American Business Brokers - September 2019

Intellectual Property and Your Business

How to Effectively Protect Your Intellectual Property

FIXED MINDSET VS. GROWTH MINDSET You may have heard the phrase, “If you’re not growing, you’re dying.” It applies not only to your business but also to the mindset with which you approach everything in life. According to research from Stanford psychologist Carol Dweck, everybody has one of two mindsets: a fixed mindset or a growth mindset. Depending on which mindset best describes you, your business — and your life — could be destined for doom or destined to bloom. So, what are the characteristics of these two mindsets? Someone with a fixed mindset believes their success comes from their innate talents and intelligence. They take stock of these traits, but they don’t tend to develop them. People with a growth mindset see their innate talents and intelligence, instead, as only the beginning. They believe that with time and effort, they can develop themselves to become smarter, more skilled, and ultimately more successful. The biggest trap that people with a fixed mindset fall into is striving for the approval of others. Since they believe their hand at the start of the game is all they’ve got, they’re stuck hoping it will be enough. When it’s not enough, their self-worth takes a hit, and their failures mean they’re not as smart or talented as they thought. Intellectual property is defined by Merriam-Webster as “property (such as an idea, invention, or process) that derives from the work of the mind or intellect.” As you can no doubt glean from this definition, intellectual property can be a lot of things, so it’s important to identify and protect you and your business’s intellectual property. Here are the main categories and protections for your company’s creations. Trade Secrets A trade secret is any useful piece of information that the public doesn’t know about and the owner has taken steps to protect. If you have taken the steps necessary to protect your own trade practices, you may have a case if you ever discover your trade secret has been leaked. Having your employees sign a nondisclosure agreement (NDA) is a great way to initially establish your unique business practices as trade secrets. Trademarks The name of your business, product, or service — anything a customer uses to identify a product — generally requires a trademark. This may include your company’s name, product name, etc. Think of the distinctive Nike “Swoosh” and the familiar ending sound of Dell’s commercials. To properly protect your trademark, file a trademark application to have it registered. Copyrights Most people seek protection under copyright law for a variety of things related to their product or business, like images, specific words on packaging, labeling, the actual product, and the business webpage. The best thing about copyright registration is that it’s The Science Behind ‘Putting Your Mind to It’

inexpensive. Plus, the law allows you to demand attorney fees from those who infringe on your copyright. Patents Patents are a fantastic way to protect your designs, and companies have utilized patents to maintain their competitive advantage. A great example of this strategy is when Sony Pictures patented their animation style for “Spider-Man: Into the Spider Verse” which grossed over $375,502,565. There are two types of patents: one for utility (function) and one for design (aesthetic). To apply for a patent, register with the United States Patent Office. Regardless of the type of intellectual property you have, it’s important you identify what type it is and which type of protection is most appropriate. Even a small amount of intellectual property is worth protecting, so start the process now to safeguard it.

Those with a growth mindset, however, see failures as learning opportunities. This mindset leads to a passion for learning, and research shows that maintaining this mindset leads to personal growth. You don’t have to settle with what you’re given. You may have innate talents, but they can be developed and improved with time and effort. The good news for people with fixed mindsets is it’s possible to rewire your thinking toward a growth mindset. A big part of doing this is understanding what talents and intelligence you have and acknowledging your weaknesses. But beyond that, how do you best learn new skills and take in new information? What if you started seeing every challenge as an opportunity? Everyone can grow and improve. Sometimes all it takes is a change in perception.

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