Sick of the Rat Race? 11 Steps to Financial Independence.: Create Assets out of you Ideas and Turn Your Ideas Into Being A Millionaire.

John Cousins
February 7, 2023
4 min read

‘I don’t care that they stole my idea. I care that they don’t have any of their own.’

Nikola Tesla

When in Doubt, Create Assets

An astute and experienced business mentor once advised me: “When in doubt, create assets.” A patent application costs less than $500 to file and an issued patent is worth $1 million on average. That is tremendous value leverage. This can be the basis of creating significant personal wealth.

Never Fear or Suffer From Idea Theft Again.

The Patent Application Process

Drafting a patent application is a surprisingly straightforward process. The hard part is having the idea of an invention. If you have ideas of things you think could be patented you owe it to yourself to read this book and draft an application. Even if you decide not to file it, this knowledge may come in handy for the next big idea you have. Then you will be ready to draft the application and won’t be intimidated because you have done it already.

You only need two things:

  • Access to a computer with a word processor. I use Microsoft Word. Apple also has a great word processor called Pages. And Google Docs is also a super (and free!) option.
  • Access to the Internet so you can go to the U.S. Patent and Trademark Office (USPTO) website where you will perform your prior art search and research patented ideas similar to your invention. This is also where you electronically file your patent application.

Application Process Steps

Pro se is the legal term for representing yourself. You will be representing yourself to the USPTO and the patent examiner in the applications process. Here is an outline of the process so you can get an idea of the steps:

Patent Application Process Steps

Pro se is the legal term for representing yourself. You will be representing yourself to the USPTO and the patent examiner in the applications process. Here is an outline of the process so you can get an idea of the steps that are outlined in more detail in my book:

1. Come up with a title for your invention

2. Write a short description of your invention. This should be about two sentences long. This is called the Field of Invention and is used to determine which USPTO examiner should review your application.

3. Use keywords from your title and description as search terms in the database on the USPTO website. Copy the Abstract and patent number of patents and patent applications that are similar to yours.

4. Write a description of why your patent is different from the similar ones already patented and published applications. This will become the Prior Art section of your application.

5. Write a Summary of the Invention.

6. Write a Brief Description of the Drawings. Every patent application needs to have at least one drawing that shows the parts of the invention. Here is where you describe them.

7. Write a Detailed Description of the Invention. This is where you discuss how to make and use the invention in as much detail as you can.

8. Write the Claims. This is where you draft the different aspects of the invention each as a separate claim.

9. Write the Abstract. This is a separate summary of the invention about one paragraph in length.

10. Create the Drawings. You can do this in Word. It must be black and white and they are attached after the Abstract.

That’s it! Those are the major sections of the application. When you have completed those parts to your satisfaction,

Step 11. File it on the USPTO website along with a few short forms and your payment.

Then you wait six to twelve months to hear from your patent examiner who has reviewed your application. He or she will have questions regarding the prior art and your claims and you begin a process of responding to their questions. When they are answered satisfactorily, your patent will be ready to be awarded.

Thomas Edison Patent Master

Vision without execution is just hallucination. At the beginning of Edison’s career, he wrote all his own patents. In one the year 1883 he drafted 106 patent applications that turned into patents. Thomas Edison was awarded 1093 patents issued in his name. That is the record!

Want More?

Check out my book Patent It Yourself!

This story is published in The Startup, Medium’s largest entrepreneurship publication followed by + 381,862 people.

Subscribe to receive our top stories here.

Share this post
John Cousins
Author, Entrepreneur, & Teacher

Receive my 7 day email course

Take your finance skills to the next level with my 7-day corporate finance email course. You'll learn all the essential topics from financial analysis to risk management in a fun, engaging format. Each day, you'll receive an email with practical examples, exercises and resources. Perfect for aspiring finance pros or anyone looking to expand their knowledge. Get ready to transform your finance game!

By clicking Sign Up you're confirming that you agree with our Terms and Conditions.
Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

If you like this article. Here are some more articles I think you might like.


The Road to Becoming a Unicorn: A Quick Guide to Startup Funding Rounds

The whole process of funding and developing startups has become more widespread because the cost of getting a product to market has dropped so precipitously in the past couple of decades from millions of dollars to typically anywhere from under $20,000 to $500,000.
John Cousins
December 18, 2023
7 min read

Oh Behave! Behavioral Economics: Why we do what we do.

Behavioral Economics is a method of economic analysis that applies psychological insights into human behavior to explain economic decision making.
John Cousins
December 18, 2023
4 min read
Personal Growth

Professional Development: 3 Types of Skill Sets

To perform effectively in a job and advance to greater responsibilities requires developing a well rounded set of skills. Every job and every industry has its specifics but these skill sets are general and apply across all jobs. Skills are fundamental for turning a job into a career trajectory and this trajectory is part of our personal fulfillment in life.
John Cousins
December 18, 2023
5 min read