Invent It, Sell It, Bank It!: Make Your Million-Dollar Idea into a Reality

QHB's 10 Points of Focus and Summaries

Invent It, Sell It, Bank It 10 Points:

1. Entrepreneurial Mindset: Success requires passion, confidence, determination, organizational skills, self-sufficiency, and charisma. Face challenges head-on and view setbacks as learning opportunities.

2. Passion Over Profit: Focus on creating value and solving problems rather than merely aiming to get rich. Genuine passion for your product or service is crucial for long-term success.

3. Confidence with Humility: Be confident but avoid arrogance. Confidence helps you ignore skeptics and persist through challenges, but humility ensures you remain open to feedback and continuous learning.

4. Adaptability and Speed: Move quickly to bring your ideas to market. Be organized yet flexible, willing to change tactics and adapt to new realities to achieve your goals.

5. Self-Sufficiency: Entrepreneurs must be self-motivated and disciplined, as there will be no one to guide them. Take full responsibility for both mistakes and successes.

6. Market Research and Validation: Conduct thorough market research to validate your product idea. Use social media, surveys, and direct feedback from potential customers to ensure there is a genuine need and demand for your product.

7. Financial Management: Maintain frugality and manage overhead costs efficiently. Even as your business grows, keeping expenses low will maximize profits.

8. Prototyping and Patenting: Create a high-quality prototype and protect your invention with a patent. Use reputable services and ensure all agreements are secured with non-disclosure agreements.

9. Effective Pitching: Craft a compelling and honest pitch. Be prepared to answer tough questions, emphasize your product’s features and benefits, and convey passion and enthusiasm.

10. Continual Growth and Diversification: Once your product succeeds, keep innovating and expanding. Stay connected with your market, adapt to changing demands, and continuously improve your offerings.

QHB's Selected Book Quotes and Summaries

*** LG = Lori Greiner (The Author)

=== Introduction ===

# “I particularly notice which entrepreneurs make eye contact with me and which don’t, as they stand there nervously.” - Lori Greiner

# “The entrepreneurs disappointment is crushing when they leave the tank empty handed. But for most of them, i think the disappointment is temporary, for the true entrepreneurs live on and see promise in another day.” - Lori Greiner

# “Whenever i hit a roadblock, i found a way around it. If I couldn’t get around it, i found away around it. If I couldn’t get around it, i went under it. If going under didn’t work, i’d go over it. I did whatever it took. In return, I accomplished my goal.” - Lori Greiner

# “If anything, success only makes you want to work harder.” - Lori Greiner

# “What i didn’t know, i’d learn. If I wasn’t an expert, i’d become one.” - Lori Greiner

# “To all budding entrepreneurs i say this: you can make almost anything happen if you try hard enough.” - Lori Greiner

# “You are responsible for your own destiny, but you can’t get there alone. No matter how sure you are that you know whats best for your product m, no matter how high your standards, its important to be kind to people and to make them feel part of a team. Take the time to invest in people, not just your product.” - Lori Greiner

=== Are you Ready? ===

# Lori Greiner’s 6 Essential Characteristics of Successful Entrepreneurs: 1. Passion 2. Confidence 3. Drive and Determination 4. Organizational Skills 5. Self Sufficiency and Independence 6. Charisma and Showmanship

1. Passion -

# “Make sure you’re passionate about the right things. A lot of entrepreneurs and investors are passionate about money, but you don’t start your journey with the goal of becoming a millionaire. It won’t work. No one gets rich merely because he or she wants to get rich. You get rich because you bring something into the world that is unique and that people are willing to pay for.” - Lori Greiner

2. Confidence -

# “Whats the worst that can happen? Disappointment? Frustration? Yes. Catastrophic? No. I had a plan in place should the worst ever happen. I think its the fear of the bad things that can happen that stalls people and makes them freeze.” - Lori Greiner

# “Just don’t allow your confidence to slide into arrogance or rudeness. Theres no excuse for either.” - Lori Greiner

# “Confidence is also what give you the strength you need to ignore skeptics. There will be many. Some may be jealous, or threatened, or simply unimaginative.” - Lori Greiner

# “When other says, ‘What if it doesn’t work?’ your attitude should be ‘It will work when i figure out how to make it work.’ When they say, ‘Thats never been done before’ your answer should be ‘thats the point!’. “ - Lori Greiner

