Key Terms
Service-based businesses still need tangibles
Office space, furniture, computers, equipment. The physical environment becomes part of the product experience even when
Industries requiring licenses before operating
Healthcare, financial services, construction, real estate, insurance, transportation, engineering.
Utility patent
Covers inventions that are new, useful, and nonobvious. Most common patent type.
Business process patent
A type of utility patent for new business methods that must use equipment or technology and have a real-world applicatio
Design patent
Covers original ornamental design of an invention; not the function, the appearance.
Plant patent
Covers new plant varieties that are innovative, nonobvious, and useful.
Process
File a provisional patent first (12-month protection). Then file the nonprovisional patent before the year expires.
Cost range
A few thousand to $15,000+. Patent attorneys charge $200-$800/hour.
Trademark
Legal protection for a name, symbol, logo, jingle, or character used with a specific product or service; prevents others
Filing cost
A few hundred dollars. Attorney fees vary.
Covers original creative works
Art, writing, music, software, architecture. Rights exist the moment the work is created; formal registration with the C
Decision Tree
A flowchart tool that maps out decision alternatives and their probable outcomes. Use it when choosing between expensive
Checklist
Translate the decision tree output into an organized action list with answers, costs, and next steps.
Bank line of credit
A pre-approved borrowing limit a business draws on as needed. Usually available to businesses with good credit history.
Angel investors
Wealthy individuals who exchange capital for equity. Many are former entrepreneurs.