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Essential Strategies for
Technopreneurs
Chapter Five
How to turn Challenge into opportunity and down-time into Paid R&D
Every Cloud has a
Silver Lining
Always think positive, as
my father (God bless his soul) always said. "If it will not break you, it
will strengthen your back". Challenge is just an experience and a test.
Exactly like success, I've never called any situation a failure except
to joke on failures. It's only a failure if you accept, even if there is
no immediate solution. Never accept the On-Ground situation in your
heart and always keep the struggle and be ready for the change. Wind
never stays in one direction.
Your great destiny was
written even before you born. Just show that you deserve it. Holding a
challenge is a success. Focus .......
Turn the challenge into
opportunity. The best way to fix a problem is to face it some way or
another.
Downed machine can be
turned into an SR&ED to invent a better machine with higher
capabilities. 10 years ago I had problem in formulating the first Real
Engine treatment in Canada, with the previously mentioned analysis I
quickly discovered why no one had an engine treatment made in
Canada. The scenario to offer people a product to coat the engine
internal parts is more than concentrated additives in a base as many ‘As
seen on TV’ scams did, or using
"in the Book" as an engine treatment as some manufacturers sadly did to find a foot
for themselves in this new market. This can really ruin the brass parts in
any engine. It was down time and either to choose "get rich quickly" and
follow the stream or "accept the challenge" and get down into your knees
under the machine and start SR&ED. I've choose the second one. It took
me behind in the market for almost a year, others sold millions
nationally and abroad building strong market base and amazing network of
beneficiaries. Well, I discovered in SR&ED that regular machines will
never build a formula that can coat thermally, meaning coating the hot
engine parts that get hotter by friction more than cold parts. The
machine never exists simply because many associated technologies were
never ready until that year. While competitors cashing on the new wave
of engine treatment, I built the machine from scratch using tempered
glass tractor doors, huge stainless-steel deep frying pan, tanks, many
pumps, sensors, switches, some electronics and some other secret parts.
A year later I took an appointment with Canadian Tire store manager,
bought one of every engine treatment product they carry on their
shelves, paid for all of them, and went to the store manager's
appointment telling him, these products are worthless. They do not coat
thermally if they even coat at all and I can prove it right now
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Responsive Business
Although a business plan
is vital, essential and viable tool, Never stick to it unless the
Market Alliance and supplies prove your plan expectations correct. Be
wise and responsive, do not change the plan because your account
receivable is less than your account payable for a month, but do not
wait 3 years and finally you do not have enough money to advertise your
business for sale.
Tax Credit and
Government Incentives
This depends on your area,
and it starts from rent and utilities incentives to hiring pay outs. The
most common art is the Income tax Scientific research and experimental
development SR&ED in Canada and R&D in the US and many other countries.
It can cover
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