Now before you say that offends you as an entrepreneur, I hope this blog post helps you get to the next level so you can actually make your product work. Having consulted hundreds of inventors at different phases of their product development plans, I've noticed a trend.

Here are a 5 things that are holding you back from getting your product idea to not only work, but be marketable: 

1. Unrealistic Expectation of Market Size

Countless people that I consulted have this idea that if there are 7.75 billion people on earth, and all people eat, therefore their market potential is 7.75 billion people. This is something that I often come across and it's quite frustrating. Just because people eat doesn't mean they want to eat with your $15 spoon fork. When looking at the market one needs to think reasonably. 

• Who can afford this fork?
• Why would someone want to spend $15 on a fork?
• Who really benefits from buying this fork? 
• What makes this fork better than a $0.25 fork from Walmart? 

Consider doing more market research with others who may be critical of your idea. This is how you grow your idea from your own idea to one that benefits the world. Ultimately that is all that really matters.  

2. Stuck on Their Own Idea

Many people that I have consulted believe in their product so much they have ignored any criticism at all. This criticism often will come from friends and family where their bias perhaps based on interactions in the past make them blind to what is right in front of them. 

Be open to criticism. Listen to the experts. Of course take everything with a grain of salt.  

They may be stuck on a particular shape, size, or even color. As a consultant we want to build the best product that has the potential to be marketed and sold. That is literally how we make money. It is an incentive we have built into our particular business model to make the best possible outcome for the client.

Being stuck on a particular thing is probably the most common of all things that gets people stuck and end up spending years talking with designers, product development companies, and factories and getting nowhere. 

Be open to criticism. Listen to the experts. Of course take everything with a grain of salt.  

3. Overconfident in Their Own Idea  

We've all seen it. The reality talent show with someone who can't sing, dance, or perform magic. We recognize it immediately, but when the judges tell them it was terrible they're in shock. The camera zooms in on the parents or friends who are also in real or false shock and we all laugh. 

In product development one of the things that I see the most is false believe that if you keep trying, you'll eventually succeed. This is true, but only if you are open to criticism and change. 

What is the point of sitting on an idea for a decade while you 'perfect' it?

Of course some products needs a decade of research and development, testing, and so on, but for most products that people come up with that is not the case. Yet time and time again I see that they have come up with the product 20 years ago and for (probably) one of the reasons on this list it never comes to fruition. 

Having belief is a good thing. You need a good amount of 'hopium' to succeed as an entrepreneur, but having facts and skilled experts to back that up is much more important. Good rule of thumb is 20% hopium / 80% facts. 

4. Misunderstanding Costs

Another issue that many people face when wanting to build their ideas into real products is the cost. Mold fees, research & development, prototyping and many other things can be overwhelming. It's important to note that these fees are often necessary to make your product function the way that you want. 

Fortunately there are alternatives to this and Emperor FBA will try to to implement them whenever possible. For example, some products are kitted together and we can often take products that are off the shelf to help reduce building a mold from scratch. 

When in doubt, make sure to quote it out. Quote around with other product development companies when you get a quote from Emperor FBA. We're confident we'll win it but it's always good to get others' opinions.  

5. You Have the Wrong Product Designer

Many people will use Fiverr or other platforms to make their CAD design. When they go to the factory or product development company they will be charged a high fee to make the CAD again. Why is this? It's because most inexpensive CAD designers on these platforms don't know how to make their designs to be manufacturable. 

Take Ernie, for example. Ernie goes on Fiverr and gets someone in Nepal to make him a CAD for $50. The designer is great and has made the design exactly to Ernie's specifications. 

Ernie takes the CAD to a product development company or factory directly and they tell him they can't make it. Ernie moves on to the next company, and the next company, and the next company. 

He's now wasted 6 months, not to mention his own time wasted emailing and calling these alternatives. 

Had he just gotten the factory or product development company to make his CAD drawings, they would have pointed out the issues when he goes to manufacture the product. 

Many people unfortunately simply do not want to believe this and wasted months and years trying to track down the 'cheapest solution'.

Don't be like Ernie.

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Let's talk and get your idea off the ground!