3. Drive and Determination -

# “Your drive fuels your determination, and Determination is what helps you override symptoms like stress or fatigue that can weaken your resolve to Persevere.” - Lori Greiner

4. Organizational Skills -

# “I believe that when you’ve got a great idea, you should move as fast as possible to get it into the market.” - Lori Greiner

# “Structure and discipline are important, but don’t ever let your plan become a cage that bars you from reacting quickly, taking advantages of opportunities, or adapting to new realities. Be willing to change tactics midstream if thats what it takes to solve a problem and get to end your game.” - Lori Greiner

5. Self Sufficiency and Independence-

# “You’d think that it would go without saying that an inventor needs to be self sufficient, but based on the questions people ask me, it does need to be said. I think some people believe that because they have an independent streak, they are naturally self sufficient too. But thats not always the case.” - Lori Greiner

# “One of the hardest things about being an entrepreneur is that there is no one around to tell you what to do, and no one to make sure you do it.” - Lori Greiner

# “Your mistakes will be all yours, but so will your triumph” - Lori Greiner

6. Charisma and Showmanship -

# “Shyness will sink you in this business” - Lori Greiner

# “One more thing a successful inventor needs: Money. All the passion, confidence, drive, determination, charisma and showmanship in the world will not help you if you don’t have enough money to pay the bare necessities.” - Lori Greiner

=== A Successful Inventor Doesn’t Need... ===

# Lori Greiner’s 3 Characteristic that a Successful Inventor doesn’t need: 1. A Business Background 2. Overhead 3. To be Unwilling to Accept Failure

1. A Business Background -

# “A Business Background can be helpful to inventors, but you don’t need it.” - Lori Greiner

2. Overhead -

# Define: Cost or Expenses.

# “You will make so much more money if you remain frugal even when your invention starts to succeed and your business begins to grow.” - Lori Greiner

3. To be Unwilling to Accept Failure -

# “Its the inventors who refuse to accept failure that actually fail. It is not failure, however, to Accept that the idea isn’t working and move on to another one. It’s smart. Know when to move on.” - Lori Greiner

# “Pursuing a dream is admirable, but do it the expense of your health, your family, your financial well being and even your sanity is not good. Life is just too short to spend it doing something you don’t enjoy.” - Lori Greiner

=== Is your Idea a Hero or a Zero? (Product Idea) ===

# Lori Greiner’s 9 Questions to see if you have a Winning Idea: 1. What is my Product? 2. Does it Solve a Problem? 3. Is it Unique? 4. Is it something people will need or want? 5. Is it demonstrable? 6. How do i make it? 7. Who is your target market? 8. Is it Safe? 9. Is it a Consumable?

1. What is my product? -

# “What’s in a good brand name? Its catchy, its descriptive, its brief and its easy to say.” - Lori Greiner

2. Does it solve a Problem? -

# “I create or invest in solutions to problems I’ve witnessed or experienced myself.” - Lori Greiner

3. Is it Unique? -

# “I knew my first invention was a hero because i knew nothing like it existed.” - Lori Greiner

# “If there’s one mistake i see Entrepreneurs make over and over again, its to believe so strongly in their invention that they never bother to make sure its unique as they think it is.” - Lori Greiner

# “Here’s the crazy thing: over the course of the day, i saw five more bags just like that one.” - Lori Greiner

# “Sometimes your price can make you unique.” - Lori Greiner

4. Is it something People will need or want? -

# ”Who needs that?” - Lori Greiner

# “Create to fulfill people’s needs, not their wants, because once they believed they need something your invention is better protected against economic forces.” - Lori Greiner

# “Any inventor who wants job security should aim to create items that will be perceived ad necessities, not luxurious.” - Lori Greiner

5. Is it Demonstrable? -

# “Products that can be easily demonstrated sell really, really well.” - Lori Greiner

6. How do i Make it? -

# “How big will your product be? The bigger your product, the harder it will be to sell.” - Lori Greiner

7. Who is your Target Market? -

# “Whenever possible, invent for the masses.” - Lori Greiner

8. Is it safe? -

# “It is not acceptable to leave it to the marketplace to decide whether a product poses a serious risk or not.” - Lori Greiner

9. Is it Consumable? -

# “I wish i invented consumables! Think about that when you’re developing your ideas.” - Lori Greiner

=== You’ve Got a Great Idea, Now What? (Prototype Phase) ===

# “Introducing your product to the world is no different from introducing yourself for a job interview: You’ve got about ten seconds to make a good impression, and only one chance, so make it count!” - Lori Greiner

