Barbara Corcoran recently spoke to ABC News about being a Shark on Shark Tank; she spoke about inventor pitfalls and said.
“Another pitfall is falling head over heels with your product or your idea, being too passionate. It’s like falling in love with a hot babe — staying married is the hard part. A business is a work ethic, and means getting up again and again when you fall down.”
All too often an inventor/entrepreneur says you should invest in me because I have passion. Unfortunately some people are passionate to a fault; passion often blinds them of reality. It is ok and strongly encourage that you are passionate about your invention or idea but don’t let passion cloud your judgment. Before investing a penny into your idea do your research. Research your idea to make sure it doesn’t already exist, make sure someone didn’t already try it and fail, and make sure there is demand for your product. Doing proper research is free it’s called Google!