Tuesday, April 19, 2016
Blog: Necessity is the Mother of Invention by Jean Walters Success stories are always fun! They give you the impression that if they can do it, you can do it too. The reason for that is that oftentimes success is the result of a simple idea that is tenaciously followed up with until there is a break through. Frequently these are ideas that anyone could conjure. By becoming aware of them, we are encouraged to pay attention to the concepts that flow through our own minds for they might offer the next best seller, great invention, or new business possibility. On that note, there is a great story about a woman who worked in a Dallas bank. In 1951 Bette Nesmith was happy to have her secretarial job that gleaned $300 a month a decent salary at that time. However, Nesmith had one problem that plagued her – how to correct the mistakes she made with her new electric typewriter. Given that she had some past art experience, she knew that artists tended to paint over their errors. Thus she created a concoction that she used to paint over her typing errors. Soon all the secretaries in her building were using her concoction. Nesmith attempted to sell her invention called “Mistake Out” to various companies and marketing agencies and was turned away. Even IBM refused her. Nevertheless secretaries continued using her products. Thus Nesmith created a manufacturing facility in her kitchen and sold her product on her own. Before long, orders begin to flow in and she was able to hire a college student to help her. Neither of them had any sales experience. Plus they were continually informed that “Mistake Out” was impractical and people just wouldn’t use it to paint out their errors, but they kept manufacturing and selling their product anyway. It was true that from August 1959 to April 1960, their company’s expenses were $76 higher than its income. Yet, they didn’t give up. By this time Bette was working part time as a secretary. She saved up $200 and paid a chemist to develop a faster drying formula. With her new formula, Nesmith traveled throughout the country selling little white bottles. Her strategy was that upon arriving in a town or city, she would get the local yellow pages and call every office supply dealer. She then visited stores and would leave a dozen bottles behind. Her orders grew and soon the Liquid Paper Corporation was born. In 1979, when Bette Nesmith sold her company, she was earning $3.5 million annually on her little white bottles. By that time her total yearly sales were $38 million. Her buyer, the Gillette Company, purchased Liquid Paper Corporation for $47.5 million. Not a bad return for an inventive secretary who sought to solve an everyday dilemma. Got any ideas that you need to follow up on? Consult with Jean Walters by calling 314 991 8439 office or firstname.lastname@example.org Personal coaching and Akashic (psychic) readings for over 35 years.