Patents, copyright, trademarks–it’s all just legal mumbo-jumbo that isn’t really relevant for a small business-owner, right?
Well, it depends. If you’re not doing anything terribly new or unique in the market, you probably don’t need to worry about this stuff. And while I find it fascinating (sorry, I’m a geek – what can I say?) I can understand why you wouldn’t want to dive into the details here.
But chances are, your brilliant brain is going to come up with all kinds of astonishing business ideas over the course of your lifetime, and I truly hope you pursue at least a few of them. If you do, you’ll be doing yourself a huge favor to get legal protection. Because guess what? It could mean a lot more money in your pocket!
Check out my latest episode of The New Entrepreneur for an overview of ‘Intellectual Property’ basics:
Action Steps for Success:
If you have a business, or an idea for a business, consider it through an intellectual property lens: do you have a unique product or process that could be patented? Do you have the perfect name for your product or business that no one has ever used before? Are you going to put your product in an unusual, custom-designed container?
Anything that makes your invention or business different, could be copied by others as soon as you start having success with it. Protect yourself from the start, and apply for patents and trademarks if applicable. Your creativity is a valuable commodity.