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Biz Innovator Unit #
Opportunity Recognition/ Intellectual Property
Term | Definition |
---|---|
Idea | Has the potential to make money. |
Oppurtunities | Passed the test of planning |
Patent Catergories | Process, Machine, An Article of Manufacture, Composition of Matter |
Design Patent | 14 year Patent |
Utility Patent | 20 year patent |
Copyrights | Literary works, Musical works, Dramatic works, Pantomimes and choreographic works, Pictorial, graphic, sculptural works, Motion pictures, Sound recordings |
Trademark | Any word, name, symbol, or picture or device that a company uses to distinguish itself. |
Competitive Advantages | Formulas, Processes, Customer Lists, Software |
Percentage of Patented Products on market | 2-3% |
Plagiarism | Copying someone else’s work and presenting it as your own. |
Fair Use | A set of legal exceptions to copyright. |
Competence | Resource/Skills |
Passion | Willing to put in the long hours |
Adaptability | Opportunity meets customer need |
Personnel and team | Who provides key resources to other people in the business |
Tolerance | Risk/Reward/Success |
Bootstrapping | Starting with little to no capital. |
Market Demand | How much the product is wanted by the consumer |
Target Market | Who you are selling to |
Demographics | age, location, gender, income, education, marital status, family status, occupation, ethnic background |
Psycho-graphics | personality, attitudes, values, interests/hobbies, lifestyles, behavior |