What precious thing does everyone have that is impossible to buy or sell?

Time.

Yesterday, last week, last month, and last year are all lost to the annals of history. You will never get that time back.

The only time you actually possess is the present moment: right now. This makes time much more precious than money, which can be lost and then regained or even increased.

As an inventor, time is your most valuable asset. But, it is easy to lose sight of that fact.

Grab your free PDF – Optimizing Your Time – just click on the blue button.

Want to learn how to license your invention?

Just click on the orange button to register for the free LIVE webinar – License Your Invention for Royalties – now.

Time – Your Most Valuable Asset

What is probably the first lesson you learned as an inventor?

Everything takes at least 3 times as long as you expect it will. Planning to make your first working prototype? How long should that take, you wonder? Maybe a full day. Two weeks later, it is still not finished. Right?

Over time (pun intended), the ‘more time than expected’ paradigm makes us become less aware of the passage of time. Soon, we no longer think of time as being very valuable.

Furthermore, when you seek to license your invention, decision makers seem glacially slow in considering your invention. Reaching a final decision and moving forward – or not – could take 3 to 6 months or even longer.

What’s an inventor to do?

Let’s say if you licensed your invention to a good company, it might produce annual royalties for you of $120,000.

If it takes 1 year before you are able to conclude a licensing deal (very possible), you have “lost” $120,000 during that year, compared to if you could have licensed it much more quickly. Now that time does indeed seem to be valuable.

What’s an inventor to do?

Optimize the Things You Can Control

Simply put, there are many things as an inventor you cannot control. You cannot control how long it will take for your patent to issue. You cannot control how long a potential licensee will take to make a decision on licensing your invention.

So, focus upon optimizing the things you actually can control. Perhaps you are a complete novice with 3-D printers. It could take you 3 months or longer to become skilled at creating the files in the proper format and using the 3-D printer to create a prototype. Or….

You could hire a prototyper – skilled in using 3-D printers – to do the project for you much sooner.

If she produces a 3-D printed prototype for you in 2 weeks, you just saved 3 months of precious time. While she was working on getting your prototype 3-D printed, you could use that freed up time to work on other things in your business. It will cost you some money to pay her to do that for you, But, your time is most likely more valuable.

Does it make sense to get someone to create a sell sheet for you? Maybe.

Would it make sense to take a course from someone who can teach you the most effective way to license your invention (full disclosure: I do that with my course Land Your License Deal). If, by doing so, you shorten your learning curve – and avoid preventable missteps – I’d say the answer is definitely yes.

You must decide which projects it make sense to farm out to someone else – and which to do yourself. In general, if by learning a new skill, you add a skill set that can help you with many different aspects of your business, then it may make sense to invest the time to learn how to do it yourself.

But, as you can see, while there a few things you simply cannot control, there are many things which you can control. Focus your energy on things you can control – and save time. Learn to accept the things you simply cannot control.

Grab your free PDF – Optimizing Your Time – just click on the blue button below.

Want to learn how to license your invention?

Just click on the orange button below to register for the free LIVE webinar – License Your Invention for Royalties – now.

Stay tuned.