Friday, October 20, 2006

Intellectual Property

Lesson 13: Intellectual Property and Business

I talked about various methods of investing your money and time in my previous posts. The reason for you to invest is simple, you want to beat the market and you want to retire rich and young. However, from my previous posts, we know that all types of investment carry some risks. You need to put in your hard earned money and time to get a return and if you are lucky, you are rewarded with some returns but you may burn half or even all your money.

Today I am going to tell you a way where you can get money by spending a small amount of money but the drawback is you have to spend more time. Yes, I am talking about creating/ modifying a new item/idea. A lot of my readers emailed that it is easier said than done, ‘You mean new invention?’ For a lot of people, inventing is a big achievement and most of us think that we are incapable of doing this.

I am not talking about big invention, you can sell your new ideas and make big money from that. Try to look around and think about how to make this world a better place. People are modifying the function of a hand-phone and add in radio, camera, video recorder ( all these technologies are old technologies) functions to boost the sales. Nokia , Samsung, Motorola are making billions of dollars every year by modifying their phone models with add-in functions. If you are creative, write a book and a song which can get you billions of dollars if they become the best sellers.

I always believe that intellectual property is the best investment in your life. I never ask you to do basic sciences research. Modify someone’s idea and apply these ideas.

From the 10th World Wealth Report, we learn that, majority of High Net-worth Individuals become wealthy due to their business. You can invest your money in business, however, always start a business that you are familiar with. If you are a practicing physician, of course you want to start a clinic, always start a business that is easy for you but is difficult for others.

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