of your health, your family, your financial well-being, and even your sanity is not good. Life is just too short to spend it doing something you don’t enjoy.

If you embody all the characteristics in this chapter, and you can’t imagine anything more fun than spending every waking minute tending to your invention, keep at it. Set your goals and
attain them. Don’t let fear of failure or hardships get in your way. There is always going to be something that doesn’t go right. Glitches happen; that’s the nature of the business. It’s how you deal with them that will make the difference. Fear stems from the unknown. But if you know that whatever problems occur you’re prepared to fix them, what’s there to be afraid of? If you’re vigilant, then you know you are going to spot glitches or problems as they come down the pike before they become insurmountable. Always do the right thing, and if you’re committed to doing that, you have no reason to fear.

You’ve got an amazing idea for a product that is going to take the world by storm, and you can’t wait to get it into as many hands as possible. You’re bursting with creative energy. You know deep in your bones that you’ve got the fire, the tenacity, and the temperament to successfully fulfill your ambition. So go for it. There’s never been a better time to turn your big idea into a big success.

KEEP IN MIND:

• Anyone can have the next big idea; not just anyone can bring it to fruition.

• You must be independent, organized, and willing to take risks.

• You will have a better chance at success when you approach challenges from a positive angle.

• Your worst enemy is self-doubt. Never underestimate or undervalue yourself.

• Keep a clear view of your strengths and weaknesses.

• Entrepreneurialism is supposed to be fun!

2

IS YOUR IDEA A HERO OR A ZERO?

“Sometimes the smallest step in the right direction ends up being the biggest step of your life. Tip-toe if you must, but take the first step.”

—A
UTHOR UNKNOWN

• A tiny magnet that keeps your glasses attached to your shirt even when you’re doing a somersault: Yes

• Removable full-face tattoos for avid sports fans who want to show their team spirit without the effort and mess of face paint: Yes

• A cotton shower cap-style head covering to keep cooking odors out of your hair: No

• A squirrel-proof birdfeeder that delivers an electric shock to hungry squirrels via remote control: Heck no

My business instincts are powerful and reliable. I may not be able to calculate profit percentages or compound interest
formulas rapidly off the top of my head, but I can look at any product, such as the ones listed above, and instantly know if it’s a hero or a zero. But here’s the thing about instincts: they don’t come out of thin air. Every time I instantaneously assess a product—mine or anyone else’s—I’m also subconsciously running through a series of questions in my mind.

I’ve always had a strong awareness of what sells and why people buy, which enables me to answer these in just a few seconds—so fast that I’m not even aware I’m doing it. I feel fortunate to have this gift. Yet the speed with which one can answer these questions is not important. What’s important is that they get asked and answered, period. The answers will tell you whether your idea is as commercially viable as you believe it is. If you want to break into the market, you’ve got to be willing to mercilessly scrutinize your product and open yourself up to brutally honest, objective judgment. If you can do that—without fudging, and without offering justifications or excuses when your answers aren’t what you’d like them to be—you’ll be well armed to handle every subsequent step on the path to creating a bestselling consumer product.

NINE QUESTIONS TO SEE IF YOU HAVE A WINNING IDEA

1. What Is My Product?

This sounds easy, but you’d be surprised at how many people have a hard time articulating their idea. If it takes you more than one or two sentences to describe your product or business, you probably don’t have a clear enough vision of how it’s going to work or whom it’s for. Whittling down your concept to its selling essentials will also help you as you find the perfect name for your product. This is the first piece of your branding and marketing efforts, and it will also be the linchpin.

What’s in a good brand name? It’s catchy, it’s descriptive, it’s brief, and it’s easy to say. You can’t get more basic than the name for my first invention, The Earring Organizer. It wasn’t flashy, but it left no doubt about what it did or why you’d want one. Don’t try to be too clever. Two of my
Shark Tank
entrepreneurs, Marc Newburger and Jeffrey Simon, inventors of a Neoprene wedge that fits between your car seat and the console to keep things like food and phones from slipping where drivers can’t reach, considered over eight hundred names, such as the FuGAPaboutit, the Wonder Wedge, the Gap Goalie, and many others. Finally, one day Simon’s mother passed through the living room where they were debating names and said, “Guys, it stops stuff from dropping—call it Drop Stop.” Bingo.

