All posts by SBS

To Patent Or Not To Patent

Regulations & Legal, Strategy

Think you have a milllion dollar idea that you want to patent?

Million dollar ideas are common. Almost everyone comes up with an idea that eventually becomes a million dollar idea.

So why not patent everything you think of? There are a few downsides.

 

1. Patenting is extremely expensive and you have to patent internationally due to globalization and sometimes that is simply not possible.

 

2. When patenting, you have to detail what is novel about your idea. Organizations including Coca-Cola and Caramilk have elected to not file for a patent as they feel their intellectual propoerty is better protected by simply keeping it a company secret.

 

3. Patents only work when you are willing and able to sue an organization that has infringed your patent. If you don’t have the funds or a lawyer who is willing to work with you on contingency, you aren’t able to leverage the patent.

 

However! Patents are extremely important where you need to protect yourself for the 20 year timeframe it supports (pharmaceuticals). Patents can be important when you need to register your idea before the competition does and blocks you out of the market. Patents are great when you have the financial backing to protect yourself.

There are other options to help protect your ideas.

 

1. Copyrighting.
Copyrighting applies to anything written. Copyrighting is cheaper (free) and applicable to software and code writing. You can add a copyright to anything that you have written.

 

2. Keep It Secret.
Follow some industry leaders and have policies that protect anything that you deem as intellectual property. This can be documentation, processes, programming, or ideas. Simply don’t let just anyone know what you know.

 

3. Continue Inventing.
You have to assume someone is going to find a way to copy you. So the only true way to stay ahead of the competition is to keep re-inventing yourself and stay ahead. If Apple rested on its patents, it simply wouldn’t be Apple!

Marketing No Brainer First Steps

Marketing & Branding

Marketing doesn’t always have to be expensive. In fact, here are 5 simple ways to improve your brand image without spending a dime.

1. Smile.
Smiles come across on the phone, in emails, and face to face. They make people like you more and remember you and your business positively. Remember that a smile is a powerful marketing tool.

2. 30-Second Pitch.
Having a solid 30-Second Pitch / Elevator Pitch helps customers understand the value you bring to them or to others that they may refer to you. Make sure that it is easy to understand, because people will only buy from you if they understand your message.

3. Handshake.
A handshake says a lot about you, even if you don’t want it to. So make sure that you have a handshake that leaves a positive impression. It should be firm, yet not too tight. You should shake the other person’s hand, not their fingers. If holding a drink, hold it with your left hand so that your right is always free for handshaking. Plus your hand won’t be cold or wet.

4. Business Name.
Make sure that your business name says who you are or what you do. This makes it easier to remember. If you can make it have personality, that is a bonus.

5. Use People’s Names & Make Eye Contact.
Make others feel important by treating them like they are important. Make an effort to remember their names and look at the person that you are speaking with. These two tips can go a long way.

Marketing Solver at www.SmallBusinessSolver.com walks through another 295 marketing tools that will help your small business with even more tips & tricks of how to execute them correctly.

Three E Pillars

Management & Human Relations, Strategy

There are many key pieces of a successful business, but the newest insight I was given fro a successful entrepreneur I would like to share. It is as follows;

“For all ‘improvers’ to keep in mind, the three E pillars of a successful team and business are…

1. Educate – pass on your learning and learn from others. Pass on your learning and experiences to your team members, subordinates, bosses, family and friends alike. Be humble in your learning and learn from others. Life is too short to learn everything ourselves firsthand; learn from others and teach others likewise.

2. Empower – empower your team with the tools and guidance to do exponentially better than you ever can.

3. Entrust – entrust in your team to do better than they know how.

Hope these three pillars serve you as well as it have served me in developing successful ventures.