Be Prepared
ABC evening news recently ran a story about an entrepreneur who is suing Sears for stealing his invention. Unfortunately, the story is not new because people have been stealing business ideas around the world for centuries.

Some product ideas are better protected than others, but a great idea often becomes fair game for people and organizations who lack ethics.

During the stage before startup, investigate the nature of each industry that you may consider entering.  How dog- eat- dog is the industry in general on a scale of 1-10?  How are ideas traditionally protected? Are the methods of protection foolproof?

Will you really be able to afford to protect your idea if challenged?
If so, how much will it cost? If you can’t afford to protect against infringement, how can you restructure the idea to make it more difficult for someone to copy?

References
ABC News:  U.S. Tool Inventor Sues Sears
http://tinyurl.com/bvjs5ye

Shark Tank Contestant
http://blog.naturebumz.com/tag/fuzzibunz-cloth-diapers/

Debate over one method of business protection.
Posner, Richard. (July 2012) Atlantic Business Monthly.
Why there are too many patents in America.
http://tinyurl.com/c9k9z5o

Q. Could you advise me on a resource for free online grant information for small business startups?

A.  Use the search term “funding for profit business” at www.grantspace.org
Note: You should get 12 matches that provide details on the foundation industry and the grant process for entrepreneurs.

Warning: Whether the funding source is private or government, many applications are discarded by reviewers because applicants fail to follow the submission guidelines, according to reference librarians.

How Do You Think?
Observing successful entrepreneurs, and how they solve business problems, in order to teach aspiring businessmen and women how to succeed makes sense in theory.

But, most aspiring entrepreneurs fail to observe and understand themselves. Important information usually overlooked while the hopeful tries to imitate another rather than focus on their strengths and compensate and plan strategy fort areas in need of improvement.

Some people do not learn well by observing others.

Reference
http://www.inc.com/magazine/20110201/how-great-entrepreneurs-think.html

A Misunderstood Word
Many experts disagree about the meaning of the word passion when it’s combined with entrepreneurialism.

For instance, billionaire Mark Cuban discussed the issue in a previous post.
https://nichecreativity.com/goodbad-business-advice-for-budding-entrepreneurs/

I disagreed with Cuban’s viewpoint on the subject. However, I totally agree with what Professor Daniel Isenberg’s says on the topic. What the professor is saying is that you have to combine passion with critical thinking. In other words, logic or common sense.
http://blogs.hbr.org/cs/2010/01/the_danger_of_entrepreneurial.html

There is a popular and mistaken belief that following one’s passion stubbornly or blindly is the key to success.
However, there is an old saying with a useful takeaway lesson.
“I worked my fingers to the bone, and all I have to show for it is bony, passionate fingers. Okay, I made some of that up. But you get the point.

Follow your passion but not over a cliff…