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Re: One Simple Idea, by Stephen Key

Postby Let-Them-Fly » Wed Feb 16, 2011 4:13 pm

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inventor-x wrote:Hi All

You are allowed to promote yourself or business through your signature with a brief description & a website link.

You are allowed to promote a book in just one (1) post but when it is repeatedly posted, that is considered spamming.

Look at Rogers or Scrupulous signatures to get an Idea of what the website allows you to promote on a regular basis.


That's interesting concerning a "book" only being allowed to appear once; so referencing informative "media" that is for sale in a signature is okay as long as said information is not in hard copy? Where may I read these rules, to become familiar incase I inadvertently violate them?

Also, the link that was deleated had nothing to do with selling a book; what are the rules concerning an off-site "topic-related" reference?

Thanks

Re: One Simple Idea, by Stephen Key

Postby inventor-x » Wed Feb 16, 2011 7:55 pm

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Hi All

Refer to section:

Inventor Classified

No Spam Zone

I would qualify what Scrupulous to also say that any participants who actively participates on our site with relevant non-promotional information is welcome to add to their signature a reasonable link to their company/business so that interested members can find out more about them.

Michelle
Founder and Administrator

Re: One Simple Idea, by Stephen Key

Postby Gizmo » Thu Feb 17, 2011 11:14 am

Gizmo
 
All I want to know is if Scrup didnt remove the link I posted then who did. Michele indicated anytime a post is deleted or revised its flagged as to who and why it was done.

Are there any other moderators we dont know about???? :shock:



viewtopic.php?f=43&t=4311&start=40
Last edited by Gizmo on Fri Feb 18, 2011 4:36 am, edited 1 time in total.

Re: One Simple Idea, by Stephen Key

Postby StephenKey » Thu Feb 17, 2011 12:28 pm

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Why Attend A Trade Show If You're Not Selling A Product
Image

Although I have written about the benefits of attending a trade show numerous times, I have found that many inventors are still apprehensive about the idea. “Why would I attend a trade show if I’m not selling a product?” they ask. But you ARE selling a product. I asked Eva Winger, a veritable trade show pro, to help explain the benefits of attending a trade show and how you can get the most out of doing so. She recently went to a hardware trade show in Las Vegas.

“It’s true, I did not have a physical product to sell in the traditional sense. But I did have a different kind of product inventors tend to overlook, and that was myself--the inventor-- a real breathing person,” she explained.

Winger believes, as do I, that the best and most long-lasting professional relationships are formed beyond electronic communication. Meeting people in person can make a huge difference. So Winger makes an effort to personally meet representatives from potential licensees. As she states, trade shows are a “great, easy, and convenient way to make initial contacts.”

So how did she ‘work’ the show?

“The first day I walked the whole venue (yes in those heels!), and got the lay of the land. I familiarized myself as to which booths I wanted to approach later. Even though trade shows are huge, I encourage those who are attending for the first time to acclimate themselves to the environment. Yes, it is daunting and overwhelming at first, but as the inventor keeps walking he/she will start to see a pattern to the booths and understand the selling formats.”

Winger also enjoys perusing the “New Invention” area, where she introduces herself to other inventors and hears their stories. She always exchanges business cards with these new inventors, because as she puts it, “I never know when one of these people might have the next big product. A simple introduction can be the entree into a future connection.” And after hearing presentation after presentation, she better understands what makes one good or bad.

On the second day of the trade show, she returns to the booths that originally interested her.

“Typically, when I approach these booths, I am not there to sell a product, but to talk to the sales rep about his/her company and ask if their company looks to outside innovation for new products. At the Hardware show, almost all the company's I approached said they were willing to look at inventors' ideas and would sign NDAs. Because the sales reps typically don't review products, they readily gave me the name and numbers of those individuals in their companies who do make those decisions.”

Winger then follows up with these connections about a week after the show. She has her foot in the door – and has a contact e-mail that an average inventor wouldn’t upon approaching a potential licensee.
-------
Reprinted with permission from www.allbusiness.com
Award Winning Inventor Stephen Key - http://www.inventright.com
Stephen's new book "One Simple Idea" from McGraw-Hill is available in stores nationwide as well as online.

