Do you think you've come up with the latest and greatest invention consumers never knew they couldn't live without? Your innovation may be unique, but do you know what it takes to make your dreams of success a reality?
Sites like Quirky are inviting potential creators to get their product or service to the masses, but even with a click of a mouse, the process isn't quick or easy, not to say that it can't be done by the right person with the right idea.
Here, 5 folks who have already been down the road you're about to embark upon share some useful tips, words of wisdom and advice, and share their own experiences for people who are serious about turning their concept into something tangible and marketable.
It takes perseverance, but if you are determined, passionate, and a true go-getter, anything is possible!
Joey Lauren, Founder, Kissamint
"I would advise someone to do their homework. Conduct as much market research as possible, talk to people. Talk to people who work in the industry. Have them sign an NDA or don't give all the details but collect as much information as possible.
There are going to be many obstacles. But you have to commit once you've decided to go for it.
Lastly, I would say, make sure you have the stomach for it, being an entrepreneur means loving the roller coaster of wins but there are lots of dips along the way."
Justin Mandel, DOM AP LAC, COO at Global Medical Innovations, LLC, Co-Developer, Freedom Belt™
"The first step one should do is survey the market to be sure the invention is needed. Many times product creators will get far down the road investing time and money into something that consumers don't need or want. When it's time to sell that finished product or bring investors on board, there's limited or no difference, meaning one's time and resources were wasted.
Taking time to make sure consumers will actually purchase what you invent could make all the difference in having a successful product right out of the gate. This can be done a few ways, but what might be best is with a simple $100 pay per click ad spend. Create a one-page website with a free survey to get answers to those burning questions that you need to know. Offer visitors something in exchange for their email address like a discount on the finished product once it comes to market in exchange for their answers. Try Survey Monkey or another free survey software. Create 5 to 10 questions to prove the concept and even improve on it in case you really do have a hot item that the public wants.
In the case of Freedom Belt™, we investigated way before it ever hit the market. We spoke with doctors, nurses, and surgical technicians to make sure the need was there. Prior to that, the Freedom Belt™ inventor Dr. Mario Torres-Leon worked with thousands of patients who had catheters so he knew there was a desperate need for a better solution than rubber or Velcro bands patients were using to strap their drainage bags to their body. If after all of our research it was determined that Freedom Belt™ was not needed, then it never would've reached this point and we would've invested our time differently."
Lori Barzvi, Creator, My Solemate
"Never, ever, ever give up. (Clearly this is not my original quote, but if I had given up I never would have made my product a success after many failures with it).
You can be, do, or have anything you want you just have to believe.
If something doesn't work one way that doesn't mean that it won't work another way. Sometimes you have to try a few different things to make something work."
Jake Bernstein, CEO and Co-Founder, Ignite Mind and Body
"Don't be afraid to go out and get feedback on your creation. Feedback from potential users is the difference between knowing you're building out something people need and the realization that you're creating something you thought people SHOULD need, but that they don't.
Talking to potential users early will help you make sure you're building something that solves a real problem and that people are willing to pay for."
Tricia Scribner, Creator, Knotty Tamer
"Don't overthink it, strive for 'done,' over perfection! There is no perfect in entrepreneurship, adapt and conquer!
Replace fear with resourcefulness, know your worst case scenario and be OK with it. Entrepreneurship is the wildest ride and I wouldn't change the thrill!
Cook or learn to cook!
Don't try this at home, that being said... go for it with everything you have!"
Follow your heart, gut, and dreams like these successful inventors have. Soon, you could be the one offering advice to the next up-and-comers!
The National Financial Educators Council (NFEC) surveyed young adults in 2017 and asked them what high school level course would benefit their lives the most.
The majority responded that money management was the course that would be most beneficial.
With personal debt is at its highest record and COVID-19 threatening to have the hardest economic effects on youth, understanding money and finances is an important life lesson that should be taught to children at a young age.
The following is a list of the best financial literacy lessons and tips to teach children throughout different life stages.
I thought I had a pretty good handle on my finances out of school. I worked several jobs while attending university and had little to no problem managing my income. However, once I graduated, I realized how much more complicated personal accounting could really be.
There were so many variables I needed to keep track of. Biweekly bills, monthly charges, and general necessities amounted to a heap of confusing numbers that were often impossible to decipher. The funniest part was that I was actually trying to do this by hand (I don't know what I was trying to prove to myself, either).
After messing up for the 17th time, I decided to give Microsoft Excel a shot. I used Excel a bit in school and I knew all the big-wig finance people used it, so what could I possibly have to lose? The answer is about six hours of my precious time. Excel isn't much of an improvement over handwriting and it's still dependent on the user to manually input all of the information. It's like doing everything by hand with the slightest help, meaning that it still required a tremendous amount of time and concentration. Well that was all for nothing, I guess.
It's sort of funny. I was certain that I could manage my personal finances with ease, when it's practically a full-time job. I was already stressed out enough with my first job and I knew I didn't have enough time to give my finances the attention it deserved.
