How To Protect Your Idea When Pitching It Free Book Summary One Simple Idea – By Stephen Key

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Free Book Summary One Simple Idea – By Stephen Key

Stephen Key was a mentor to Tim Ferriss. If you’re not familiar with Tim, he wrote two best-selling books, The 4 Hour Work Week and The 4 Hour Body. One Simple Idea is a “how to” book for licensing your ideas. Licensing is one of the most profitable business models in the world. Consider companies such as Microsoft, Oracle, and Apple. All of these companies license their ideas and make more money per person than 99% of all other companies. I’m a big fan of real estate but if you need less risk and less capital then getting a license is the way to go.

Why is this important to me?

Most people are not familiar with the power of licensing and royalty checks. This book shows you how to do it, and I’ll tell you why.

Why license? I have had many businesses and I can tell you that licensing is the most profitable business ever. When you own the IP (intellectual property), your marginal revenue from further licenses sold is infinite. That’s a pretty good profit margin by anyone’s standards.

Inversion is one of the most powerful learning strategies in the world. Inversion means to see the opposite or reverse of something. I told you above that Parvana is one of the best models out there. Let’s use an inversion to show you why. When you sell someone else’s product, you are only as good as your next sale. This means that no matter what, you have to buy what you sell every time. Thus your gross profit can range from 0% to 50% based on your cost structure and level of competition. That’s what Wal-Mart does. Note that they are the best cost cutters in the world and competing with them would be a disaster.

Let’s say you are a consulting or service based company. Again, you’re only as good as your next consulting gig. I know that consultants make a lot of money but with every hour of consulting, they lose the opportunity to do something else. This way you are trading hours for dollars.

A simple idea packed with great information and Stephen’s 10 step plan that shows you how to do it. We will touch on a few points.

First of all, there are two main reasons for licensing. Number 1 is a royalty check. You can make money while you sleep. Now you’re not trading dollars for hours because you’re doing something else and can still receive a check. Number 2 is ubiquitous. You can do this from anywhere in the world. You don’t need to be handcuffed to a desk in some vault locked building. All you need is a computer and ideas.

Stephen outlines several key factors to success in licensing. For the sake of time, let me highlight a few topics in this review.

1. Find ideas – You don’t have to be Einstein to take a break from ideas. If you ever shop, you can come up with ideas. The key is to focus on the thins that really bother you. If they bother you, they probably bother others. This is the beginning of a new idea. Think about problems and find solutions. It also gives you a reason to go shopping.

2. Prove your idea – This is how the traditional licensing model works. Find an idea, build an expensive prototype, spend a little on patent protection, and hope it sells. That’s why most people don’t consider licensing as a viable career because the hurdles seem too big to overcome. It’s now easy to prove your idea before you spend any money. Google has created the traffic. It is a ready platform for idea generation and proof. An easy way to do this is to create a video of your idea and ask for feedback. You can do this for a few hundred dollars. This process alone will save you heartache and money. Before you do anything else, you need to prove the idea.

3. Protect your imagination- against negative beliefs; Most companies don’t want to steal your idea. The traditional way to protect your idea is to file for a patent. This is a very expensive endeavor. One thing Stephen points out to avoid this is a PPA. This is a provisional patent application and costs $110 to submit. This gives you patent pending status which you need for 1 year to prove your idea and bring it to market. This one concept can pay 5,000 times for this book.

4. Build your idea – If you decide to market your idea, you need to learn the business. This means you need finance, management and accounting, production, sales and marketing. Then after you have all that, you need customers. It is like a beginner climbing Everest in winter. All odds point to your death with this approach. This is the way to get your idea to the big people. They have a name brand, infrastructure and distribution channels that can now reach millions of people. Pitching your idea is the best way to go and creates the most fear. Everyone hates cold calls but it is necessary to pitch your idea. It’s a lot easier than it looks because companies want new ideas and that’s the hook to get you in.

One Simple Idea is a great guide to help you turn your ideas into royalty checks.

I hope you found this short summary useful. The key to any new idea is to work it into your daily routine until it becomes a habit. Habits are formed in 21 days. One thing you can take away from this book is PPA. One of the biggest barriers to getting ideas to market is the fear of being protected and someone stealing your content. For $110, you can protect it for a year, and if it makes you money, you can protect it longer. Remember, in this game, first to market wins.

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