On his blog, Tim Wolters suggests what entrepreneurs need to know to succeed. Wolters suggests keeping a book of ideas and begining with a hypothesis which is “a statement that captures the gist of the solution.” For those ideas that still seem interesting some time later, he recommends beginning a separate journal and considering the idea in terms of problem and solution. Thus, for the mouse idea, the problem could be “Mice are a problem and traps only provide a temporary and messy solution.” The solution: “Create a device that discourages mice from coming on the property.”

Next could come ideas for creating a prototype of an invention. “This invention chronology can be used later for the patent process.” Conclude by answering basic marketing questions, such as who will benefit and how many prospective customers are out there.