Commercialisation is a long and arduous process. Inventing a medical device or new technology is just the first step. The ultimate goal may be to license your idea to a larger company, sell your company or raise more capital for even more inventions. The journey is a rollercoaster ride, and many inventors fail to persist with commercialisation. It is important to consider whether you are willing to make the sacrifices and to work out how you will balance the long hours with your personal life. These are the top qualities that successful entrepreneurs possess:
Commitment and dedication is pivotal for an entrepreneur. It might sound like a cliché to love what you do, but having passion for your product and idea will definitely help to sustain an inventor through the highs and lows. When your developing yet another prototype or submitting yet another regulatory submission, inventors with passion think about why they started this business, pushing through and refusing to give up.
- Seeking help when you need it
No one is an expert on everything. Successful entrepreneurs know when to seek assistance and are not afraid to ask for help when they need it. This is particularly true for medical inventors, who may be experts in their technical field, but may have limited experience in the finer details, which may involve intellectual property, financing, finding distributors and general business advice. At Inner Maven, we have assisted countless entrepreneurs with the finer details of the commercialisation process.
- Strong Leadership Qualities
A leader has vision and can see the big picture of running a business. They set goals and objectives, whether that is to increase annual sales, develop a product or to solve a particular problem. Not only do they have vision but they also have the drive and skills to see it through. Leaders are known for having a forward-looking approach, rather than dealing with the nitty gritty details of the business.
- Willingness to fail
As Henry Ford once said, ‘Failure is simply the opportunity to begin again, this time more intelligently’. Entrepreneurs are risk takers; they take action on their ideas and accept that sometimes not everything goes to plan. They are not reckless, but make calculated decisions on the information that is available. Think of the Richard Bransons of the world, they aren’t sitting on their couches thinking ‘what if’.
- Serial Innovators
A head full of ideas drives entrepreneurs. Having one idea is great, but having a constant flow of ideas inspires further product development and the next steps for the business.
- Effective Time Management
Running a business is hard work. It can take a toll on your health and personal life if the stress becomes overbearing. Effective time management and a willingness to delegate tasks to others are essential to prevent burnout.
Entrepreneurs may require access to specialist skills, knowledge and resources to develop and take a product to market. These may include challenges with IP, distributors, funding, negotiating agreements and a whole range of issues requiring specialist expertise. Inner Maven specialises in mentoring and guiding entrepreneurs from that one idea, towards a path of successful commercialisation.