Two Simple Questions Will Determine Whether IP Strategy is Critical to an Entrepreneurial Business Venture

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While IP can seem somewhat arcane and impenetrable to people who have not been trained in this specialized legal area, fortunately, formulation of an IP strategy requires an entrepreneur to ask just two simple questions:

• What aspects of my business model differentiate me from my competitors?

• Would I find it difficult to stay in business and obtain my desired payback if someone copied the differentiated aspects of my business model?

With regard to the first question, most entrepreneurs should find it easy to define the differentiated aspects of their business models.

As for the second question, most entrepreneurs will agree that it would be difficult for them to succeed in their business goals if a competitor were able to copy the differentiated aspects of their business models.

In answering "yes" to each of these questions, the entrepreneur should understand that an executable IP strategy should form an essential aspect of their business plan preparation.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jackie Hutter, IP Strategist, The Hutter Group LLC: IP Business Strategy | Attorney Advertising

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