Re: One Simple Idea, by Stephen Key

Postby Roger Brown » Thu Feb 17, 2011 2:13 pm

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Your demeanor and approach can get you in doors that are closed to others. Companies are like most people. They want to make a good living and have the least amount of problems as possible.
If you come off as all knowing, telling them how they should run their business and give the impression they should get down on their knees and thank the stars you are there to save them from themselves, you get what you deserve.
If you show them you understand the business, their time is valuable, you are personable, you convey your product with clarity and the idea is marketable most companies are willing to listen.
You are selling your product, but you are also selling yourself. One can affect the other. I have seen people come into a room and expect everyone else to move aside because THEY are there. At trade shows you do have to be assertive to get time with the prospective buyers and salespeople, but there is a fine line between assertive and being a pest.
Trade shows whether you have a booth or are just walking the floor are a wealth of opportunities waiting to happen. You need to be prepared to talk to a complete stranger at a moments notice and to do it quickly because they can be gone just as quickly as they appeared.
I love walking the floor and seeing all the different products and listening to the variety of methods for pitching their ideas. It is a great place to learn and gather contacts that you may not have the opportunity to see again until next year. So, you want to leave a lasting good impression on them, not one that you should be avoided at all costs.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: One Simple Idea, by Stephen Key

Postby StephenKey » Fri Feb 18, 2011 9:20 am

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The Art Of The Deal: Negotiating A Licensing Deal

In the past several weeks, a number of inventRight graduates who are currently negotiating licensing deals have approached me for advice. The phrase “the art of the deal” exists for a reason – negotiating a contract with a potential licensee can be painful, or it can be productive. Here’s the advice I believe is most important.

First, approach the negotiation with the right attitude. You’re not preparing for battle. Believe, “We can figure this out, and we’re going to do so by working together.”

Understand that some things can be worked out through e-mail, but other issues need to be addressed over the phone or in person. It’s important that you build a working relationship with your potential licensee.

Pick your battles – do not fight over every single issue. And furthermore, hammer out the details over larger issues before smaller ones. What’s a large issue you need to address immediately? The performance clause.

In order to create a realistic performance clause, you will need to know both the (closely estimated) wholesale price of your product and projected number of sales for your product. The company may be reluctant to release this information, for whatever reason. Maybe they don’t know either. Explain to them why you need a performance clause. You want to protect by having the right to free yourself from your contract in the event that your product does not meet sales quotas.

Understand that it is possible to estimate these numbers on your own, as well. Ask how many stores your product will be sold in and calculate sales totals (for example, if each store sells one item a week). This method isn’t perfect, but it will help you come up realistic numbers.

Understand that the company may be new to creating licensing agreements – you may need to walk them through the steps and carefully explain them. Be patient.

Negotiating a contract is like dancing. Don’t step on your partner’s toes. And keep it upbeat!
Award Winning Inventor Stephen Key - http://www.inventright.com
Stephen's new book "One Simple Idea" from McGraw-Hill is available in stores nationwide as well as online.

Re: One Simple Idea, by Stephen Key

Postby jackbnimble56 » Fri Feb 18, 2011 5:21 pm

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You'd best be careful Stephen, I think Donald Trump may have a copyright on that phrase. If you're not careful, you may have to sart paying him a royalty! :wink:

http://www.financial-inspiration.com/ar ... -deal.html

Jack
Nimble Jack Enterprises - Innovative Solutions to Everyday Problems
To purchase the Magic Toob product visit: http://www.magictoob.com/

Re: One Simple Idea, by Stephen Key

Postby StephenKey » Tue Feb 22, 2011 10:41 am

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What Makes Your Product, Service, or Idea Stand Out?

Why is someone going to want to license your idea or buy what you’re selling? Differentiating your product or service from your competition is crucial. Ask yourself, “How am I going to get noticed?” It’s easier said than done, but not impossible.

First, what are the needs of your customers? Do you understand what they want and need out of a particular product or service — or even more importantly, what they’re currently lacking? Look at your competition closely. What do they do well? What are their weaknesses? You will need to have a firm understanding of the answers to these questions before you can create a point of difference for your business that will stand out among the clutter. Take an even broader look at the general landscape of the industry. Who are the major players? Where are the holes? Instead of only seeing what is and what already exists, try to identify what’s missing and what could be. Use your imagination!

Competition need not scare the living daylights out of you. No one business can do it all — and if they’re trying to, I guarantee they’re not doing it that well. A good friend of mine owned a small, independent music store in a great location. After large chain music store moved in across the street, many people asked him, “Aren’t you afraid?” But he wasn’t. He thought it was a good thing. He recognized that people need choice and that the new store would be better at some things — like supplying large orders — and his store would be better at other things, like maintaining relationships with customers. And he thought, there’s going to be that much more traffic coming my way! He embraced competition and so should you. The better you understand your competition, the easier it will be to differentiate yourself.
-----------
Reprinted with permission from www.allbusiness.com
Award Winning Inventor Stephen Key - http://www.inventright.com
Stephen's new book "One Simple Idea" from McGraw-Hill is available in stores nationwide as well as online.

