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