One

Simple Idea
for
Startups
and
Entrepreneurs
STEPHEN KEY
with Colleen Sell
New York Chicago San Francisco Lisbon London Madrid Mexico City
Milan New Delhi San Juan Seoul Singapore Sydney Toronto
Contents
Preface ix
Acknowledgments xi
Introduction xiii
1 Opportunities for Inventor-Entrepreneurs
in the Twenty-First Century i
My Journey i
Successful Inventor-Entrepreneurs in This Book 9
Finding a Mentor 15
2 o Do You Have What It Takes? 17
Entrepreneur: Born or Made? 17
Does the Shoe Fit? 20
Startup Enemy Number One: Fear 27
Why I Took the Leap and Started a Business
with One Simple Idea 29
3 Keep It Simple 31
What Is a Simple Idea? 31
Creating a Product That Will Sell 34
Test the Market 43
Creating a Product That Is Simple to Produce 47
Is It a Money-Maker? 48
viii CONTENTS
4 9 Watch Your Back 53
Outsmart the Competition 54
Build Partnerships 59
Protect Your Idea 61
5 Ready, Set, Launch! 79
No MBA? No Problem! 79
Do You Need a Business Plan? 83
Show Me the Money! 87
Setting Up Your Business 96
6 Flip the Switch 103
Product Design Package 103
Packaging 107
Finding the Right Manufacturer 111
Logistics 120
Getting Off to a Good Start 121
7 Power Marketing Made Simple 125
What's Brand Got to Do with It? 126
Create Demand and Drive Sales 133
Get the Word Out on a Limited Budget 144
Hitch Your Wagon to Someone Else's Star 154
8 Winning and Losing at Retail 157
Start Local, Go National, Grow Global 159
How to Get Your Product into Retail Stores 162
On the Shelves of Giants 172
Other Retailing Options 174
Creating Happy Campers and Repeat Sales 178
9 Managing the Monster 183
Taking Care of Business 185
Be Careful What You Wish For ' 200
When the Going Gets Tough 206
Cruise, Expand, or Sell 206
Appendix: Valuable Resources 211
Index 225