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Tuesday, 23rd January, 2018
 Nigeria   ::   News
Want to turn your Ideas, Inventions into Money? Here is how
May 04, 2017
By: Mistura Salaudeen

Researches have revealed that the average human has about 50, 000 to 70, 000 thoughts per day and about 35 to 48 thoughts per minute. With this incredible number of thoughts we have every day; it is possible that about ten per cent of our daily thoughts will be ideas on how to execute some of our thoughts.

Day in, day out, a myriad of ideas – great ones and terrible ones – drift into our minds and many a time, we discard these ideas. What we do not realise is that many of these ideas, if pursued have the capacity of making our lives better – or worse! Many billionaires today are testimonies to the results of pursuing their ideas, so also condemned criminals are witnesses to the consequences of executing their ideas.

The bottom line is that in our quest to succeed in life, we all have come up with ideas that can turn our lives around. So instead of pessimistically dismissing ideas – especially business ideas or innovative ideas, we should write them down as they come because ideas are forgotten just as quickly as they are formed.

So, in the event that you already have a million dollar idea or you have developed a new invention and you have no idea how to get started or how to make money from your idea, here are a few steps to guide the way.    

  1. Do your Research

You may think that your ‘awesome’ idea or invention is unique but if you can come up with that idea, so can a million others. This is why research is important. Before you expend time, money, resources and effort on your invention or idea, you need to make sure it hasn’t already been created by someone else. If it is a business idea, you have to find out if it is existing and if it is, you need to research how others in the business are conducting it. This will help you determine if you want to toe the line or approach the business from another angle. It is also advisable to do some market research to determine whether there is actually demand for your product or idea. Note that the internet is a good place to begin your research.

2. Develop a Business Plan

The second step is to create a business plan. Every budding business idea requires a good business plan. You need to write out your objectives for the business and how you intend to execute the laid down objectives. The business plan will also come in handy if you need to convince an investor into investing in your business. Your business plan must be well articulated with your objectives and method of execution clearly stated.  

3. File for a Patent if Applicable

In case you have come up with an invention, it is advisable that you file for a patent. A patent is a right granted to the owner of an invention and preventing others from producing, using or selling such invention without the permission of the inventor. So, before you go around telling people that you have an new invention or product, go patent it lest the idea be stolen as law recognises the ‘first to patent’ not ‘first-to-invent’. Even if your idea doesn’t fly eventually, at least, you will be rest assured it is your intellectual property and only you have the right to it.

4. Make a Prototype

At this point, it’s time to turn your idea into reality. Having patented your invention, you need to build a prototype of your invention. If you can’t construct a prototype yourself, you can employ the services of others. Having a prototype of your idea will help you test or try out the product to know if it will be accepted by consumers or it will require improvements. A prototype will also help convince a potential investor to buy your idea.

5. Find Investors

The next step is to find investors who are willing to pay for large-scale manufacturing or execution of your business plan. If investors are not forth-coming, you can start up your business on a small scale by self-funding it or you can approach family and friends for start-up capital and hopefully, the gradual success of your business or invention will attract investors. You can also choose to sell your idea or invention to an existing business for millions – or even billions! Whatever method you choose to go for, make sure it’s worth it.

All in all, do not be afraid of getting your big idea of the ground. No matter the limiting factors militating against it, just keep trying. After all, some people made it big with their ideas, so why not you!

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