I have seen many lives made stressful by people underestimating the challenges of starting a product company. Below I’ve addressed some of the finer things about business.
1. You can make (or lose) a whole bunch of money: The pro side of the equation is that starting a company can add up to bigger numbers for you and your business. If you build a successful product, you can sell a business rather than license intellectual property, which can have a much higher value.
Starting a business has the biggest potential payoff out of all the ways of commercializing your idea but you will need the wherewithal, ability to build a team and passion for your product. Be honest about your level of commitment to a product before you risk too much.
2. It takes twice as long as you think to get to market. I have launched more than 6 products myself. Products take about twice as long and cost twice as much as people think they will, no matter how well you think you’ve planned.
BUT still go in with your eyes open, ready to smash all the obstacles that will present themselves and stick it out through the long slog to victory. I’ve met many inventors who unwittingly got in way over their heads and could have pursued a much lower risk path to commercialization, like licensing or submitting.
If you’re honest with yourself and still want to start a company, go for it!
As usual if this seems plagiarized it probably is. So if you see something that’s yours let me know so I can delete/remove it. Cool Beans…