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Bizinnovator Unit 3

Opportunity Recognition & Intellectual Property

TermDefinition
Patent gives you exclusive rights within the US to use and sell your invention for a series of years
4 categories patents must fall under Process Machine Article of Manufacturer Composition of Matter
Difference between: Design patent & Utility Patent Design: ornamental design of a manufactured item (14 years) Utility: functional features of the invention (20 years)
Copyright Categories Literary, musical. Dramatic, Pantomimes, Pictorial/ graphic , Motion Pictures, Sound Recording
Trademarks any words/ word, name, symbol, or picture or device that a company uses to distinguish its goods from someone else
Do you need trademarks for local Business? no
Trade Secrets data or information not generally known in the industry that gives a business an advantage over the competition
Trade Secret Examples Formulas, manufacturing techniques/ processes, customer lists, computer software
Plagiarism Copying someone else's work and presenting it as your own w/out giving the author credit
Fair Use A set of legal exceptions to copyright - allows certain ways of using copyrighted material for educational purposes
Idea has potential to make money
Opportunities Past the test of planning - has potential - can implement it - usually takes place in smaller firms - Attractive, Durable, Timely
For idea to be successful mus be the following: - Is it relevant? - Innovative/ Unique - Clear Focus - Timing - Profitable in the long run?
SWOT Strengths Opportunities Weaknesses Threats
Return on Investment mostly used as a profitability ratio because of its Flexibility
ROI example You buy 20 shares of Joe's Pizza for $10/ share. You sell 20 shares for $250. - ROI = (250-200)/200 = .25 = 25% (gains - costs)/ costs
Competence Resources/ skills
Break Even Point analyze costs & sales needed to cover those costs
Variables of Break Even Point price, variable costs, fixed costs, & sales
Passion willing to put in the long hours
Adaptability Opportunity meets the customer's needs
Personnel & team Who add's key resources and skills?
Tolerance Risks/ rewards/ stress
Opportunity - Market Demand - Target Market - Market Structure & Size - Margin Analysis
Resources - Minimize & Control vs Maximize & Own - Financial - People
What makes a good Opportunity? -Market Driven -Availability of a Team -Adequate Resources
Bootstrapping Getting by with what you have
Venture Opportunities Add significant value to Customer by problem solving
What is key for opportunities? the market
SWOT Analysis Categories Harmful Helpful Internal Origin External Origin
Created by: mahelmuth
 

 



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