A Student Asks...

<<* A 2-part question: The readings state that successful entrepreneurs
succeed not out of a desire to make a buck, but out of a "desire to develop
and market the product". I agree passion for the product helps, so did you
really have a passion to market farm animal magnets, or did you just spot a
money-making opportunity? And also, chicken magnets, etc seem very mundane
and lacking innovation (no offence), so how/why did you target this item to
produce and market? Where is the "why don't they just..." in this idea?
***The animal head magnets were at a time when I was working for someone
else..he loved developing neat and fun things such as animal magnets...they
are not my cup of tea...but mundane innovations pay..he has a waterfront house
in Tiburon, a sailing sloop, SOMA real estate...all this from a penniless
immigrant.***
*The book also states "You must be efficient to survive, and it is far
better to start with what you truly want to do and build only from there."
I agree totally, however, in my case this advice conflicts with other
advice you've given. You see, I'm intrigued by native crafts (sculptures,
wood carvings, art forms, etc. from other cultures). This involves
searching the world for "something cool" and bringing it home, which you've
advised against. Do you recommend I not pursue native crafts? It is just so
rich and intriguing to me. Plus, people who have not traveled to Indonesia
don't know the value of a mask from Irian Jaya and you can mark it up 1000%
(as I have seen done).
***My first work was as a buyer for native handicrafts. people who thrive
here are people who outfit houses and then CHANGE the native handicrafts to
suit the USA markets. WE redesigned baskets constantly. As far as marking up
Irian Java masks 1000% ..surely you've seen it done, but how often do you see
it sell? Enough to make it worthwhile?"
* The readings speak of suppliers who want to build markets in the US and
thus have a strong interest in working with you if you have that
innovative, problem-solving product. So, how do you PROVE to a supplier
that there is a demand in the US market for your product idea? Are mere
coversations with retailers enough? Is there a way to document the demand?
***These suppliers are fielding inquiries from all over the world, yet they
have X amount of production capacity. You have to win some interest. No,
"mere conversations" are not enough... a series of conversations that lead to
various retailers telling you "it is a good idea, it does not exist..." This
series of conversations, documented in notes, is the basis for you requested
samples, only samples, made to further test the market. If the samples are
approved and confirmed by buyers, then, as we will see, you will seek to gain
enough orders to cover the supplier's minimum order requirements. And since
most suppliers overseas know most retailers in USA in their area, if anyone
wants to check up on you, they will call or email each other****
When showing a retail buyer our idea, you outlined a lot of questions we
should be ready to ask. Aren't we asking an awful lot of someone who isn't
on our payroll? I find it hard to believe they would be so willing to be
our R&D department. Also, some of the questions were about what "the trends
were in motif, function, color, style, etc". Why should we care about
trends if our goal is innovation?
****I've never run into a problem of a retailer not willing to discuss what is
going on in the biz...but, the convo does not have to take place all at
once...a series of discussions... and we have to care about trends because
aesthetics matter, wrong size, shape weight color whatever can kill a product.
If your product is used in a kitchen, it helps to have it matching current
colors.***


Sorry if I'm picking and pecking at points, but I'm really interested in
learning this stuff. I want to succeed at this!!
***Me too!****

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