Satisfy a Need
Solve a problem. Satisfy a need. That sounds simple. However, you need to give your mind a chance to work on solutions. There is a recognized process. You can learn the process.
Since my plan is to help you build a better mindset for money, I know getting money is necessary to have hope for saving and investing for your plans to reach financial freedom.
Getting money (legally) comes in many ways such as income from a job, profits from a business, interest or dividends from an investment, royalties from intellectual property (books, songs, etc.), or royalties from an invention.
To be clear, any of these forms of income could be referred to as “satisfying a need”. An employer needs help and your skills to do the work. Any business needs customers who need the product or service that they have to offer. Investments usually relate to supplying money that a business needs to fund their operation (stocks, bonds, etc.). Intellectual property that is marketed by a broker gives the creator a fee for the right to sell their products, a royalty. Getting revenue from an invention is not much different than getting royalties on intellectual property.
Open Your Mind to Potential Royalties
Many of us would like to realize the benefits of being a successful song writer, television script writer, movie writer, etc. But few of us will even think of trying to become an inventor.
So, what is an inventor? Thomas Edison was an inventor, as was Steve Jobs, Alexander Graham Bell, Karl Benz, etc. Inventors visualize a product and work through the design and functions to eventually settle on a product that satisfies a need.
And, frankly, every product you buy came about because of an inventor. I will exclude food sources, but food products should be included.
However, being able to provide food products in a better and bigger way can bring some notoriety, such as Norman E. Borlaug, who developed wheat varieties that were more resistant to disease and more adapted to various growing conditions. That simple concept helped to provide more food around the world. For that he received the Nobel Peace Prize in 1970.
With environmental issues, regional water shortages, flooding problems, storm damage, and a host of other problems surrounding the way we live, the way we survive, there are many, many potential solutions to these issues and problems. Give that some thought.
There is evidence of some solutions that I have noticed. First, hurricane shutters help to protect against flying debris in a storm where high winds do so much damage. Second, I have seen how a city improved flood control with catch basins to slow the flow of rainwater to the storm sewer system.
Those are ways to protect against the effects of the weather. However, most of us have a personal need like many others have, and we can search online to find a product to fill that need. If you cannot find what you are looking for, that might be something to think about.
How Do You Get Royalties?
If you are looking for fast profits, not all inventions will provide that. Ideas take time to develop and research. Then, you need a source for manufacturing and distribution. The manufacturers are always looking for items to make and sell but it might take a while to find them and get on their list of options to consider.
That is why most people give up on this option for income. To them it is not worth the trouble. When your outlook for income options is short-term, royalties get dropped quickly.
But, if you are willing to think long-term and are willing to do the work upfront, you could create a source of income that requires little maintenance, for years to come, perhaps generations to come.
Warning: There are upfront costs for developing and registering an invention idea. So, be faithful about saving to fund those potential royalty concepts.
Do some reading and research about patents and trademarks and copyrights. There is a filing process to protect your rights. There are evil people who are willing to steal your idea to make money for themselves with no thought for your effort to generate the concept.
“Sit for Ideas”
Now we can talk about the process for getting ideas. For that, I will introduce you to Dr. Elmer R. Gates (1859 to 1923). He literally studied and researched how to “sit for ideas”. He was a scientist but considered himself a psychologist with a focus on how our brains work. That included reflection on his own process for getting ideas to satisfy a need or improve on ideas to satisfy a need in a better way.
Dr. Gates had over 200 inventions, including the foam fire extinguisher. The list is impressive, considering the times and no internet to help with research.
In essence, his observations and research revealed the power of our subconscious mind. Given enough input for consideration, our subconscious mind can work like a computer to run through the data and look for correlations that might be helpful.
That is where the “sitting” becomes important. Dr. Gates revealed to Napoleon Hill in an interview that was recorded in his book, Think and Grow Rich, that he would set time aside frequently, to sit in a darkened room with only a pen and paper and record any thoughts that came to mind. That was how he got most of his ideas for his inventions.
It would be encouraging for you to do some research on Dr. Gates and his inventions and his research on how the mind works for more insight into this process. You will begin to see the references to his research in the works of other authors and inventors when you decide to do more research on the subject.
Add Some Perspective
At the heart of a good invention is what it can do to help others. Serving others is a necessary mindset to become successful.
Though you may not be the smartest person, getting helpful ideas is a process of gathering information and allowing your subconscious mind to let that data incubate until an idea worth pursuing develops. Your mind is capable of inspiration. Be humble and your inspiration could help others and provide you with hard earned royalties at the end of the process!