Tips for the Entrepreneur

is your idea unique?

This is one of the biggest questions you might have. You could have the best idea in the world, but if someone else already does it, you might have some tough competition. Go to Google patents and check other patents, you would find a lot of similar patents but don’t be disappointed, it only means that you did a good job looking for similar ideas, as there would probably always be something similar. Look for the product on the web but really try hard to find it.  If it already exists, will your product do what competitors do, but better? How much better? It takes a lot for people to break from their routine.
 

Is It Simple?
If you need a long winded explanation to detail what your product will do, maybe it’s not explained right. Try to summaries it in a paragraph.
How Big Is The Market?
How big of a problem is it? How many users would find this product a "pain killer"? Are there alternatives? Are there a lot of people out there that will find your product a true "life saver" or "pain killer"?

Money?
We are looking for passionate people that want to save and improve life; however money should be a big factor. Let's separate this question in to two; payment and revenuers:

Payments: visualize the millstones that you would need to pass in order to commercialize your idea in to a product.  Consider the following steps:
 

• Patent registration
• Regulatory expenses , what class would it be (FDA, CE, ISO)
• Design and building of an attractive, working prototype
• engineering drawings
• Manufacturing and Lining up factory production facilities
• Clinical tests
• Professional Marketing Material

Revenues: Think about who is going to buy the product or service? How are you going to approach them? What would be the end user price? Is it going to be an OTC product or by prescription?  Can you sell it to the end user by the net? How much does it cost to manufacture? What are the alternative product prices?

Where do you fit in?
Can you turn this idea in to a successful company? What values do you have athat can help? In what  aspects would you need help?
Try and summariz your idea, a full explanation about the problem, how you solve it, market potential and competitors should fill all in one page.

Summarize it
A full explanation about the problem, how you solve it, market potential and competitors should fill all in one page. You would have a lot of data summaries it in one page and the rest in a full business plan.