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Bizinnovator Unit 3

Opportunity Recognition and Intellectual Property

TermDefinition
Patent Gives one the exclusive right to make, sell, and use your invention for a specific time period.
Categories of Patents Process, Machine, An Article of Manufacturer, Composition of Matter
Design Patents Ornamental design of a manufactured item
Utility Patent Functional features of an invention
Types of Copyrights Literary, musical, dramatic, pantomimes and choreographic works, pictorial, graphic, and sculptural works, motion pictures, and sound recordings
Trademarks Any words, name symbols or pictures or device, that a company uses to distinguish themselves
Trade Secrets Data and information that is specific to an industry, that gives a business an advantage
Examples of trade secrets Formulas, Manufacturing techniques, Customer Lists, Software
Plagiarism Copying someone else's work and presenting it as your own.
Fair Use A set of legal exceptions to copyright. Allows certain ways of using copyrighted materials.
Idea Has potential to make money
Opportunity Passed the test of planning, has potential, can be implemented
Good Opportunities Market-Driven, Entrepreneur and availability of a good team, and adequate resources
Criteria for Successful Ideas Market, Innovative/Unique, Clear Focus, Timing, Profitability
SWOT Strengths, Weaknesses, Opportunities, Threats
Entrepreneur Characteristics Competence, Passion, Adaptability, Personnel and team, Tolereance
Competence Resource and skills available
Passion Willing to put in the long hours?
Adaptability Opportunity meets the customer's need
Personnel and Team Who adds other key resources and skills
Tolerance Risk/Reward/Stress
Adequate Resources Business Plan, Market Demand, Target Market, Market Structure and Size, Margin Analysis
Business Plan Blueprint or Roadmap- Opportunity meets Resources
Market Demand Willing and able to buy
Target Market Who are those most willing to buy
Market Structure and Size How many competitors are there
Margin Analysis Must have financial resources
Bootstrapping Start a company with little capital (barter and borrow)
Demographic Age, gender, location, income level, education level, marital/ family status, occupation
Sycographics Personality, attitudes, values, interests/hobbies, lifestyles, behavior
Return On Investment Most used profitability ratio due to flexibility
ROI Formula (Gains-Costs) Divided by (Costs)
Break Even Analyze costs and level of sales needed to cover costs
Venture Opportunities Create/ add significant value to a customer (Customer is key)
Created by: ammcfarlane