# “I send them fabric swatches or color ideas, often using Pantone Matching System (PMS) color books.” - Lori Greiner

The First Draft -

# “Design engineers will work with you to draft a computer-aided design / Computer Aided Manufacturing (CAD / CAM) “ - Lori Greiner

Creating a Mock-Up -

# “Whenever you do ask someone to take over a job, make sure to stay close to the process and learn as much as possible, shadow the person you hire, if you can.” - Lori Griener

Making a Prototype -

# “How do you find a Prototype maker? Today all you have to do is google the word “Prototype” and your city or state.” - Lori Greiner

# “Any reputable Prototype manufacturer, maker or other company specializing in helping entrepreneurs and inventors bring new products to the market should be willing to sign a non disclosure agreement that forbids them to share, discuss, or otherwise use part of your idea or design, if they refuse, walk away.” - Lori Greiner

# “A simple google search will reveal that there are 3D printers and CAD design catering to small business owners and entrepreneurs located all across the country.” - Lori Greiner

# “Ignorance is never a good excuse for stalling. You can get any information you need if you’re willing to do the research.” - Lori Greiner

# “You have all the information at your fingertips that you need to get your invention made. Absorbing all the knowledge will be instrumental in protecting yourself from being taken advantage of and for negotiating the best deal possible.” - Lori Greiner

Make Opportunity Work for you -

# “Whats the worst thing that could happen? answer: It won’t work out. But i had a plan in place, and i was determined to make it work, so i forged ahead.” - Lori Greiner

=== Research Your Market (Market Segmentation) ===

# “Market research can confirm that your invention warrants the first, and it can save you from the latter. Its the reality check on your unbridled enthusiasm and ambition.” - Lori Greiner

# “Your market research will focus in three primary areas in interest: First, you will want to know as much about the competition as possible. Second, you will want to be informed about the consumer market in general. Finally, you want to know specifically whether people will like your invention or not and recognize the its usefulness and appeal.” - Lori Greiner

# “The only useful feedback is accurate feedback.” - Lori Greiner

Where to do your research-

# “Almost every Social Media Outlet has a search capability that allow you to target potential buyers and listen to the conversation that they are having about the problem your invention could solve.” - Lori Greiner

# “One of the most popular online survey companies is Surveymonkey.” - Lori Greiner

# “Despite the risk inherent in exposing your product too soon, Kickstarter and other crowdfunding sites has become a de facto market research resource. If you post your product and story, and it gains popularity and the donations come pouring in, thats a good sign that your on something.” - Lori Greiner

# “You can conduct face-to-face market research anywhere, such as carnivals, flee markets, festivals, shopping malls and parks.” - Lori Greiner

# “If people criticize your design or otherwise offer critique, don’t argue back.” - Lori Greiner

Pricing Your Product -

# Cost Formula: Materials + Labor + Overhead + Transportations = Total Product Cost

# Net Profit Formula: Profits - Cost = Net Profit

# “You need to scout out your competition (their Prices and Products)” - Lori Greiner

# “My strategy has always been to make a good-quality product at an affordable price so that everyone can enjoy my products. That means i sell at the lowest price i can afford to, taking slimmer margins but hoping for bigger volume.” - Lori Greiner

=== How to get Funding ===

# “The best way to figure that out is to draw up a solid business plan. A business plan is a multi-page document that should explain to an investor or stranger who has no prior knowledge of your product or business exactly what your product or service is, how and where you are going to make it, How you’re going to sell it, your assessment of the competition and why yours is better and how much money your going to need to start it and run it.” - Lori Greiner

# “A good business plan should include some thought to how your going to keep the business growing through product extensions and new ideas.” - Lori Greiner

# “New ideas are the lifeblood of a business” - Lori Greiner

# “Your Business plan needs to indicate that you have thought ahead about all the potential cost for running a business, not just selling an idea.” - Lori Greiner

# “Anything that can go wrong, will go wrong.” - Murphy’s Law

# “You’ve got to spend money to make money. “ - Lori Greiner

# “Valuing your Business. For instances, the entrepreneur might ask $50,000 for 10%. Hence 50,000 x 10 = $500,000, thats what the company is worth.” - Lori Greiner

