Intellectual Property: Protecting Your Trade Secrets

Most MOSOs don’t think of their companies as having intellectual property.  In their mind, intellectual property is reserved for those billion dollar technology companies like Google and Apple.  But thinking like that is not only incorrect, but could be costly.

Many MOSOs have valuable intellectual property called “trade secrets” within their business.  A trade secret is generally defined as information that (1) has economic value, (2) is not generally known, (3) is not readily ascertainable, and (4) is the subject of efforts to maintain their secrecy.  In plain English, that means it is a competitive asset of your business that you keep secret.  This can include recipes, formulas, techniques, customer lists, data, plans, and many other sorts of information.  Famous examples of trade secrets include Coca-Cola’s secret formula and Kentucky Fried Chicken’s 11 herbs and spices.

Some advantages of trade secrets are that they can be kept secret forever, there is no requirement for registration, they help build mystique, and many states have special laws for their protection.  However, if you don’t protect your trade secrets, the law will not protect them for you.  And far too often business owners neglect their trade secrets until it is too late.  A knowledgeable MOSO should be proactive and take the following steps to protect their trade secrets:

(1) identify the trade secrets that drive your business,

(2) keep access to the trade secrets on a need to know basis,

(3) make those who are trusted with trade secrets sign confidentiality agreements,

(4) educate employees as to what information is and isn’t okay to disclose to others, and

(5) make sure employees return information containing trade secrets upon termination and are made aware of their confidentiality obligations.   

If you do all this, you might just find that your company is a hotbed for intellectual property.

Fuel Your Aspirations!

John Monahon,
is an attorney with Trusted Counsel (Ashley), LLC,
a boutique corporate and technology law firm. 
You can find him on the web at www.trusted-counsel.com

5 must-haves for an effective business card

A business card is one of the first things you create to brand your business. But once printed, it’s probably the thing you think least about. Among certain people it’s still the most important, triggering a recollection of your and your business. I recently had to replace mine, and I visited several online printers. The selection and arrangement of type was easy enough, but the process got me thinking. What does each element on a card say about me and about my business? How can I create a card that people will keep? It’s quite simple really, and comes down to five things:

1. Legible type: How big is big enough. Frankly, your mother should be able to read it without squinting. The size depends on the font, but unless your customers are under the age of 14, you want something that can be read without glasses.

2. Simple design: Less is definitely more here. The less cluttered your card, the more easily people can find your contact information. If you can’t decide on a logo or design, don’t just pick something you like from a template. It’s likely hundreds have chosen and are using the same image. Select a simple, tasteful typeface in a color that stands out. If you think black is boring, opt for dark brown or blue, olive green, graphite. Choose a white or off-white background; either always conveys good taste.

3. Consistency: When you can, match the typeface and color on your card to those on your website and other printed communications, such as stationary or direct mail. Consistency is an element of brand building, and the repetition and continuity help reinforce your message and image.

4. Currency: I don’t mean money. I mean something that indicates you are current with the times. In addition to your address and phone, include your Facebook and Twitter accounts. Make room for a Q R (Quick Response) code to display contact information or open a webpage in a mobile phone’s browser.

5. A memorable message: Not so long ago, people and businesses left the backs of cards blank. Increasingly, this space is used for a tagline, a logo, or a message about the business. If you have a service-based business, you can use it for making appointments. Your card should be considered part of your advertising or even used to offer a promotion.

Finally, a few words about size and shape: There’s no evidence that sticking with the standard shape, a rectangle, will get a more positive response than, say, a square, an oval, or an oversize card. But that shape should say something about your business and what it stands for. If you have a gardening business, for example, then a leaf-shaped card makes sense. If you are in a creative field, such as an interior designer, a special paper or deckled edge communicates your artistry. Whatever you choose, make sure you have a reason to back it up. That’s part of branding, too.

(This article was also featured in the Special Edition Issue of MOSO MAG — Main Street Matters! August 2011)

Fuel Your Aspirations!

Charlotte Barnard
Senior creative management professional with proven experience creating content for major brands
charbarnard@yahoo.com
917-834-1778

PLAN – B

MOSOs how imperative is it to have a” Plan B”? Let me see…Plan B is a popular term used to mean a reserved, secondary plan, in case a first plan (a hypothetical ‘Plan A’) fails. Here are 4 lessons I’ve learned along the way. I’m not done — still learning lessons daily, but here we go.

Ok, let me think about the 1^st big lesson – oh, this is a good one, 1) Not having the “right” venture partner(s).

