Feb 19, 2010
8 Steps to Consider Before Betting the Farm and Loosing Your Ass
Today’s post is the first in a 3 part series written by Lap Works founder Jose Calero. Jose’s passion about ergonomics is only matched by his passion for entrepreneuralship, and he wanted to share some of his experience with other budding entreprenuers who might benefit.
I’ve been an Entrepreneur for the last seven years and in that time we have launched nine product of our own design and over twenty products from third-party manufacturers. I have a dozen books in my collection that I’ve read about product innovation, development, launch and marketing. For the last three years I’ve been volunteering at Cal State Fullerton’s Entrepreneurial Management School. I mentor graduate students with their class project in launching a new product or company and I mentor student teams in their consulting projects to local businesses. All that to say that I know a little bit about the subject.
Something that I see a lot of is individuals who invest their retirement hopes on a new product or business venture that they had no business getting involved with in the first place. After they have invested “the farm”, which is to say everything they own, in a product or business that was supposed to be a “sure thing”, within a short time they discover that they made a huge mistake. But what’s worse is their investment is gone, they mortgaged their home and their credit cards are leveraged to the hilt. Now what do you do?
Unfortunately, this is not a story I had to make up. I have heard the same sad story from too many inventors. I can hear the pain and disappointment in their voices as they walk me through the sad details of what happened. The really sad part about it all is that it could have been avoided. And all they would have had to do is a simple Google search or visit their local library for books on the subject. It would have saved them from all that pain and disappointment if they had only done a little research in the beginning. So I’m here to give you a few simple steps on what to do the next time you’re faced with the same situation.
Check back next week for the first of Jose’s 8 Steps to becoming an entrepreneur!