Entrepreneurs like Paul Herdsman; Chief Operating Officer of NICE Global, have to make a choice on which direction they are going to go with their business. The only thing is that they have to factor in all of the different aspects of their business. For instance, if they are selling a product of their own, they have to think about how they are going to move forward with their business based on that product. There are other aspects of business that they have to figure out such as whether to keep everything online or build a physical presence outside of the internet so that people can access it in other ways. (More on 12 Success Tips for Entrepreneurs From NICE Global CO-Founder Paul Herdsman)
When it comes to product, it is common for entrepreneurs to decide to protect their product. Many entrepreneurs try to protect and control their products so that they can maintain the intended purpose of the product. One of the factors that businesses try to protect themselves against is imitations. while there are always going to be imitations of a certain product, businesses do not want there to be imitations at the beginning of the release because they feel they will be vulnerable to losing out. Click Here for more information.
One thing they don’t want to happen is that another company comes up with a version of a product that is cheaper. Paul Herdsman understands this approach. Imitation is a huge risk for businesses that use the strategy of intellectual property.
One of the ways that Paul sees businesses protecting their intellectual property is using tools or services such as formal IP protection. This can be very expensive for the business. However, this can protect the business in the long run. For one thing, the costs of imitation can be great enough to cause a business to lose money. Entrepreneurs who are successful with protecting their property are going to profit the most.