If You Build It... Will they come? If you think your invention could be the foundation for a business, here's how to make the leap.
By Don Debelak •
Opinions expressed by Entrepreneur contributors are their own.
Should you start a business based on your invention? The pros ofstarting your own business are that you can have greater controlover your product's success and greater potential for makingmore money. You'll also be better positioned to introduce aseries of products, respond quickly to market changes and maximizeyour creativity in all aspects of the business.
The cons? This route is the most expensive and usually requiresdealing with investors. It means you have to learn how to run acompany, and it often obliges you to plow all your earnings backinto your company to fuel its growth. If you're stillinterested in starting a company based on your invention, payattention to the following keys to startup.
Money Matters
Financing is a major ongoing concern for an inventor looking tobuild a company. You'll have to fund the beginning stages ofthe company yourself or with the help of investors, friends or acontract manufacturer. Then you usually need to cover operatingcosts as well as initial marketing and manufacturing costs.Basically, you'll have to fund these four stages ofdevelopment:
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