8 Ways to Protect Your Vision

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If you have an idea and are ready to channel your entrepreneurial spirit, there are some important things to consider before taking the leap. In our capitalist society, getting an idea off the ground will generally require a good amount of money to become successful. Without the proper amount of money to invest in your idea it leaves the door open for someone to potentially steal your idea, legally. It is important that you take the necessary steps to protect your idea, venture or product. Protective care now can help prevent you from a wildfire of litigation and headaches in the future, which is why protecting your investment from the start is extremely important.

Here are some important strategies as outlined on entrepreneur.com to keep in mind for protecting your idea and future business, each involving varying levels of cost and difficulty.

1. Be careful who you talk to – While you are probably extremely excited about your new idea and want to talk about it with other people, you need to be careful about who you are talking to. It is a fine line between doing guerilla marketing and working on building a support network versus sharing your ideas with potential competition. Make sure you only disclose your business idea with trusted friends or family.

2. Patent it – A patent is a government-issued “right or title” for a set period, giving you the sole right to exclude others from making, using, or selling an invention. Patenting your idea is essential. It is one of the easiest, straightforward and cost effective ways to protect yourself.

3. Copyright it – Similar to a patent but for published works, a copyright gives you the exclusive rights to record, print, publish or film your unique idea. If your venture involves any published, filmed or performed work it is important that you have a copyright.

4. Have proof of concept with a date – As a new entrepreneur you are certainly looking to avoid lawsuits. However, it is important to be prepared in the event that someone takes your idea and you need litigation to solve the issue. Having a proof of concept with a date is a great way to show that the idea or invention was created and owned by you.

5. Get legal protection – Whether you need legal protection now or down the road, having an attorney in your corner is essential if you end up having to solve an issue over your venture with litigation. While some attorneys can be expensive, there will always be budget-friendly options that even offer financing. You will want a business attorney who specializes in working with entrepreneurs and startups. Even if you do not need their services now, having made contact with someone that can effectively help you down the road can be extremely useful.

6. Seek out mentorship – Having somebody in your corner that has been in the same position as you before is a great tool to have. They can provide advice, keep you on track and help keep your idea protected. You will want to be careful that your mentor is truly on your side and not looking to steal it themselves. But at the end of the day, having a person that you can trust to help guide you in the right direction is invaluable.

7. Start a business – Three are many types of businesses, ranging from sole proprietorships to corporations, all of which make your entrepreneurial venture official. A proprietorship requires no special paperwork which means that you can gain an added level of protection for your idea extremely easily. Furthermore, it is possible to change the business type later, if necessary.

8. Win a competition – Winning a competition, whether it be a deal on Shark Tank or a small regional prize, gives you official recognition that can provided you another important safeguard of your product or business.