Wednesday, April 16, 2008
Plan to Succeed
The new IP entrepreneur typically seeks to protect his or her new creation, whether it is an invention, a new name for a product, an original design, an artistic performance, or otherwise. At first glance, the costs of IP acquisition/protection can seem large. A successful IP entrepreneur will first create a business plan that provides a roadmap of how the new busines is going to succeed, factoring in not only the costs, risks, and advantages of IP acquisition/protection, but also costs of prototyping, manufacturing, getting the product to market, marketing the product, administrative costs, and a host of other start up costs (licensing, business formation, etc.) that go into being an entrepreneurial business. The U.S. Small Business Administration has a good site with information on how to write a business plan. The State of Washington's Small Business Development Center also has a good informative page on business plans. Once a solid business plan is created, the entrepreneur can weigh and allocate the costs for doing IP acquisition/protection right away, versus waiting until other milestones are reached. Of course, the IP entrepreneur is wise to take consultation to discover the risks of waiting for IP aquisition/protection, as some risks can be substantial and sometimes the IP acquisition/protection work must be done immediately. Making a good business plan is the best first step in succeeding in the new venture. When you fail to plan, you plan to fail.