We end our lessons learned series (co-authored by me and Mike Willee) with our favorite topic, intellectual property (IP). Many entrepreneurs fail to recognize the importance of IP—let alone the value of an IP protection plan in the earliest stages of their businesses. Building a brand, creating a minimum viable product, generating sales leads, and keeping your head above water all push the pressing matter of IP to the back burner. However, having a firm grasp on the importance of intellectual property from the outset can reduce future headaches and chances of financial loss.