A patent gives the patentee the right for 20 years from the application for the patent or the priority date to stop other people using the invention which is covered by a patent. As a result, during the patent protection period, you alone, as the proprietor or patentee, have the right to manufacture, use, import or sell the patented invention.
A product patent is infringed if another, without your consent makes, disposes of, uses, imports or keeps the product. In the case of a process patent, infringement rules are similar but also cover dealing in products derived from that process. With a process patent, an infringer must be aware that a patent is being infringed-with a patent for a product, it is unnecessary for you to demonstrate such knowledge.
As well as using a patent to prevent your competitors from using the invention, you may wish to grant a licence under that patent to another to use the invention, commonly in return for royalties.
Alternatively, you can sell the patent outright to another by means of a patent assignment.