That's why I decided to try out a budgeting app. My best friend told me that he uses an app called Truebill to manage his finances. "What does it even mean to manage your finances?" I asked him. He told me that Truebill was the personal financial assistant I wished I could have. It could aggregate all of my account information into one place and give me specific insights and actions.
I loved the idea of having full control over my finances, especially during a time of financial uncertainty, and I realized that Truebill would be the easiest way to accomplish this. The user interface is incredibly simple and intuitive, so it doesn't even feel like a finance app! Truebill offers a multitude of features, with their most popular being the ability to cancel subscriptions with the press of a button.
Okay, I had no idea how many subscriptions I was still subscribed to. In fact, I wasn't even using a quarter of the subscription services I was signed up for. Subscription boxes, streaming services, my old gym, and even an old subscription to my favorite magazine--it was all there and I was livid. How could I let myself waste all of this money and how did I never catch this? Thank goodness for Truebill.
Truebill also offers bill negotiations. There is a 40% fee based on how much you save and Truebill even claims that there is an 85% chance that they'll be able to lower your bill once a negotiation is requested. Why wouldn't I take them up on this? There was zero risk and I would only have to pay once my bill was lowered (which means that I would be saving money regardless).
More standard features of Truebill include the ability to generate a credit report on-demand and even request a pay advance. I only used the pay advance feature once when I wanted to buy a gift for my mom, but didn't have enough cash in hand and Truebill automatically reimbursed itself when I got my next paycheck.
The credit report is another fantastic feature and practically taught me what good credit meant. Truebill's credit report basically shows you which financial decisions have the most significant impact on your credit score and ways that you can improve your credit month-over-month. I've never had such control over my credit and it feels good.
I'll be the first to admit that I was extremely naive coming out of school. I figured that as long as I was attentive, I could manage my finances with ease. We manage money to some extent throughout our entire lives, but once you're thrown out on your own, it's a completely different story. With Truebill, I've finally been able to take control over my finances and stay on top of all of my responsibilities.
My buddies and I always try to make it out to a game, but we never really care which one we end up at. Obviously we have our favorite sports and teams, but it was rarely about what game we went to or who we saw playing. It was about watching the game live.
In the early months of lockdown, all we had was Korean baseball, and trust me, we loved it. The only issue was, none of us had any idea what the commentators were saying. Even then, a few of my friends weren't huge fans of baseball. They were into sports like football and basketball, ones that moved at a quicker pace with less down-time in between plays.
We decided to see if there were any other events going down and came across horse racing. Yes, horse racing. It was perfect--short, fast-paced, and most importantly, an opportunity for betting.
I had never really considered watching a horse race any time other than the Belmont Stakes, but the prospects of the sport seemed exhilarating. Even better, with horse racing we knew we could still recreate the atmosphere of a race track. Salty snacks? Check. Stale beer? Check. A simple and easy way to bet? Check.
One quick Google search later, we came across TVG, powered by FanDuel. It's an online betting platform that takes you right to the heart of the action. We were a little apprehensive about using a mobile app to place our bets, but TVG's ability to bet on live horse races from all over the world was too good to pass up.
Here are 5 reasons why we are obsessed with horse racing thanks to TVG:
1. Betting has never been easier
Use your phone or computer to watch and bet on live horse races in real-time. TVG offers a bunch of features to make betting even simpler--live odds and handicapping tips leverage recent learnings to help you make your best bet. Not to mention, TVG's exclusive race content and wagering guide offers an under-the-hood look into the strategy behind horse race betting.
2. The biggest selection of horse races out there
If you're looking to drop a little dough on a horse race, chances are your best option is your local race track. But watching the same few horses races over and over again isn't the most exciting thing. With TVG you have access to over 150 tracks worldwide with races happening consistently throughout the day.
3. Get a generous sign-up offer when you place your first bet
Once you register your account, you will be eligible for a $200 risk-free bet. All you have to do is place your first bet and you're covered. If you happen to lose, TVG will insure you for up to $200 as a sort of wagering credit. I may have been a little trigger happy when placing my first bet, so having this insurance was a great perk. There are also a bunch of promotional offers available year-round.
4. Making deposits and cashing out at the touch of button
With a ton of payment options such as PayPal, BetCash, debit/credit, wire transfers, and other third-party services, making a deposit is a breeze. But what about the payout? Depending on your deposit method, your withdrawal will be available in a few days. No more waiting in-line to collect your winnings!
5. Watching live races with your friends while betting is exhilarating
Even when we were watching Korean baseball, Zoom calls with my friends were a little dull.
With TVG, we haven't had this sort of fun in months! Every weekend we'll turn on a race and throw our bets in. After a few races, and quite a few drinks, we'll tally up our winnings to see who won the most! Sometimes it's not even about making money, but just having a good time.
TVG is the perfect way to add a little excitement to an otherwise mundane afternoon. It introduced me to the world of horse racing, a sport I never would have considered otherwise.
The races just keep ramping up and thanks to TVG, I can always get in on the fun.