31: Margaret Sinclair is a Serial Inventor and Entrepreneur

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. Links www.mymaggies.com Subscribe to the Beehive on iTunes  Join us on Facebook