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Bizinnovator Unit 3
Opportunity Recognition & Intellectual Property
| Term | Definition |
|---|---|
| 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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