Entrepreneurship and Intellectual Property" - interview with Christine Cohen
- Could you introduce yourself for our audience?
- My name is Christine Cohen and I am the owner and CEO of Traction Invest LLC, a licensed investment management firm. I have nearly 20 years of experience in the banking and finance industry, with a focus on selling investment products, structuring and managing individual portfolios, and creating new investment solutions in the capital markets. I have been a member of the Board of Directors of Raiffeisen Asset Management as well as an executive director and board member at other non-bank financial institutions.
- What is entrepreneurship for you?
I can definitely say that entrepreneurship does not belong to the traditional career choice, at least because it involves a lot of unknowns, challenges and risks. All of this requires the possession of certain personal qualities that are needed on a daily basis if you want to build a successful business and turn your idea into a functioning and successful product. I would describe my experience so far in entrepreneurship with “getting out of your comfort zone” because there is no exact recipe for success to follow, we often work on a trial and error basis. Every day is a trial, you face a new challenge and you look for a solution. After 20 years as an employee, I can say that now as an entrepreneur I work a lot more, weekends have turned from weekends off to working weekends, but at the same time the motivation and personal satisfaction of every small victory is incomparable and I wouldn’t replace it with anything else.
How do you assess that an idea is innovative?
For me, the purpose of ideas and innovation is to provide solutions to existing problems and to provide new opportunities. This could be a new concept, method or product that hasn’t been used before in the industry, or a strategy to improve the customer experience. Innovation can also be a new investment strategy, financial product or technology that improves processes, creates added value for customers and saves time. I associate innovation with change, something new and different that disrupts existing paradigms and has the potential to change traditional practices, in a good way of course, offering a better alternative to conventional products and services. If this description fits, then this idea is innovative for me. Of course any solution or innovation must be able to adapt to changing market conditions and customer needs to be relevant and effective.
Why is intellectual property important?
In the context of the previous question, I would say that every good idea and innovation should be protected from being copied or appropriated. From the company brand itself to the final product, the earlier this protection is thought of, the more likely it is to save a lot of headaches in the future. This is the only way any entrepreneur can ensure peace of mind that a competing company with the same brand and product will not appear tomorrow. An entrepreneur invests and works for years to establish and build his brand image until it becomes the company’s most valuable asset that differentiates him from all other competitors in the market.
What do entrepreneurs need to do to develop the skills they want?
In my experience so far, entrepreneurship is much more than a good idea. That’s why not everyone has the courage and strength to take the first step. Managerial and administrative skills, even if lacking at the beginning, can be acquired in the process. But there are a few personality traits that an entrepreneur would do well to have right from the start. These are: love of work, strong motivation, perseverance and persistence through difficult times, and adaptability to changing environments. After all, as long as there is a desire, everything can be learned on the fly, with additional courses, books and unlimited access to information on the Internet.
What are the books that have most influenced your personal development?
There are definitely many books that can have a strong impact on the personal growth of any person, whether they are an entrepreneur or not. The books that have helped me shape myself as a person are Lee Iacocca – President of Chrysler, an autobiography, Lee Iacocca’s Where Have Leaders Gone, Sun Tzu’s The Art of War, Do It Now! Today is Yesterday’s Tomorrow” by Napoleon Hill, as well as the autobiographies of successful entrepreneurs, athletes and celebrities.
Message to our audience
The most important and first step is to overcome yourself and your own limitations, the second is to create meaningful and innovative solutions, and the third is to always have a single plan – Plan A. Even just the thought of a backup plan automatically reduces your chance of success because it creates the comfort of not giving 100% of yourself to the implementation of the original plan. In the past, military commanders would sink the boats that got them to their destination and burn the bridges they passed over to show their army that the way and direction was only forward and retreat was not an option. Give it your all, surround yourself with people who inspire you, don’t trample on your principles, make informed decisions and success will only be a matter of time.