Reinventing the Inventor

This article was written by Tamara Monosoff of Entrepreneur.com

While creativity's essential to developing inventive ideas, those who wish to turn inventing into more than just a hobby must shift their mind-sets. That's because the role of serious inventor isn't limited to simply creating the newest gadget or gizmo.

It's easy to understand why many inventors feel that once the patent is filed, their product design is complete and their invention goes into production, they're almost home free in terms of getting their product to market. After all, it's taken a lot of time and effort to reach this point. In reality, though, the final element -- sales -- still weighs heavily on the invention's success and shouldn't be underestimated. To be successful, inventors have to look at their inventions as marketable products and have a clear sales strategy.

To launch a successful product, it's critical to approach the process from a business perspective. Fortunately, that doesn't mean you need an MBA or even specific experience in the business world. It simply means being as smart about running a business as you were about developing your idea. You already have an inventive mind and a creative spirit. You simply need to transfer those qualities to managing the business end of things.

Here are some tips to help you avoid some of the more common mistakes inventors make when managing a business:

1. Hang onto your cash, and research your product's marketability. I can't tell you how often I've talked with inventors who've spent thousands of dollars -- in some cases, their life savings -- on developing products that already exist or, even worse, products people just won't buy. Remember, to sell your product, there needs to be demand. How can you know this for sure? Do your research before investing too much time and money in your project. A quick online search can turn up similar or competing ideas and can inform you whether the competition's selling.

If you move forward in developing your idea, maintain an open dialogue with your target market so you know what's working and what isn't. Initially talk to friends and family members, but move on to ask for unbiased feedback from more objective, informal groups. You could host a gathering at your house and invite friends of friends. Or conduct informal surveys by speaking to people at your grocery store, park, place of worship, kids' soccer tournaments, etc.

These are informal examples that can be a fantastic way to gather essential data while staying within a tight budget. If you do have extra capital, however, you can also hire a marketing company to assist you. Just do whatever it takes to ensure there's a need for your product idea.