As humans, we are creatures of emotions.
Think back for a moment to your most recent car purchase. Odds are, you started the process with a particular car in mind, one that was economical, within your price range, had good safety features, and perhaps wouldn't depreciate too fast. Right? But, in the end, you bought something completely different than your plan – probably more expensive, maybe even a sports car. Why?
Because your ultimate purchase decision was driven primarily by emotion, not logical thinking. The conclusion that emotions drive purchase decisions is backed by many years of scientific and psychological research.
Just as emotions drive you to take action when purchasing, they also cause you to feel paralysis or inaction too. As an inventor, your biggest obstacle to success is fear. Click on the blue button to grab your free Keys to Overcoming Fear – Cheat Sheet now.
Fear #1 – Paralysis of Analysis
I'll bet you love to tinker with things, don't you? I do for sure. Odds are you are also a person who likes to analyze things carefully before making a decision (see above). Right?
I know countless inventors who have been “working on” their great invention idea for 5 or even 10 years. What could possibly be taking them so long? They are afflicted with the paralysis of analysis.
Is it possible to have too much data? Yes. A large study of horse racing handicappers showed their best overall race predictions occurred with 5 pieces of data to consider. When they received 10 or even 20 different pieces of data on each race, their results actually declined.
For inventors, I believe paralysis of analysis is driven primarily by fear. We fear our product will not succeed in the marketplace, so we continue to analyze hoping to allay the fear that is haunting us. Like the handicappers with 5 pieces of data, make your best call with a moderate amount of data analysis and then move on. Ultimately, the market will either validate or invalidate your invention.
Fear #2 – They'll Steal My Idea!
Let me easily disprove this fear right here and right now. I am going to give you one of my invention ideas and I have no worries that you or anyone reading this post will “steal” it. Remember it is often said that FEAR is false expectations appearing real? Ready?
Here goes. I have an invention idea for a “safe turn” product that would allow you to safely make left turns against oncoming lanes of traffic when you cannot see well because another car that is facing you is also attempting to turn left. He blocks your view, you block his. This is a dilemma most of us face every day. My product would involve a device that would mount to the rearview mirror and another that would go on the dashboard, allowing you to safely see oncoming traffic.
There you go! Steal away! But, you can't, can you, even if you want to. Why? Because I didn't describe an invention in clear detail (which could be stolen) only a raw idea. Ideas come to everyone every day and they are worth nothing until or unless they are converted into real working prototypes or inventions.
Fear #3 – I Can't Afford to Be an Inventor
While there is an element of truth behind this fear, it is ultimately an unfounded fear. Inventing is risky and many of the costs, such as filing for patents, are front loaded and profits, if any, come many months or even years later.
If your goal is to venture your product, do it all yourself, this could easily involves tens or even hundreds of thousands of dollars in capital expense to you depending upon the cost and complexity of your invention. If, on the other hand, you choose to license your intellectual property (IP), your patent and trademarks to a company in exchange to them paying you a small royalty percentage, your costs go way down.
Successful inventor, Roger Brown says he never spends over $100 pursuing any particular product. Likewise, Stephen Key prefers to license inventions as well and suggests that you shouldn't spend a lot of money to license. For my product, the Wonder Wallet, I spent perhaps $100 in licensing it to Allstar Products.
Bottom line is: you can afford to be an inventor.
Click on the blue button below to grab your FREE Keys to Overcoming Fear – Cheat Sheet now.