How To Create & Test A Prototype

???Starting with an invention or a product is not where I would start.?It costs too much money.?You need funding.?It’s a slow road.?Pre-sales make it more challenging, because they’re not quite sure what the thing is, or the device will be.

????So, I would wait a minute.?Go out and do something service-based or sell somebody else’s stuff.?I sold Kiyosaki stuff for five years, before I sold Proctor stuff.?I sold Zig Zigler’s stuff.?I sold tons of people’s stuff to learn how to sell, learn how to be an entrepreneur from ’96-2000.?Then I went on my own.?Then I developed my own thing.?I would learn to be a good entrepreneur, which means you need to learn marketing, sales, and cash flow.

????Now, all that said, where do you start if you want a product??Well, again, I wouldn’t have it be your first game.?Once you’re in and you’re a good entrepreneur, if you’re corporately setup right, and you have corporate funding, you should be able to find it.?There’s vendor financing.?There are all sorts of ways to get funding, or investors into your product projects.?So, you’re not blowing your own principle in cash, in case this doesn’t really become a great product, and doesn’t get out to QVC, HSN, or get to Sam’s Club, or make a big run.

????For a lot of you, if you are in what I call that HSN, QVC, kind of home tchotchkes, find out what else is already out there.?I would really, really study your competition, study where they got their product made.?Buy a lot of products that are going to be similar in class.?I mean, think about little stuff like vacuum cleaners, and carpet cleaners, and those things from your kitchen.?There are so many things that are already produced.?Why do they continue to come out with new, new? ?It’s the distinction.?It’s the one distinction, the two distinctions that you can have in the market for your product and your prototype.?If you can get a pre-sell, try it.

????Now, who should be on this team??Well, number one, you got to have a heck of a marketing and distribution team.?Because you need to move this product, and if you think you’re just going to sell it on the Internet all by yourself, it’s one way to do it.?But that’s a costly way, unless you can print or product on demand, you can get that kind of production.?But most of you are going to have to produce 500,000, 5,000, 10,000 units at a time.?That means you need a massive distribution arm, and it’s not just one, which means your website or Shopify store.?That’s a nice, small way to get started, but that’s not the game we’re talking about.

????If you’re going to do a product, and you’re going to do a prototype, you better have a million-dollar revenue plan in this.?This isn’t I want to get out of bed to make a hundred grand.?This is the stuff you go out for seven, eight, nine figures.?You go up for big stuff, not just to get by.

????Who else do you need??You need a funding team.?If you’re corporately structured and you have good credit, and you’ve had a corporation for a while, you could probably get 100, 200, 300,000 dollars of zero percent interest funding.?Money is everywhere for a good project and a good product.?But you’ve got to get the money in line, you’ve got to get the marketing distribution in line.?Without marketing distribution, you have a harder time getting money.

????Who else needs to be on the team, is a management team.?An entrepreneurial team who’s had success.?We’re about to launch GravyStack https://gravystack.com.?It’s going to be a kids’ bank.?It’s going to be, not only a kid’s bank, but it’s also going to be designed around, never pay your kids an allowance.?So, it’s going to be an online, gameified, NFT, tokenized, call it Minecraft, meets of Call of Duty, but for entrepreneurs, and teaching your kids how to make money.

????My point is, we got massive, massive, what’s called the C-Suite team.?So, that’s what also causes you to get funding.?Not only do you have to have one heck of a good product, and have it tested in distribution channels for a lot of distribution quickly, you’ve got to have the fundability, and a management team can bring the fundability, because of their resume’.?So, you want a lot of good resumes.

???Where do you get a prototype designed??If you can do a 3D printer, that’s going to be probably the safest and cheapest option.?You can get small ones.?You can get large ones, depending on what you’re going to do.?To hire a lot of consultants in this space, is really, really expensive, and for what??You haven’t tested the product enough.?If you don’t have a good management team, if you don’t have the funding, it’s not the first way to spend some money.?I wouldn’t do it that way.

????The last thing I want to say about prototype design is, that online immersive design, where you can do more of a CAD, it’s online 3D.?So, you can use something visual, without putting a tone of money into it, to get some feedback, get some focus groups, maybe get some pre-sales. Hopefully attract a management team, and hopefully attract your funding.?So, I would do all of those before you actually spend a lot of money.

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