Pump Up The Value
Strageties for turning your good idea into a hot seller.
Many letters and phone calls I receive go something like this:
"Ms. Edmark, I have this great idea, and I just know millions
of people will buy it. If you develop and market it, I'm
willing to split the profits with you 50/50. What do you
say?"
I always say, "No."
Those letters and calls always remind me of the story of a man
in New York City who was selling apples on the corner for $100,000
each. When asked how he expected to sell any, since his apples were
so expensive, he answered, "But I only have to sell
one."
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The apple vendor is as unrealistic in his expectations as any
entrepreneur who thinks a potential buyer would agree to develop
and market a product for just 50 percent of the profits. The
entrepreneur who thinks up the idea has provided only one piece of
a very complicated and time-consuming puzzle.
An idea is worth very little if it is nothing more than a
concept and has not yet been proved. The good news is, there are
plenty of things you can do to make your idea more valuable--and
thus more likely to be purchased by a buyer or licensee.
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