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Protecting Your Business Idea

Many new entrepreneurs are concerned, almost paranoid, about someone stealing their idea. The concern is largely unfounded. Most people who hear your idea will not have the motivation or aptitude to outpace you to the finish line.

That being said, if you have a good idea and it takes off, it will most assuredly be copied! Accept the notion that you must forever stay ahead of your competitors. Sometimes, it can resemble a cat and mouse game with you continually watching your competitors and your competitors continually watching you and each player trying to outmaneuver the other. So be it. If you are cut-out for entrepreneurship, you will thrive in this competitive arena.

Know that legally there is no way to protect an idea, but you can protect proprietary knowledge and products through patents, copyrights, trademarks, and employee non-compete agreements. Most would-be entrepreneurs and presidents of existing companies are fully aware of the potential legal consequences of patent, copyright, and trademark infringement. Those consequences will offer some degree of protection to you.

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