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 Purse Icon |
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My rich daddy always considered time as one of the greatest actives of the person. It it is frequent, since the childhood, repeated to me and Michael: "your biggest riches, your biggest active are time and that is at you between ears". "Your status in your ideas..., therefore protect the ideas".You will understand is better, about what there is a speech when I will tell to your story of development of the business.
Protect the ideas
In 1975 I have begun manufacture and sale of small nylon wallets on it for surfers, but I have not listened to councils of the rich daddy and have not protected idea of the company.
In 1977 when jogging became general hobby, I have designed "a shoe pocket" which looked like a small purse which fastened on laces of the runner. And again I have not followed council of the rich daddy, I have not protected the ideas.
This I "a shoe pocket" has overflowed the market of the sports goods. It appeared even in "Playboy". Orders came from all United States and even from some countries of the world. Soon we accepted orders for our products for millions dollars.
In the end of 1978 at an exhibition of the sports goods in Los Angeles my competitors already sold mine "shoe pockets" no less than my nylon wallets. They have filled the market with my products. In 1979 I have appeared out of the market which I have created. It was the result of that I have not followed council of the rich daddy.
In 1994 when I have thought up the board game ' CASHFLOW ", I have addressed to the person by name of Michael Letcher who in a consequence became the co-author of this book that it has helped me with protection of my ideas. At last I have followed council of my rich daddy and at first have found the lawyer under patents which could protect my ideas. Today Michael my friend, my legal adviser, the husband of my co-author Sharon Letcher.
The lessons taken from my errors
Today people come to a state of shock when I speak: "the Best experience of my life is loss of my first business". It was the best experience because I have learnt much about myself and that I did not know much. I speak often: "Failure is a success part. People who are afraid to undergo failure, have more often no success". I have much learnt from the first failure. One of the most important lessons is that I have learnt, it is how much important to protect the ideas.
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