Bob Proctor - Thoughts Are Things: Turning Your Ideas Into Realities

Thoughts are Things are the first three words in the quintessential work on success, Think and Grow Rich, and represent the starting point of all achievement. Have you ever had a good idea? Of course you have! But have you ever made money from one of your good ideas?

The most successful businesses are created by solving a problem or serving a need. The initial thought triggers your entrepreneurial spirit, and instantly creates intellectual property that belongs to you. As defined by the World Intellectual Property Organization, Intellectual property refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names and images used in commerce. It is the intangible asset that results from human intellect, creativity, innovation, and know-how and from reputation and goodwill created by relationships with others.

Only a few decades ago, the value of the bulk of US corporate assets was from tangible assets, such as property, plant, and equipment. Intangibles, such as intellectual property, represented only approximately 20 percent of the value of corporate assets. However, by 2005, that ratio of intangible to tangible corporate assets had essentially reversed; the market value of the S&P 500 was approximately 80 percent intangible assets. According to the US Department of Commerce, [t]he entire U.S. economy relies on some form of intellectual property, because virtually every industry either produces or uses it.

In other words, the future of our economy depends on intellectual property triggered by entrepreneurial thoughts! No longer do you need vast amounts of capital to start and build a business. With this shift in the importance of intellectual property, combined with the ease of communication provided by the Internet, it has never been easier to build a business around your good ideas.

My business success has come from creating intellectual property related to educational products like books and games and then building the businesses to deliver them. I had the pleasure of working closely with my wonderful husband, Michael Lechter, who is recognized internationally for his intellectual property expertise.

Once you think of a way to solve a problem or serve a need, you may also want to put certain legal protection mechanisms in place (things like patents, trademark and copyright registrations, and contractual agreements) and you will want to create the system that will allow you to deliver the solution or provide the service. That system creates your business... a business born from your thoughts.

This book has been written for you at the perfect time. It shares the stories of some incredible people who not only built successful businesses using this model, but made significant positive impacts on their communities in the process. As you read their stories, keep a journal nearby so you can record the thoughts that spring into your mind!

Your next thought could ignite your entrepreneurial spirit, creating intellectual property for you... and the beginnings of your next business. Heres to your million-dollar idea!

S HARON L ECHTER , CPA, CGMA

Author of Think and Grow Rich for Women and Save Wisely, Spend Happily

Coauthor of Outwitting the Devil, Three Feet from Gold, and Rich Dad Poor Dad