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31: Margaret Sinclair is a Serial Inventor and Entrepreneur
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Maggie Sinclair is a serial entrepreneur who has numerous patents. She is a designer and inventor of Maggies, a powerful magnet and metal ring that is redefining the way that women wear scarves and shawls.
I wanted to talk to Maggie because she has created a wide variety of products and she has a wealth of knowledge about what it takes to be successful as an entrepreneur.
Maggie says, "Faced with the dilemma of how to wear a sarong, I knew that there had to be a better way to secure fabric without tying bulky knots. I decided to experiment with magnets and found that a ball magnet combined with a metal ring provided the perfect solution to replace the safety pin (invented in 1849). In December 2012 I filed for my 8th US Patent which was finally granted in April 2016."
Her Philosophies
- Be incredibly passionate about what you're doing.
Her Advice to Aspiring Entrepreneurs
- Plan your growth based on your income.
- If you have a patent, be prepared to defend it.
- Really know and test the product that you plan to sell and check out the demand for it.
- Consider how much overhead will be associated with your product (i.e., inventory space requirements, etc.); High overhead costs affect profitability
- Think about how long you want to be in your business and think of exit strategy.
- Build a good website so that people can find your product.
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