Why are you in business? Or if you haven’t started a business yet, why are you thinking of doing it? Whatever your reasons may be, knowing about intellectual property is very important. Only then will you be able to avoid making drastic mistakes that have catastrophic consequences and be able to set yourself up for future success.
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Topics Discussed in this Episode:
- What is intellectual property and why do you need to know about it?
- What are the different rights under intellectual property rights?
- What are the core three rights that you need to focus on when you’re setting up a business?
- What is the most common mistake that people make when naming their business?
- What does IP protection mean?
- People need access to IP information as a business skill that they need to develop.
- IP is the nuts and bolts of your business whether you’re aiming to make it really big or you just want a small business that could fit into your lifestyle.
- When you have a business, the intellectual property rights within that business are assets that have value. Therefore, you need to take the right actions in relation to them so that you can create a business that’s more valuable and, at the very least, avoid problems.
- Patents protect the way things work or the way they function. When it’s just an idea in your mind, you must keep it a secret until you’ve decided to apply for a patent to protect it. Without a patent, you can’t stop other people from copying your idea.
- Trademarks protect your name, your logo, and your distinctive branding.
- When you have a business the main value when you come to sell it will be contained within its trademarks, within its name.
- Learn more about IP and the actions you need to take around IP for your business.
- Take the right steps and have processes in place in your business to make sure that these steps around IP are never overlooked.
- When naming your business, make sure that you don’t give it a generic or a descriptive name. Be willing to go and learn about names so that when you’re choosing them you can really choose well for your business, your products, your services, or whatever it is that you are naming.
“You can’t keep going to a lawyer… There are certain things that you as the creative or the entrepreneur need to be able to do for yourself. And that’s why upskilling yourself in IP is really the only way forward.”
“You don’t have to be a household name in order to have a brand. The value that you generate as you succeed, as you attract more [customers], will all be contained within your brand name. So make sure that that’s a good one and choose really well.”
Thank you for listening!
Links to my books and online courses:
- Books by Shireen Smith:
- Legally Branded Academy Course
- Legally Branded Annual
More from Shireen Smith: