As an entrepreneur, you have to be willing to make mistakes. In fact, success comes from the mistakes you make along the way! In this video, Part 2 of 4, entrepreneur, inventor, and author Stephen Key describes the biggest mistakes he made in his career. Stephen explains how one day Scott Swift, Taylor Swift's father, called him to talk about this guitar picks Stephen was making at his company Hot Picks. He had seen the picks at a Nashville gas station. At the time, Stephen was selling guitar picks around the world, including at a lot of gas stations.
To design a pick for Taylor, Steve used a lenticular lens, meaning he could include 13 frames of movement in one small guitar pick! That's the kind of pick that Taylor wanted to. Steve thought that he could help Taylor and her family with her licensing deals, but he made a big mistake. The family wasn't very familiar with licensing, but of course her record company did. The family wanted him to be involved, but the record company didn't.
Steve explains how generous Taylor and her family were, and how he could have handled this situation better by trusting his instincts.
Don't overthink it! Just do it!
Barbara's Corcoran's letter: https://grow.acorns.com/how-barbara-corcoran-got-shark-tank-job/
Stephen Key and Andrew Krauss are the world's leading experts on how to license a product idea. If you have an invention idea, this is the show to watch. Steve and Andrew are the cofounders of inventRight, a coaching program that has helped people from more than 60 countries license their ideas for new products. Visit http://www.inventright.com for more information and to join the one-one-one coaching program.
Why didn't he get on the plane to visit Taylor Swift's family to help her with her licensing deals? He hesitated.
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This is the book you need to license your product idea: “One Simple Idea: Turn Your Dreams Into a Licensing Goldmine While Letting Others Do the Work.” Find it here: http://amzn.to/1LGotjB.
This is the book you need to file a well-written provisional patent application: “Sell Your Ideas With or Without a Patent.” Find it here: http://amzn.to/1T1dOU2.
Determined to become a professional inventor? Read Stephen's new book "Become a Professional Inventor: The Insider's Guide to Companies Looking For Ideas": https://www.amazon.com/gp/product/1653786256/
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