Intellectual Property Protection - A Guide For Business Owners

The following extract is from a series of business-related articles, tips, videos and information about protecting your business ideas using trademarking ...

If you look at the two words contained in the term "intellectual property", you will notice the word "property". For most people, "property" means something tangible, like a house, a bike, or a tv set.

Patents, trademarks and copyright are intellectual property protection terms that are too often confused by many people. If you are a business entrepreneur, a product manufacturer, a book writer, music composer or inventor, it pays to know the different types of intellectual property protection, what protection mechanisms are used for which category, and how intellectual protection mechanisms compare with each other.

Knowing the difference between these concepts helps you answer questions such as how different intellectual properties benefit businesses, the importance of trademarks registration, trademarking logos, registering a trademark yourself, which type of patent should you apply for, what the procedures are for applying for a trademark, service mark, or patent, how to protect trade secrets, how to enforce copyrights, what are mask works, what form of protection do you use if you have developed a software application and many more.

To understand the concept of intellectual property a little better, let's take a look at a business owner.

After researching the market, a business owner discovers an opportunity for a product or service that can help solve a problem or make life more convenient for others. The business owner then comes to the realization that he or she can offer a unique and cost-effective solution to satisfy market demand. Not only that, but they can also put systems in place for delivering products or services better, faster and cheaper than anyone else can.

After raising business startup capital using various means, the business owner starts building their business and works hard to develop a reputation for delivering quality products and excellent service. By developing unique ways of creating and delivering their product or service, the business owner has also acquired potentially valuable "intellectual property".

How can the business owner use this intellectual property to their benefit? How can they transform their ideas into money? How can they prevent their business ideas and methods from being appropriated by others?

These are all important questions that need to be carefully considered. Through the application of their ideas and processes, the business owner has created something "tangible", something exclusive, and something that is potentially extremely valuable. They have intellectual property, and just like any other form of property, intellectual property needs to be protected and employed wisely.

The term "intellectual property" covers a wide range of intangible assets. Most people are familiar with intellectual property terms such as trademarks, copyrights and patents. Intellectual property, however, also encompasses things such as how you present yourself (i.e. trade dress), business goodwill and reputation, the collective knowledge and expertise of a company or that of individual employees, data, know-how and other information related to areas of technology or business, such as managerial or operational processes, marketing and sales methods, etc ...

In our modern global economy, all entrepreneurial-minded individuals need to understand not only how to develop, maintain and protect their intellectual property rights, but also how to avoid infringing on the intellectual property rights of others.

One area in particular that you need to pay special attention to, especially if your business venture is becoming successful, is the area of competition. To survive in the marketplace, business owners need to be able to recognize and successfully handle competitive threats that can take over and beat their marketing and production processes, potentially eliminating them from the market.

One form of competitive threat are large competitors with market power. These are customarily large companies that have significant resources and can outrun your business in areas such as marketing, research and development, and salesforce. They may not necessarily infringe on your intellectual property rights, but they can certainly analyze and exploit any areas of weakness your business has when it comes to maintaining those rights. Because of their deep pockets, resources and efficiencies, they can quickly understand how and why a competitor has certain advantages, then figure out strategies for crushing and eliminating their competition from the marketplace. By developing a solid understanding of intellectual property and how to protect yourself, small business owners can compete in the marketplace with these giants and succeed.

For more resources on how trademarks can protect business, visit: Great Business Ideas