A summary of things you should know about Sell Your Ideas With or Without a Patent according to Stephen Key: Introduction In this episode bestselling author Stephen Key reveals hisRead More
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]]>In this episode bestselling author Stephen Key reveals his insights on his book, Sell Your Ideas With or Without a Patent, where he shares his secrets to making profits of product ideas.
In his book Key reveals many stories, tactics, and tips on how to effectively protect an invention idea in order to earn royalties from it in the future. The goal of the book is to teach you how to fill out a patent application for the USPTO, save large amounts of money on the legal expenses that come with patenting, find an excellent patent attorney, and win over a licensing contract.
This book is perfect for entrepreneurs who have innovative mindsets and want to know the inside secrets of making money off new inventions with or without patents.
A book like this has never been written anywhere, ever because it’s from the business perspective, not the legal perspective.
This book is written in such a way that if you have a simple idea you can read a few chapters and be ready to start immediately. And then I go in from a different perspective if you have a big idea and show you what exactly you need to do.
You can do this and do it with confidence!
This book is for the listeners that have ideas but not sure what to do with it in fear that someone else might take it. If you dig into this book you will learn to understand how to use the tools provided and they are very inexpensive but you’ll learn how to write this information down that has value in that perceived ownership. This book is written in such a way that it gives you ownership.
You will find throughout this book that it is a very technical book but it’s very easy to read and understand. I took a topic that was complicated and
I brought it down to a level that anybody can understand and be able to use these tools that are provided for us. So this book strips away the fear, it shows you how to take a small idea for $65 and have that perceived ownership. It talks about how to structure a licensing agreement even if you don’t have any ownership. It’s time for us to take advantage of our size, to be quick, to be small, to be smart, and take these tools that the USPTO provide anyone in the world, to play the largest game in the world. But you have to understand how to leverage those tools and that’s why this book is very different.
NOTE: That was just a summary. To get the full deep dive, play the audio clip at 09:11
“There is no such thing as ownership, it’s only perceived ownership.” – Stephen Key
I have been bringing my simple ideas to market and collecting royalties for each and every one that is sold. I am here to show you how to save money and protect those ideas when you bring them to market.
A few years ago I was in federal court suing a small toy company Legos which took three years and through that whole process I realized that we never really own anything, even if we have patents. We have this fear that we have to have patents to go forward with our ideas and that’s just not true. This book was written from a business perspective about how to take our ideas, bring them to market, and use the tools from the USPTO to our advantage.
The Obstacle Is The Way by Ryan Holiday
Buy Sell Your Ideas With or Without a Patent by Stephen Key on Amazon today
Visit InventRight.com to learn more about Stephen, his books, and YouTube channel
Visit Entrepreneur.com and Inc.com to read more articles by Stephen Key
Follow Stephen Key on Facebook and Twitter
Download the full transcript here (coming soon)
Listen on iTunes, Stitcher , and SoundCloud
Related books:
One Simple Idea by Stephen Key
The Dream Cafe by Geoff Crook
The Maker Movement Manifesto by Mark Hatch
Related advice:
5 Lessons Entrepreneurs Can Learn From Stephen Key
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]]>Who is Stephen Key and what you can learn from him: As an award-winning inventor and author, Stephen Key and his runaway success serves as a motivator to all otherRead More
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]]>As an award-winning inventor and author, Stephen Key and his runaway success serves as a motivator to all other entrepreneurs. His belief that all a person needs is a well-executed idea in order to be truly successful provides hope to those who lack it. Key is determined to show budding entrepreneurs the ropes and give them the lessons they need to turn their fortunes around. Here are five of the most important ones.
Key teaches his followers to trust in their gut and believe in their instincts. He achieved his success by trusting in his instincts and you can too. Key preaches the importance of accepting when something does not have the right look or feel to it. When a situation does not feel right to you, there is typically a very good reason for that.
If you are looking into something that does not sit well in your gut, it is time to do your homework and take a long look into whatever aspect concerns you the most. We tend to minimize our own intelligence in these sorts of scenarios, but Key teaches us that we are much smarter than we believe.
The old saying that if something walks like a duck and quacks like a duck, then it’s probably a duck holds true here. There is no need to over think a situation to death. Trust your instincts and go with the choice that makes the most sense to you.
Rushing into a decision due to time constraints goes against every principle that Key attempts to teach. He is not afraid to talk about times that he made a decision hastily and how it did not benefit him to do so. Since he makes it so easy to learn from his mistakes, it becomes easier to make the right choice in our own lives.
One of the most important lessons Key teaches is that hastiness has no place in the world of business. When a deal is being made, there is no reason why the other side of the negotiation table should be pushing for a fast decision. If they do, this should serve as a gigantic red flag.
In order to come to the right decision, a person needs time to think it through. While others will try to convince you that there are great reasons for urgent behavior, Key preaches the importance of not buying into such a mind state.
Key has experienced a great deal of aggravation by trying to convince businesses to change their ways and try something new. By spending time selling his inventions, he has been able to get an insider’s view as to how business is done and is not shy about sharing all of his revelations.
As such, he has learned the importance of tailoring your products towards the people who actually need them, as opposed to selling to someone who has no need for your product. When you waste valuable time trying to pitch to someone whose mind is already made up, that is time that you cannot get back.
Most people have a comfort zone that they like to remain inside of and pitching to those is a hopeless endeavor. Even the best idea of all has little to no value when it is being wasted on someone who has no interest, so plan accordingly.
