Let's say in your job, you are expected to be in the office from 8 to 5, Monday through Friday.

Would you casually roll into the office on a Monday at about 9 a.m., then take a 2 hour lunch from 11 a.m. to 1 p.m., then leave for home around 4:15 p.m.? Of course not. Not if you wanted to keep your job! Right?

Like most employees, your take your job seriously – you work hard and strive to do the best you can and, of course, follow the expected rules of the job. Why?

Because it is a job, not a hobby. It puts food on your table at night and a roof over your head.

Why then, do you treat your inventing enterprise like a hobby? Aren't you serious about achieving success as an inventor – so that you may later have the option to become a full-time inventor?

Read on for some business tips and tricks.

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Business Tips for Inventors

Treat Inventing Like a Serious Business – Not a Hobby

This just seems like common sense, doesn't it?

But guess what? I talk with inventors every day whose attitudes portray a lackadaisical approach to inventing. When their first question to me is, “Where can I find someone to build me a prototype?” – I generally ask them, “Have you tried building it yourself?” I often get a quizzical, ‘deer in the headlights' look in response to my question. Not a good sign.

You must always strive firstly to solve your own problems and challenges with all aspects of your invention, before seeking to enlist help from someone else. Oftentimes, you may need help from someone else, but try solving it on your own first. Doing so will save you money and will also make if much easier to clearly describe to a prototyper exactly what you need help with, because you have already attempted it on your own.

Use Best Case/Worst Case Decision Making

How often do you read an article about an entrepreneur who took a seemingly big risk that paid off? Almost every day, right?

But successful business people don't treat their important decisions like roulette – put it on Black 6 and let it ride – then hope for the best outcome.

They use best case/worst case scenarios to think through serious business decisions – to manage their risks for the best possible outcomes. Most outwardly risky-appearing decisions were, in fact, calculated best case/worst case decisions.

In my early days I suffered from a common inventor malady: paranoia around major decisions. Here are 3 examples:

  1. I worried when, not hearing much for months after my patent filing, that my patent attorney had stolen my idea
  2. Even after I was patent-pending, I hesitated to show my invention to companies for fear they would steal my invention
  3. I balked at the risk of borrowing $25,000 to take my invention onto QVC – almost chose not to do so

The best case/worst case decision makingĀ  model consists of answering 3 questions when approaching an important decision:

  1. What is the best case scenario that could happen if I make the decision to move forward as I am considering?
  2. What is the worst case scenario that could happen if I make the decision to move forward?
  3. How likely, really, is the worst case to occur – and could I survive if it did occur?

Regarding the possibility that my patent attorney had “stolen” my invention idea, the worst that could happen would be that he would patent it himself and profit from it – leaving me with nothing.

But, how likely would this be to occur?

Extremely unlikely! Doing so would cause him to be disbarred from ever practicing law again as a patent attorney. The best that could happen – is actually what did happen – I received 2 U.S. patents and subsequently was able to earn nice royalties. I shouldn't have spent even 5 minutes worrying about the worst case scenario, but I can assure you, I spent many late night hours worrying about this.

Regarding my fear (and those of many inventors) that showing my invention to a company will result in them ripping me off, here are my thoughts.

It is possible that they might steal my invention, but not probable. It does happen – famously with the Ford Motor Company stealing the intermittent wiper invention – but happens less and less. For most reputable companies, the risk to their reputations for ripping off an inventor and getting caught doing so, has much greater negative financial impact than any potential positive result from developing the product. So, overall, the risk is still low in my opinion. Besides, the only alternative would be to show it to no one and keep it hidden in my garage – then I'd be guaranteed to never profit from my invention.

Regarding my borrowing to go on QVC, this worked out well for me (the best case scenario).

But, even if I sold nothing on QVC and the mountain of product was returned to me – I'd still have lots of inventory of product available to sell to others. Clearly, the worst case scenario would definitely be survivable for me.

Try these ideas out for your invention business and let me know how it turns out. My bet is you'll make good business decisions that fall to the positive side of the ledger most of the time – and that you'll sleep better at night as a result!

Don't worry, be happy!

Stay tuned.

________________________________________________________________

Would you like to learn keys to great decision making?

Just click on the blue button below to grab your FREE copy of – Keys to Great Decision Making – cheat sheet now.

Would you like to learn how to finally make money from your invention? Tired of just spending money?

Attend the next FREE live webinar – How to License Your Invention for Royalties.

All you need is your cell phone, laptop or computer to attend this live webinar. Get all your questions answered.

Just click on the orange button below to sign up for the next FREE live webinar – License Your Invention for Royalties.