Re: One Simple Idea, by Stephen Key

Postby Roger Brown » Tue Feb 22, 2011 11:29 am

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I agree. No one should be afraid of competition even when it comes to posting information on threads. You don't have to be afraid someone may have expert advice just like you and take some of the shine off of your light. We are all here to learn from each other so we can all succeed, not just a select few who think it is all about them.
Everyone that has gotten a product to market probably did not do it the same way as the person beside them. There is no one way to get a product to market that fits every situation. You have to be flexible and learn how to adapt to the changes around you. What worked 6 months ago may not work today. The person at company X is now replaced by another person who has their own way they like things submitted. You have to adapt to this new persons way of presenting or you stand to lose that opportunity.

So, we can all learn from each others experiences. No one needs to be the only voice or expert when it comes to learning how the process works.
The more experiences you can learn from can give you a better edge than the person that only has the "My way or the highway" attitude.
Come visit my sites at http://www.RogerBrown.net
or http://www.looking2license.com
I have gotten 9 products licensed spending less than $100 on each, you can too.

Re: One Simple Idea, by Stephen Key

Postby StephenKey » Wed Feb 23, 2011 9:18 am

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Shark Tank returns March 25th.

The Rise, Fall, and Rise of Kevin Harrington: Interview with Shark Tank's Kevin Harrington

ImageImage
I enjoy watching ABC’s “Shark Tank” as often as I get the chance. If you’ve seen it, then you’ve watched Kevin Harrington, one of the “sharks”, in action. Harrington is an enormously successful entrepreneur, widely acknowledged as the pioneer of the infomercial industry. He produced the industry’s first infomercial ever in the 1980s. Since doing so, he’s pursued a variety of diverse business projects in the television product marketing industry. He’s currently the CEO of TVGoods.com, whose popular products include Tony Little fitness and George Foreman cleaning, for example. I was fortunate to be able to interview Harrington about his new book, his worst failures and his words of advice.

Has he enjoyed “Shark Tank”?

“It’s been a phenomenal experience. I’ve learned even more about brokering deals in the heat of the moment with other sharks. You think you know what you’re doing, but there’s always more to learn. So it’s been informative and fun,” he explained.

Harrington’s been in the business for 25 years, turning product ideas into multi-million dollar businesses.

“We’ve really been in every single category. Golf, fishing, beauty, hardware. After getting involved in infomercials in the 1980s, I’ve never left. I love the power of television. The book I recently wrote, Act Now: How to Turn Ideas into Multi-Million Dollar Products chronicles my experiences with some of the most popular products I’ve created, like Tony Little fitness.”

The book is largely inspirational, encouraging entrepreneurs not to give up – a motto Harrington firmly believes in.

But Harrington’s story isn’t one of only success.

“I like to describe my past as the ‘rise, fall, and rise’ of Kevin Harrington,” he said with a laugh. “I can describe my failures as easily as my successes. Because the infomercial industry was so successful in the United States, I believed it could be as popular across the globe. I began opening offices across the continents. We barreled into Europe, producing infomercials in 16 languages, advertising them in 16 countries. I assumed that we’d eventually make the money that would support such growth. We didn’t,” said Harrington.

If he could change one thing about some of his business choices, it’d be his initial reluctance to work with partners.

“I always tried to do things myself. If I put in 100% of the effort, I figured, I’d also reap 100% of the profits. But I now realize if I’d relied on relationships and entered into more partnerships, I would have avoided so many headaches. Having half of many many pies is better than having a few whole ones. Especially when you factor in financing. I finally realized that earning half the profit of a project I didn’t have to finance was a much better deal than trying to do everything myself! Those halves multiply quickly.”

Harrington admitted it’s often difficult for inventors to get a fair shake. Sadly, untrustworthy people take advantage of unsavvy businessmen. So please, read all the clauses and the fine print.

-------------
Reprinted with permission from www.allbusiness.com
Award Winning Inventor Stephen Key - http://www.inventright.com
Stephen's new book "One Simple Idea" from McGraw-Hill is available in stores nationwide as well as online.
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