Once you hit upon the name that says (and sells) it all, make sure to get it trademarked so that no one else can sell a product using that name. In addition, make sure that no one else has already trademarked it, or you could be forced to change your name just as your brand is starting to resonate with consumers. Registering for a trademark is a relatively inexpensive process compared to filing for a patent (see
Chapter 6
for extensive details on that) and conducted through the same agency, the U.S. Patent and Trademark Office (USTPO).

2. Does It Solve a Problem?

Many of the greatest inventions were developed because an inventor found a problem so ridiculous, pervasive, or aggravating that he or she felt compelled to do something about it. Earle Dickson invented the Band-Aid because his wife was accident-prone and kept cutting herself in the kitchen.
Mary Anderson invented windshield wipers in 1903 when she noticed that streetcar drivers had to lean out of their windows to see during rainstorms. Sarah Breedlove, who reinvented herself as Madam C. J. Walker,
invented the hair products that would make her the first African American female millionaire because she was desperate to stop her hair from falling out.

My history of helping my mother find lost pieces of jewelry, missing shoes, or misplaced cosmetics probably explains why so many of my inventions were created to help eradicate clutter and keep people organized. I’m also a busy person, so I am constantly developing or investing in labor- and time-saving devices that will let me do what I have to do quickly so I can get to the activities I actually want to do. I love to eat and I love to cook, but I hate the mess. That inspired a set of no-mess cooking utensils. I jumped on the chance to invest in the Scrub Daddy sponge on
Shark Tank
because, in its one-of-a-kind polymer, I finally found a way to thoroughly clean my glass and ceramic stovetop without scratching it (more about the Scrub Daddy in
Chapter 6
).

Use your own life and surroundings for inspiration.

I create or invest in solutions to problems I’ve witnessed or experienced myself. I try to make products that make people’s lives easier and better. I won’t sell anything that I wouldn’t want to use myself. You shouldn’t, either. It’s easy to spot products that were designed by an inventor or company just out for a buck. You can always tell when making money, and not providing service, value, or quality, was at the forefront of the product designer’s mind. People who sincerely want to make their customers’ lives better design the best products.

3. Is It Unique?

When you invent something, you can do one of two things: create a whole new product for the market, or improve what’s already on the market. I knew my first invention was a hero because
I knew nothing like it existed. Most jewelry boxes are all the same—a box with a lid that opens up to reveal little compartments and drawers that hold only one or two pieces neatly. If you own anything more than that, you either have to upgrade to a box the size of a suitcase, or you have to stack your jewelry on top of itself, which inevitably leaves you with a jumbled mess. My earring organizer was compact but it allowed you to see every earring you owned hanging beautifully before you.

With most products I bring to market, whether my own or someone else’s, I try to introduce something that the world has never seen. There are many sunglasses on the market, but none that folded down to a tiny two-and-a-half inches like the ones I developed with Neox (and that I wear in the intro to
Shark Tank
). There is plenty of duct tape in the world, but none so strong that it can repair a leaky pipe or a broken shovel like the multi-purpose, super tape adhesive called FiberFix. A shoe organizer is just another shoe organizer—until it spins and allows you to store up to 75 articles of clothing, shoes, purses, and belts in a space only inches wide.

If there’s one mistake I see entrepreneurs make over and over again, it’s to believe so strongly in their invention that they never bother to make sure it’s as unique as they think it is. It’s good to believe strongly in your invention, but not to the point that you’re wearing blinders. About six or seven years ago, I participated in one of Oprah’s searches for her Next Big Thing, a contest jointly sponsored by Oprah and QVC to find that year’s next great invention. The top three contestants would earn a guest appearance on
Oprah
, and then one would be chosen the winner. Conventions were held across the country in Los Angeles, Philadelphia, and Chicago. Thousands of people showed up to present their ideas to QVC buyers, and I appeared as a consulting expert. People could wait in line to ask me questions for 5 to 10
minutes at a time; and over the course of one day in Los Angeles, I met with almost a thousand participants. It was difficult, because everyone was hopeful, but not everyone had a good idea. But I tried to look for what was good about them and send people on their way with some suggestions about how they could rethink them or make them better.