=== The Truth about Patents ===

# “The burden is on you to file for a patent as soon as possible, or risk getting scoped.” - Lori Greiner

# “Two Important things to remember: The biggest you can make is to not to learn from your past mistake. The harder the battle, the stronger you’ll become, no matter the outcome.” - Lori Greiner

# “A Patent is like insurance - you may need it, but you hope you wont. Nevertheless, its good to have if you can get it.” - Lori Greiner

=== Pitch Perfect ===

# “Life is an echo. What you send out comes back.” - Zig Ziglar

# “Aaron’s pitch was one of the strongest i’d ever seen - so strong that I instantly wanted his product.” - Lori Greiner

# “Don’t try to act like you know everything if you don’t. Never lie. People don’t want to deal with someone they don’t trust. And believe me, people can tell.” - Lori Greiner

# “They were polite, they knew their answers and under extremely rapid fire, they bounced back. They were prepared and had great answers for everything.” - Lori Greiner

# “When crafting your pitch, don’t try to hype your product or idea or try to convince your buyer that your product is something that it is not.” - Lori Greiner

# “An entrepreneur who has been to hell and back can only be wiser and stronger than her competitors.” - Lori Greiner

# “The saying is true: you have to spend money to make money.” - Lori Greiner

=== 8: The Dream Becomes Tangible - Manufacturing and Packaging ===

# “Quality means doing it right when no one is looking.” - Henry Ford

# “If it sounds too good to be true, it probably is.” - Lori Greiner

=== 9: Driving the Business ===

# “Nothing is impossible; the word itself says’ ‘I’m possible.’ - Audrey Hepburn

# “The power of persuasion lies in making people understand the big picture.” - Lori Greiner

# “From the very beginning, you have to be willing to do anything within your power to make things happen when needed. This is how you get business done and how you get ahead.” - Lori Greiner

# “It doesn’t matter who you are or what you have; what matters is what kind of person you are.” - Lori Greiner

# “It was a two-way street - i cared about them, and they cared about me.” - Lori Greiner

=== 10: Beyond Brick and Mortar ===

# “With a demonstrable product, the consumer can see physical proof that one item is better than another.” - Lori Greiner

# “Questions if whether your product is right for TV or not: Is it unique? Is there a need for it? Is it a good price point? Is there research to indicate that the market wants it? Is it affordable? Is it manageable?” - Lori Greiner

# “This goes back to thinking ahead when you are pitching and trying to address every question a buyer could possibly have, anticipating any problem and showing that you have a solution ready.” - Lori Greiner

# “Passion and enthusiasm are infectious. You have to be genuine.”- Lori Greiner

# “So once you’ve built momentum, get ready to mix things up - not with your demonstration, but with your product itself.” - Lori Greiner

# “There are two essential elements you always need to emphasize: Your products features and Your products benefits. Aside from the products features and benefits, we put together all kinds of visual to help explain why the product is great.” - Lori Greiner

=== 11: Marketing that really Works ===

# “You don’t want to use social media exclusively to push and sell. That’s boring, and most people will start to ignore you. You need to mix things up - a little selling here, a little gun story telling there, a picture one day, a video the next. Make sure to infuse all your sites with variety, humor and authenticity. I try to post about twice a day.” - Lori Greiner

# “While the social media serve my business well by allowing me to market to my audience, they also serve me personally by helping me feel more connected to my fans and reassuring me that i’m giving them what they want and need. Thats the secret to successful social media marketing.” - Lori Greiner

=== 12: Keep the Dream going - Expand and Diversify ===

# “Once you create a product that succeeds, the possibilities are endless. As time goes on, you can learn more about your market and consumer demand, you can enhance your technology and you can use that knowledge to make improvements and to fuel endless stream of creation and innovation.” - Lori Greiner

=== Conclusion ===

# “Entrepreneurship has given them the power to take control of their lives and destiny.” - Lori Greiner

# “I believe we are all on earth for a purpose. Being kind, giving back, contributing - these are important values that i try to uphold.” - Lori Greiner

# “That’s what being an entrepreneur is all about - Grabbing opportunity.” - Lori Greiner

# “If theres anything you take away from this book, is is this: you can make anything happen if you put your mind to it. You’re going to stumble into potholes and maybe even into manholes, but when you get yourself out, you’ll be smarter, wiser entrepreneur” - Lori Greiner

=== END OF BOOK ===