TAKEAWAY: Make sure you recognize the motives of venture partners. I mean really understand their reasons for stepping into your vision, especially if you’re the creator and visionary, and plan accordingly (emotionally and most importantly—legally)! I won’t go into detail, because it’s really a book all to itself and I just want to touch on the high points.

Plan B: There isn’t any – Just do the first thing.

2) Start. I’ve been working on MOSO Nation since 2005(conceptually). But debuted in October 2010.

TAKEAWAY: Waiting for perfection (everything to fall into place) isn’t always the best course of action. I believe if you have this mindset you won’t do anything.

Plan B: Feasibility (actually this shouldn’t  be your Plan B, it should come prior to even needing a Plan B) – as much as your heart is in something, for me MOSO Nation is a heart issue, sometimes it just isn’t feasible for a variety of reasons. So I guess I should say, you’re Plan B is to start with the END in mind.

3) OMG – You need some money. Depending on the type of business you’re going into, and considering if you have venture partner(s) (refer to #1) who are contributing cash to the idea. You’re gonna need some money. A little money, a lot of money, money that peeks at you from around the corner — you will need it for specific ventures.

TAKEAWAY: I like to say that doing what you love will always create this force field of energy that draws just the right amount of capital towards you. I still believe that, however; there is a more practical takeaway. If you’re spending more money than making – light bulb moment!

Plan B: Stop spending what you’re not making in revenues.

4) When an opportunity presents itself, better be in a position to capitalize on it.

TAKEAWAY: If you’re not PREPARED or in POSITION, then skip it and wait until you’re in a place to maximize the benefits of said opportunity. I know some will disagree with me on this one, but hey these are my lessons your lessons may be different.

Plan B: Re-assess, Re-new, or let go. I oftentimes mention to readers in my blog posts about not giving up, no matter what. That’s still rings true for this post as well. What I am saying is that sometimes the lessons come to you because there is a LESSON, right?

So having a Plan B may mean that you will take a secondary course of action that will lead to an end that is in line with what you initially set out to do or dreamed about. But Plan B could also mean the very thing that goes against our heart’s desire that leads to a different end, or let me put it in a more positive perspective, an end that takes you on a different path, but ultimately gets you to a similar place. Whew! I’m not sure what you’re Plan B is, but what I know for sure is that you better have one.

That’s all for now folks.

Continue to Fuel Your Aspirations – I will.

Monique

Turning what’s important into profitable work from Mike Wilson’s “What’s Important Series”

Hopefully, over the last couple of weeks, you have been considering what is important to you and thinking of ways to use those things that also meet needs other people have.

Now it is time to start thinking about the next step–doing something with this professionally.

Some of you may find jobs where these talents, skills, desires, and so forth are put to good use.  Perhaps, you are content working for someone else.  If that is the case, great for you.  But this blog is about micro-business creation–self employment.

For the rest of you, you will need to dig a little deeper.  You will need to find out if there is enough market out there for what you have to offer.  Remember, a business needs to make a profit–and enough profit to meet your financial needs.  You have to be able to make a living.

You may find that your passion will make a good living for you.  It is also possible that it will only partly support you, in which case you will need to have another source of income as well.  There is nothing wrong with this–you just need to do what works for you.

Please read What’s Important – Part 1, and Honing in on what’s important – Part 2

Fuel Your Aspirations!

Mike

 
Mike Wilson is a business owner and blogger
Microbusiness Solutions
Birmingham, AL 35242
mwilson0968@charter.net
http://microbusinesssolutions.wordpress.com/

Turning what’s important into profitable work from Mike Wilson's "What's Important Series"

Hopefully, over the last couple of weeks, you have been considering what is important to you and thinking of ways to use those things that also meet needs other people have.

Now it is time to start thinking about the next step–doing something with this professionally.

Some of you may find jobs where these talents, skills, desires, and so forth are put to good use.  Perhaps, you are content working for someone else.  If that is the case, great for you.  But this blog is about micro-business creation–self employment.

For the rest of you, you will need to dig a little deeper.  You will need to find out if there is enough market out there for what you have to offer.  Remember, a business needs to make a profit–and enough profit to meet your financial needs.  You have to be able to make a living.

You may find that your passion will make a good living for you.  It is also possible that it will only partly support you, in which case you will need to have another source of income as well.  There is nothing wrong with this–you just need to do what works for you.

Please read What’s Important – Part 1, and Honing in on what’s important – Part 2

Fuel Your Aspirations!

Mike

 
Mike Wilson is a business owner and blogger
Microbusiness Solutions
Birmingham, AL 35242
mwilson0968@charter.net
http://microbusinesssolutions.wordpress.com/