Stephen Key is a successful entrepreneur, award-winning product artist, bestselling author, and renowned intellectual property strategist. He is also the cofounder of inventRight, a company that helps people license their ideas.
He has licensed dozens of ideas over the past 35 years that have sold in Walmart, 7-Eleven, and Disney stores and theme parks worldwide, as well as been endorsed by Michael Jordan, Alex Trebek, and Taylor Swift.
Listen in to learn Stephen's simple strategies for success!
One Simple Idea, One Profound Impact on the World: Stephen Key Tells All His Simple Strategies for Success
Time stamped show notes:
[3:16] He’s made a lot of mistakes along the way.
[3:54] What he would do differently if he were to start over
[4:21] Used to do door-to-door sales. Hated it, but he considers it the best job he’s had.
[7:19] He’s in the game of rejection.
[7:49] He keeps all the rejection letters.
[12:24] Listen to what their needs are and give them that content.
[14:59] People first pay with their attention, then their time, and then their money.
[17:51] He doesn’t see problems. He studies mission statements, packaging, who’s buying, reviews, etc. and then he finds something he’s interested in and asks himself, “What is next?”
[20:04] He makes a slight variation of items that are already selling.
[26:34] He took an art class. He wasn’t very good at it, but he loved it. He thought that if he could do it for a living, he could spend a lifetime doing so.
[27:34] If you like what you do, it’s not work.
[28:01] How the provisional patent landscape has changed
[28:30] A lot of people are afraid to show their ideas because they think they will be stolen, but he doesn’t believe it happens that often.
[29:58] Always file a provisional patent application. Don’t be afraid. Find companies that embrace creators/creative people.
[34:39] Make a choice to use your voice.
[37:59] Things he laments have changed.
[38:03] It is hard to manage yourself with all the distractions.
[38:30] Be selective with who you listen to.
[40:58] He hopes we haven’t lost the ability to entertain ourselves when we’re alone by using our creativity.
[43: 03] He’s trying to figure out how to do more with less.
Three key points:
- Listen to what their needs are and give them that content.
- People first pay with their attention, then their time, and then their money.
- Be selective with who you listen to.
Wealth Dynamics by Roger Hamilton
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