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!
When you take out a loan for a car, charge something to your credit card, or get a personal line of credit, there is going to be an interest rate that applies to your loan.
A lot of different factors go into what you will be charged, including your own personal credit score. But even those with flawless credit still see a minimum charge that they can't get around. That all goes back to the Federal Funds Rate.
One thing consumers rarely realize is that all of our banks are lending money to each other every night. Banks are legally required to maintain a certain percentage of their deposits in non-interest-bearing accounts at the Federal Reserve to ensure they have enough money to cover any withdrawals that may unexpectedly come up. However, deposits can fluctuate and it's very common for some banks to exceed the requirement on certain days while some fall short. In cases like this, banks actually lend each other money to ensure they meet the minimum balance. It's a bit hard to imagine these multibillion-dollar financial institutions needing to borrow money to tide them over for a bit, but it happens every single night at the Federal Reserve. It's also a nice deal for those with balances above the reserve balance requirement to earn a bit of money with cash that would normally just be sitting there.
The Federal Reserve
The exact interest rate the banks will charge each other is a matter of negotiation between them, but the Federal Open Market Committee (FOMC) (the arm of the Federal Reserve that sets monetary policy) meets eight times a year to set a target rate. They evaluate a multitude of economic indicators including unemployment, inflation, and consumer confidence to decide the best rate to keep the country in business. The weighted average of all interest rates across these interbank loans is the effective federal funds rate.
This rate has a huge impact on the economy overall as well as your personal finances. The federal funds rate is essentially the cheapest money available to a bank and that feeds into all of the other loans they make. Banks will add a slight upcharge to the rate set by the Fed to determine what is the lowest interest that they will announce for their most creditworthy customers, also known as the prime rate. If you have a variable interest rate loan (very common with credit cards and some student loans), it's likely that the interest rate you pay is a set percentage on top of that prime rate that your lender is paying. That's why in times of low interest rates (it was set at 0% during the Great Recession), a lot of borrowers should go for fixed interest rate loans that won't increase. However, if the federal funds rate was relatively high (it went up to 20% in the early 1980's), a variable interest rate loan may be a better decision as you would be charged less interest should the rate drop without the need to refinance.
The federal funds rate also has a major impact on your investment portfolio. The stock market reacts very strongly to any changes in interest rates from the Federal Reserve, as a lower rate makes it cheaper for companies to borrow and reinvest while a higher rate may restrict capital and slow short-term growth. If you have a significant portion of your investments in equities, a small change in the federal funds rate can have a large impact on your net worth.
Whether you're leaving a job involuntarily, departing for something new, or just want to prepare for the unknown, it is smart to understand all your options regarding your 401k.
Frugal gifting often gets a bad reputation. However, this shopping method does not make you cheap — it makes you practical. Frugal gifts often avoid waste and overspending and can be just as meaningful (if not more so) as any other present.
With the National Retail Federation predicting each consumer this holiday season to spend upwards of $1,000 on holiday gifts amidst an economic recession —this year might be the perfect time to reconsider your spending budget. We've formulated the ultimate list of frugal gift-giving ideas to get you started.