A small business’ total offering that they provide to customers includes 3 critical pieces:
1. Product: A product can be anything that is tangible. Examples include nail polish, food, or a backpack.
2. Service: A service is an activity that is done for you. Examples include getting your nails done, being served at a restaurant, or having a porter carry your bags to your room at a hotel.
3. Intellectual Property: Intellectual property is the knowledge and information that your business has that allows you to deliver the product or service differently than the competition. Examples include getting a back massage while your nails dry, the recipes of the food you eat at a restaurant, and the design of a bag or backpack.
The main ways to protect intellectual property including copyrights, patents, trademarks, industrial design, and trade secrets is covered in the video by a leading law firm, Miller Thomson.