In the previous post, I posed the question,“Are you an entrepreneur or inventor?”
Although I often interchangeably use the two words, they are NOT the same. An entrepreneur will thrive off the experience I just described. Both individuals are creative, but in different ways. Entrepreneurs solve problems creatively, like the problems encountered in the day-to-day running of a business. But inventors, inventors form ideas. Inventors create products and possibility. Running Hot Picks has been overwhelmingly positive. It has opened doors for me that I couldn’t have otherwise, like becoming a Disney licensee. I’ve learned more about licensing because I’ve been a licensee, rather than only a licensor. I know more about the process and how to be successful because I’ve worn that other shoe. And now I’m working with one of the largest licensing companies in the world.
I now know how to win at retail – to look critically at a product I create, and seek to make sure that it can be successfully distributed, manufactured, sold, etc. My perspective on the entire process is much more complete. And my experience has also made me a hell of a lot more appreciative for a 5% royalty. What a wonder that is. What a joy that is. If the volume of business done is large, it’s a nice amount of money.
Where do you fall? You may learn from practicing both, and even achieve success through both, but I think it’s important to know.