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BIZ innovator Unit 3

opportunity recognition intellectual property

TermDefinition
Patents Gives you exclusive right to sell your invention
Design patent Ornamental design lasts 14 years
utility patent functional features of a device
Copy right Literary works Musical works Dramatic work Pantomimes and choreographic works Pictorial, graphic and sculptural works Motion pictures Sound recordings
Trademarks used to distinguish your business from someone elses
trade secrets gives business advantages
plagerism using someone else goods
fair use set of legal exceptions to using copy written materials for educational purpose
idea has potential to make money
opportunities has gone through planning
timing window of opertunity
profitable big upside small downside
passion willing to put in long hours
adaptability meets a customers need
personnel adds things to your team you cant provide
tolerence risk rewards/ stress
bootstraping starting a company with little money
BE Break Even
ROI return on investment
ROI equation Gains- Costs/Costs
venture opportunities create value for the end user
business model canvas lay everything out in-front of you
Win- win Both sides get something positive out of an agreement
Competence resources and skills
Business plan/ Road map Set out goals in front of you so you know which steps to take and when
Market demand What does the market need at this time
Target Demographic who are you aiming your product towards( Age. Gender,)
Local Buiness Does not need to register for an official trademark
SWOT Strength Weakness Opportunities Threats
Break even point Where Revenue and costs cross over
Created by: ConnerHolderness
Popular Business sets

 

 



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