Yes, the development of your invention is a business!

Yes, the development of your invention is a business! Don’t ever forget that. Those who treat it as such are infinitely more likely to prosper. They have a business plan, keep records, have updated financial statements, and the use these tools when they make business decisions. Just because you don’t have a storefront, cash register, or customers, doesn’t mean it is not a business.  It is just a start-up business, in the most vulnerable phase when sound business management tools are most necessary. This is the first thing I would do to keep my invention development business alive, yet I know that 4/5 of you won’t. Oh well, experience is a much better teacher than I’ll ever be.