I love reading books written for entrepreneurs. All of the ones I have read are very inspiring and extremely helpful.
For my first book review I chose Lori Greiner’s book, Invent It, Sell It, Bank It!
I am a huge fan of Shark Tank. I really admire Lori Greiner and I like listening to her negotiate, and she speaks with confidence.
She gives out tips during the shows to the contestants and talks with them about patents. Lori will mention during the shows that she has a number of patents, and I have found that very interest. Before reading this book, I don’t know anything about getting a patent. I’m not an inventor, but many of the contestants on Shark Tank are, so I wanted to see what they have to do in order to obtain a patent.
Lori’s book is very informative and basically lays out step-by-step what an inventor needs to do.
Lori lays out nine questions that inventors need to ask themselves about their invention. The nine questions will help the inventor decide if they have a “hero or a zero”. When Lori see a “hero” on Shark Tank she goes for it.
Next is a walk through of the steps from having a doodle on a piece of paper to getting a prototype made of the invention.
I love the section on “pricing the product”. I have heard throughout the years that you need to make the price end in .99. For example, don’t price the item $25.00, price it at $24.99.
She talks about the “Magic Price Points”. I think we all know what these are but we need to be reminded. $9.99, $14.99, $19.99, $24.99, $29.99 and so on.
Lori goes on to talk valuing the business and where to obtain funding. She discusses getting investments and loans from family and friends, crowd funding and venture capitalists.
Now, down to the things that I was wanting to learn.
- What is the cost for filing for a patent? From $2,500 to $15,000.
- Do I need an attorney? Yes, a patent attorney.
- Is there more than one type of patent? I here the patents types on Shark Tank, but I don’t know what they mean. There are 3 types of patents: utility, design and plant.
Lori explains the “Sell It” and “Bank It” in the rest of the book. Those sections of the book I’m familiar with and have a good understanding.
I really did enjoy reading this book. It is very easy to follow, and Lori adds stories from her own experience that allowed me a chance to get to know the challenges she faced in becoming the successful entrepreneur she is today.
Two important things to remember:
The biggest mistake you can make is failing to learn from your mistakes, because that means you’ll commit those mistakes again.
The harder the battle, the stronger and smarter you’ll be at the end, no matter the outcome. -Lori Greiner