I have a new idea for a product or technology. Should I consider patenting my idea and if so, what is the first step?

Instead of wasting time trying to patent your idea (which is both pricey and time consuming) I always recommend entrepreneurs work on building their business. It may sound harsh, but your idea is worthless. Execution is everything and your ability to execute on your idea or use your new product is what will determine success.

Remember, patents are only useful if you have the means to defend them in court (read: money to pay lawyers to debate endlessly in a courtroom). At the end of the day if you fail to execute and go out of business, it doesn’t matter if you have an entire war chest of patents because you will be back at square one with nothing to show for it.