John Janning was asked by his wife to find the bad bulb in a string of Christmas-tree lights. He investigated and this gave him the inspiration to come up with a way to keep tree lights lit even if one burnt out.
Knowing that he didn’t have the manufacturing expertise or marketing prowess he decided to obtain a patent for his lights and then research manufacturers and found one willing to mass-produce his product and sell it. He received an upfront fee, plus a royalty of 5% on future sales.
Research shows that more than 75% of small business owners start their small business from scratch. The remaining percentage buy a second-hand business, which could include a franchise. What this means is that at least 75% of aspiring business owners come up with their own ideas for a new product or service. Continue reading “Almost 75% of small businesses are started from scratch”
