My marketing consulting firm analyzes hundreds of new product introductions each year. They come from all over the world and run the gamut from brilliant to silly. Some are successful in the consumer products market. Why do so many fail? And a more relevant question is, why do products with excellent qualities fail even though they have so much to recommend them?

There is no one-size-fits-all answer to the question. However, there are several threads that constantly appear and act as stop signs when ideas cannot penetrate the highly competitive market. The following are the most common examples of actions or deal-closing strategies undertaken by entrepreneurs that will eliminate the opportunity for success.

or reinforcement

“I have a mega million dollar product. Do you want to partner with me”?

In 35 years of designing, developing, marketing, launching, and selling all manner of consumer products, I have never met a new inventor who could detail with any justification the true size of his opportunity. The Booster simply scares away potentially interested sources of funding or assistance.

or knowing everything

“This product will revolutionize the _____ (fill in the product category).

Marconi, Singer, Watt, Edison, Gates, Ford, Napoleon, da Vinci and Saint Augustine revolutionized their fields of activity. Breakthrough products, we call them “divergent products,” are as rare as pink diamonds the size of baseballs. Divergent products require the creation of new businesses, usually in areas that consumers do not currently need. Who needed a home computer before apps were invented and perfected? Now the home computer is ubiquitous, inexpensive, a vehicle for work and entertainment, and indispensable to most people. Know It All has all the answers for a product or service we don’t even know we need. He has no idea how difficult and expensive it is to pioneer a completely new product category and is almost always naive and unrealistic.

or the worker

The Plodder loves to brag that he’s spent five, 10, or 15 years working on his product. That may be so, and it may be acceptable. However, most investors, dealers, or licensors will consider The Plodder not fully committed. If there is patent protection involved, the product becomes less valuable each day that the life of the patent is consumed. Successful entrepreneurs are fully committed, never stop pushing, and face and conquer every barrier they will ever face. They are passionate and aggressive. They know that time is not their friend, as competitors, real and imagined, work just as hard and hope to beat them in the marketplace.

or the dreamer

We know more about The Dreamer than any other deal killer. This guy is typically a plumber, teacher, accountant, or makes a living in a way that is a complete leap from the idea of ​​him. The Dreamer decides that he can either invent a perpetual motion machine or have the technology to make cars run on yard clippings. Unfortunately, three questions trip The Dreamer up and we’ve never had to ask a fourth to burst this bubble.

or Mr. other people’s money

This hopeful entrepreneur has no money, usually no due diligence, no art, no engineering, but he is more interested in asking someone else to contribute money for his impossible dream. Let’s be clear: there are Angel Investors. However, they are very rare, very specific, and there is little chance that they will have any interest in any project that the submitter has not put effort into in-game.

or The Idea Trader

The idea trader has an idea. Usually, he has no background in the field he is exploring. He just has an idea. He wants to sell or license his idea. The Idea Merchant will sell his idea, usually for a large amount of money, and allow the buyer to enjoy the profits that will always come. The idea trader is always wasting time. There are no short cuts.

or Mr. It’s Easy

This fellow does not understand, nor respect, the effort it takes to successfully launch a new item. There are simply no shortcuts that can be taken that will not eliminate the opportunity. Mr. It’s Easy seeks to foist an underdeveloped idea or concept onto someone else and still financially capitalize on his underfertilized brilliance.

or The bandit of time

The Time Bandit expects to get paid to go to work and put in the time every day. However, you don’t want to pay for services provided by professionals with the specific skills needed to prepare and develop a product for market release. Project development may require graphic artists, prototype builders, writers, engineers, model makers, packaging designers, consultants, legal and accounting and production experts. It is foolish to think that consummate professionals will provide expertise, time, and investment in materials for nothing.

o The dazed and confused

Like the old Led Zeppelin song, “The Dazed and Confused” is, well, floundering. He starts and stops. He is trying to fool the system, and really himself, by confusing movement with progress. His business plan is always a work in progress because he truly believes that he can suspend reality and a well-crafted plan is not important for his project to be successful. He can impress the decision makers, he thinks, with words. Unfortunately for Dazed and Confused, decision makers always see much better than they hear.

o Even if I don’t build it, they will come

We hear a lot about this man. He has an idea for a new machine, engine, tool, or piece of equipment. Actually, the device sometimes sounds interesting and you can imagine that it has some merit. However, Mr. Don’t Build It has not perfected, designed, built or demonstrated the features and benefits of the unit because he will not be building a demonstration prototype.

These are just some of the general personality types we come across when looking at new business opportunities. But they are regular visitors. They challenge every quality or trait we see in successful entrepreneurs. True entrepreneurs will do whatever it takes to perfect their product. They do not seek or take shortcuts. They perform all the due diligence necessary to satisfy the most demanding buyers, investors, licensees or distributors. They are thorough, prepared and totally committed. Above all, they are passionate about their work and the opportunity without being dreamy, unrealistic, or bombastic.

Our frustration is that the non-commercial products, silly presentations, lack of professionalism, and ill-thought-out approaches to new product presentations we review are mixed with many presentations that have real solid potential. Unfortunately, all they have is potential.