Free Book Summary One Simple Idea – By Stephen Key

Stephen Key was a mentor to Tim Ferriss. In case you are not accustomed to Tim, he wrote two bestselling books, The Four Hour Work Week and the Four Hour Physique. One Easy Thought is a “” ebook on licensing your concepts. Licensing is among the most profitable enterprise fashions on this planet. Take into consideration these firms, Microsoft, Oracle and Apple. These firms all license their concepts and earn more money per individual than 99% of all different firms. I’m a giant fan of Actual Property but when you’ll want to become profitable with much less danger and fewer capital necessities, then licensing is the way in which to go.

Why is that this essential to me?

Most individuals aren’t accustomed to the ability of licensing and royalty checks. This ebook exhibits you do it and I’ll increase on the why.

Why licensing? I’ve had a number of companies and I can let you know that licensing is by far probably the most profitable of all. Whenever you personal the IP (mental property), your marginal income of the subsequent license offered is infinite. That could be a superb revenue margin by anyone’s requirements.

Inversion is among the strongest studying methods on this planet. Inversion means to take a look at the alternative or reverse of one thing. I advised you above that Licensing is among the greatest fashions on the market. Let’s use inversion to indicate you why. Whenever you promote anyone else’s stuff, you might be solely pretty much as good as your subsequent sale. Because of this it doesn’t matter what, you need to purchase what you promote each time. Thus your gross revenue will be anyplace from 0% to 50% based mostly in your value construction and the competitors stage. That is what Wal-Mart does. Be aware that they’re the most effective value cutters on this planet and competing with them head on could be a catastrophe.

Let’s suppose you’re a consulting or service based mostly firm. Once more, you might be solely pretty much as good as your subsequent consulting gig. I do know that consultants make a ton of cash however for each hour they seek the advice of, they lose that hour of alternative to do one thing else. Thus you might be buying and selling hours for {dollars}.

One Easy Thought is full of nice info and Stephen’s 10 step plan that exhibits you do it. We’ll contact on a couple of factors.

Initially, there are two main causes to license. Number one is royalty checks. You may make cash whilst you sleep. Now you might be NOT buying and selling {dollars} for hours since you will be doing one thing else and nonetheless obtain checks. Quantity 2 is omnipresence. You are able to do this from anyplace on this planet. You shouldn’t have to be handcuffed to a desk in some vaulted locked constructing. All you want is a pc and concepts.

Stephen outlines a number of key components to being profitable at licensing. For the sake of time, I’ll spotlight a couple of of the subjects on this evaluation.

1. Search for concepts – You shouldn’t have to be Einstein to have a break by means of concept. When you’ve got ever been procuring, then you’ll be able to give you concepts. The important thing right here is to give attention to thins that actually annoy you. In the event that they annoy you then perhaps they annoy others. It is a place to begin for a brand new concept. Take into consideration issues and give you options. This additionally provides you a purpose to buy groceries.

2. Show your concept – The normal licensing mannequin works like this. Discover an concept, construct an costly prototype, spend a small fortune for patent safety and hope it sells. This is the reason most individuals do not consider licensing as a viable profession as a result of the limitations APPEAR too huge to bridge. Proving your concept earlier than you spend any cash is now straightforward to do. Google has in-built visitors. It’s a ready-made platform for concept creation and proof. One easy method to do that is to create a video of your concept and ask for suggestions. You are able to do this for a couple of hundred {dollars}. This course of alone will prevent tons of heartache and cash. You must show the thought earlier than you do the rest.

3. Defend your idea- Opposite to unfavourable perception; most firms do NOT need to steal your concept. The normal option to defend your concept was to submit for patents. It is a very costly endeavor. One factor Stephen factors out to keep away from it is a PPA. It is a provisional patent software and prices $110 to submit. This provides you Patent Pending standing which is all you want for 1 yr to show your concept and get it to market. This one idea pays for this ebook 5,000 instances.

4. Pitch your concept – In case you resolve to deliver your concept to market then you’ll want to be schooled in enterprise. This implies you want cash, administration, and accounting, manufacturing, gross sales and advertising. Then after you will have all this, you want clients. This is sort of a newbie climbing Mount Everest within the winter time. The percentages all level to your demise with this method. Pitching your concept to the massive guys is the way in which to go. They’ve the title model, infrastructure and distribution channel to hit tens of millions of individuals NOW. Pitching your concept is one of the best ways to go and causes probably the most concern. Everyone hates to chilly name however that is required so that you can pitch your concept. That is a lot simpler than it appears as a result of firms need new concepts and that’s the hook so that you can get in.

One Easy Thought is an excellent information that will help you flip your concepts right into a royalty test.

I hope you will have discovered this brief abstract helpful. The important thing to any new concept is to work it into your each day routine till it turns into behavior. Habits type in as little as 21 days. One factor you’ll be able to take away from this ebook is the PPA. The largest impediment to concepts coming to market is the shear value of getting safety and the concern of anyone stealing your stuff. For $110, you’ll be able to defend it for one yr and if it makes you cash then you’ll be able to defend it longer. Bear in mind, on this recreation, the primary to market wins.

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