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Thread: How to put ideas into practise

  1. #11
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    If there is one thing I have learnt form 30 years in business ... if you dont play the game ... you dont get the bonus points.

    thinking about it ... I think the smallest bride to get work ... was a technician working for a company ... he wanted me to buy and pay cash for all raffle tickets he had printed .. for his kids school ... as I mentioned to him and every other person who expected something on the side or under the table ... I dont do brides and still to this day going on 31 years havent.

    Its time to learn to play the game ... I am gonna have to hang my Tshirt ... "Doesnt play nicely with the other kids" up in my pub and learn the smile that looks so real.
    Comments are based on opinion...not always facts....that's why people use an alias.

  2. #12
    Platinum Member Derlyn's Avatar
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    Sometimes living in a certain area is to your advantage.

    About 22 years ago, I came up with an idea.
    I built the prototype to test. It was successfull.
    Only problem was, I didn't know how to proceed.

    I was advised by a friend to see Adams & Adams Attorneys.
    They specialise in patents and commercialisation and are based in Durban.

    I drove twice from East London to Durban for consultations.
    It was well worth it.

    It might just be in your interest to pay the consultation fee and have a chat with them.
    You are fortunate. They are on your doorstep and one of the best in SA.

    Just an idea.

    Have a lekker weekend.

    Peace out ... Derek.

  3. #13
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    It is said that technically minded people make a fundamental mistake in business: We want to solve problems!!!!!!!!!

    If you want to make money then learn about money - learn the rules, learn the tricks and learn the money game.

    Change your outlook from being "a person that solves problems and happens to make money" to "being a person that makes money through solving CHOSEN FINANCIALLY LUCRATIVE problems"

    The change in perspective has a remarkable impact because you gear your products and services to your financial plan - if something doesn't make financial sense then you leave it and move on.

    ....BUT...

    YOU HAVE TO HAVE A FINANCIAL STRATEGY 1ST!!!!!!!

  4. #14
    Platinum Member Derlyn's Avatar
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    Yes

    I should have underlined the word commercialisation.

    Derek

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    Diamond Member Justloadit's Avatar
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    Interestingly, my experience has shown that it takes just under 2 years to put a product into market from inception of an idea.

    There has never been a quick into market, unless it is a derivative of an already existing product, or replacement of an existing product..

    What takes so long?
    Marketing!Not getting the prototype running, not the improvements to the prototype, but getting the product into a state in which it can be marketed. This includes user manuals, instructions, packaging and creating marketing material for promotional purposes.
    And.... the most expense is?
    Marketing! It wins again. Man it costs lots of money telling people to buy your product. Word of mouth is good for service orientated business, but as a manufactured product, you need marketing to drive the sales.
    And..... When the volume is there, make sure that the price is right, too low and you out of business, too high, and the knock offs begin to appear, milking the marketing that you have done. The knockoffs even you use your marketing material to promote their crap.

    And.... if you too slow or do not have capital for marketing, then you loose out to the guys who have the bucks who copy your product and have the money for marketing. Heck they even pass that it was thir original idea and you the one copying.
    Last edited by Justloadit; 06-Nov-21 at 12:08 PM. Reason: Added last line
    Victor - Knowledge is a blessing or a curse, your current circumstances make you decide!
    Solar pumping, Solar Geyser & Solar Security lighting solutions - www.microsolve.co.za

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  7. #16
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    The rule is not to be married to the product - Get in, make your money and move on to the next thing. The point of departure is the money, not the product!

  8. #17
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    Quote Originally Posted by adrianh View Post
    It is said that technically minded people make a fundamental mistake in business: We want to solve problems!!!!!!!!!

    If you want to make money then learn about money - learn the rules, learn the tricks and learn the money game.

    Change your outlook from being "a person that solves problems and happens to make money" to "being a person that makes money through solving CHOSEN FINANCIALLY LUCRATIVE problems"

    The change in perspective has a remarkable impact because you gear your products and services to your financial plan - if something doesn't make financial sense then you leave it and move on.

    ....BUT...

    YOU HAVE TO HAVE A FINANCIAL STRATEGY 1ST!!!!!!!
    A business plan ... maybe its time to create one ... it would be a start to creating a lot of debt ... so long as you are channeling the money to create wealth for yourself ...it doesnt matter how much debt the company is in ... I saw it with a customer who screwed me for a lot of money ... the company was worthless when we tried to collect on the debt ... but he didnt miss a day at the country club and is still enjoying unemployment .. set his son up in a new business and enjoys mingle with his sons customers ... I would bet that company is operating on 99 % debt as they live the good life.

    A friend had an accident at work and lost his hand ... his response was that it has forced him to stand back and let other people do the dirty work ... since then his business has started making money.

    Another company I stopped doing work for ... the same thing ... the company got so bad ant paying the bill that I stopped doing work for them ... I know ... it was a silly move ... I had been working with them for more 15 years ... they still phone (4 years later) and ask me to do their work ... I am thinking with the new venture I am going to go do work for them ... the only difference ... this time I plan to make money ...make sure the rates cover the payment delays plus interest plus a little some extra (people are getting desperate to find good workmanship and prepared to pay).

    I need to go back to the younger version of myself ... where I would smile and get the job done no matter what it took ... just this time find suckers who work hard like I do (thats gonna be the difficult part ... I know they are out there ...its trying to find them)
    Comments are based on opinion...not always facts....that's why people use an alias.

  9. #18
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    The 1st rule in business is this:

    DO THE MATH UP FRONT - If the math doesn't work then the business will fail!

  10. #19
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    Quote Originally Posted by ians View Post
    it would be a start to creating a lot of debt ... so long as you are channeling the money to create wealth for yourself ...it doesnt matter how much debt the company is in ...
    This is downright scary - No....business doesn't work like that, a KickStarter scheme maybe....but real business....nooooooooo

  11. #20
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    Something I have learnt since paying off the overdraft and credit cards ... it wasnt a smart move ... I am saving hundreds or should I say more like thousands in interest etc ... however what I am finding is I still havent got to the point that everyone else is funding the business ... I still have a bad habit on not invoicing right till the end of the project ... so what happens ... I dont have an overdraft so about 2 weeks in the following months cash flow gets tight ... it is getting easier but its still going to take a few month to build the account to a point that I have a couple hundred thousand available to carry myself when I get slack with the invoicing.

    I have also thought of putting together a business plan and getting a loan ... I know you gonna say silly idea ... but the way my brain works is different to others ... Its like paying off a vehicle ... after 3 years it becomes your property and be used a back stop ... so for example after my accountant incident a few years ago ... I had to come up with almost R100k ... simple I didnt even have to advertise ... the vehicle was sold the same day ... got the money I needed ... paid the new accountant and the total outstanding tax bill.

    As I am typing I am thinking maybe just buy another vehicle on HP ... that way its like taking a loan ... the only difference I get a brand new vehicle (maybe even an electric one) . ...so I can work a bit more and make more money and keep my tax bill at an absolute minimum ... after 3 years I have a couple hundred thousand invested a vehicle which can be used at any stage to sell and invest in something else in the business ... I just image what some people must be thinking about my logic ... it cant be that bad ... I am still operating after 30 years ... not many have that noddy badge
    Comments are based on opinion...not always facts....that's why people use an alias.

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