Just because we want something badly does not mean that we are meant to have it. Key teaches us that things not going our way is not always a cue to work harder. Sometimes, we must accept that a situation will not turn out in a way that is favorable to us. Instead of continuing to battle, it is preferable to cut our losses and live to fight another day.
While having a great deal of willpower is great, it does not always serve us well. Stubbornness and the ability to fight are great, but they are not always the most useful tools we have at our disposal. Letting things go is often the best course of action, whether we want to admit it or not.
Pushing too hard to make something happen that is not meant to be can lead to regrets. One of the hardest lessons in life is knowing when to push harder and when to let something go. Navigating this difficult divide takes time and no one should be expected to fully grasp this concept overnight.
In a world where more and more communication takes place over e-mail and text message, lack of proper communication is bound to happen from time to time. When you are in doubt as to whether your message is being communicated in the manner you prefer, do not hesitate to pick up the phone.
Key teaches that e-mail and text message are convenient, but do not have the personal touch needed to properly convey a message. When a person is unable to witness or hear the intent behind your words, this leads to issues that can be tough to solve.
Picking up the phone can be inconvenient, but it also nips minor problems in the bud before they have a chance to become major ones. By making the call and/or taking the time to meet someone in person, you demonstrate a far greater level of commitment, giving you an advantage over your competition.
Preview One Simple Idea with Stephen Key himself
Buy One Simple Idea by Stephen Key on Amazon today
Visit Licensing Lifestyle on Inc. to read more of Stephen’s content
Visit InventRight.com to learn more about Stephen’s company
Follow Stephen Key on Twitter
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]]>A summary of things you should know about One Simple Idea according to Stephen Key Introduction In this episode Stephen Key shares his book One Simple Idea where he showsRead More
The post A Preview of One Simple Idea with Stephen Key appeared first on The Entrepreneurs Library.
]]>A summary of things you should know about One Simple Idea according to Stephen Key
In this episode Stephen Key shares his book One Simple Idea where he shows you how to come up with ideas and license them to companies.
In his book, Key provides you with a step-by-step guide into bringing your ideas to market while helping you understand the ins and outs of licensing ideas. The goal of the book is teach you how to keep your ideas safe, be your own boss, see your product go to market, and make big money without quitting your job.
This book is perfect for entrepreneurs who already love what they are doing, but have multiple ideas that could benefit other companies and provide themselves with smart passive income.
I think most entrepreneurs think that the only way to create an idea is to start a company and my book is really the exact opposite of starting a company. It’s about coming up with ideas and licensing those ideas to companies.
It’s written in such a way that you can get through it very, very fast and you can jump in and out if you want.
I want the reader to walk away knowing that they can do this!
This book is about how you can take an idea and bring it to market through licensing. It sounds complicated but it’s not. You are going to show a company your idea and if they like it they will bring it to market for you and pay you a royalty on everyone they sell. It’s the best partnership you could possibly have because those companies who are looking for ideas need you and your ideas.
The benefits of licensing are that you can live anywhere in the world. But the point of licensing is that you don’t have to take risks, start a company and spend your hard earned money.
This book is broken up in eight parts. The first part talks about the benefits, open innovation and why companies need you.
Part two of my book talks about how to find that million dollar idea. This is about making small improvements on existing ideas. This takes away the risks and there are three games in the book that help you come up with these small improvements.
You don’t have to be creative to do this. You just need to understand the steps of licensing.
In part two of my book I talk about how to pick the ideas that are going to be truly profitable. Ideas that are profitable really solve a problem. You also want to figure out if there is a large market for your idea. You don’t want to work on an idea that has a small market because it’s just a waste of time and you won’t make any money. You also want to find an idea that can be manufactured. There is a process in the book about how you can contact a company and get quotes to make sure it can be manufactured that way you are eliminating the risks. Also, ideas that are winners are easy to demonstrate.
Some wonder if it’s necessary to build a prototype and I am here to tell you that you don’t have to do that. You can go and have someone create a 3d computer generated drawling of your idea and that’s all you really need.
In part five of the book I talk about creating a Sales sheet. It’s one page explaining what your idea is, a picture of your idea, the benefit of it and your contact information.
Part six is about protecting yourself. Everyone is fearful and thinks that the company is going to steal your idea and I talk about how to kick that fear to the curb. Companies need you so there is no reason for them to take your ideas.
In the book I also talk about how it’s not cold calling but rather finding a home for your idea. I tell you how to reach those companies and what to say.
The last part of the book I talk about every step you make to cut the deal.
“If you can dream it you can do it.” Walt Disney
I am just a regular guy that wants to be creative. In college I wasn’t sure what I wanted to do so I ended up taking an art class and realized I wanted to be creative and sell my creativity. For the last 30 years I have been coming up with little ideas and show them to companies and if they like them they license those ideas from me.
I have been bringing my own ideas to market through licensing and I have been educating students for the last 12 years on this same process. So when McGraw Hill had contacted me to write a book I agreed because a lot of people just don’t understand what licensing is.
Magic of Thinking Big by David Schwartz
Buy One Simple Idea by Stephen Key on Amazon today
Visit Licensing Lifestyle on Inc. to read more of Stephen’s content
Visit InventRight.com to learn more about Stephen’s company
Listen on iTunes, Stitcher , and SoundCloud
Related books: Invent It, Sell It, Bank It! by Lori Greiner | The Independent Inventor’s Handbook by Louis Foreman | One Simple Idea for Startups and Entrepreneurs by Stephen Key
What did you like and not like about this episode? Fill out this one minute survey here.
The post A Preview of One Simple Idea with Stephen Key appeared first on The Entrepreneurs Library.
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