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Bizzinivator Unit 3
Opportunity Recognition Intellectual Property
| Term | Definition |
|---|---|
| Idea | Has the potential to make money |
| Oppurtunities | Passed the test of planning, Has potential, You can implement it, Usually takes place in smaller firms, Attractive/Durable/Timely |
| What makes a good oppurtunity | Market driven opportunity today. Entrepreneur and availability of a good team. Adequate resources (Fit n Balance) |
| Market | Is it relevant? |
| Timing | Window of Opportunity |
| Patent | It gives you an exclusive right within the US to make, use and sell your invention for a period of years. |
| In order to receive a patent your product must be... | Process, machine, an article of manufacture, or a composition of matter |
| Design Patent | Ornamental design of a manufactured item (14 years) |
| Utility Patent | Functional Features of the invention (20 years) |
| Copyrights | Literary works, musical works, dramatic works, pantomimes and choreographic works, pictorial, graphic and sculptural works, motion pictures, or sound recordings |
| Trademark | any word (or words), name, symbol or picture or device that a company uses to distinguish its goods from someone else’s. |
| Service mark | A related property right |
| Trade Secrets | Data or information not generally known in the industry that gives a business an advantage over the competition |
| Examples of Trade Secrets | Formulas, manufacturing techniques/processes, customer lists, or computer software (source code) |
| Plagiarism | Copying someone else’s work and presenting it as your own. You are plagiarizing if you cut and paste from the Internet, copy a picture, etc. and don’t give credit to the author or creator. |
| Fair Use | A set of legal exceptions to copyright. Fair Use allows certain ways of using copyrighted material for educational purposes. |
| Patents must... | have some utility and can’t be frivolous or immoral |
| Break Even Poin | The point in which total cost and total revenue are equal |
| Return on investment | Net profit divided by total assets |
| SWOT | Helps to analyze strengths and weaknesses |
| Win-Win | When both parties reach a desirable compromise |
| Lose-Lose | When neither party reaches a desirable compromise |
| Trade Name | The official name of your company |
| Intellectual Property | a work or invention that is the result of creativity, such as a manuscript or a design, to which one has rights and for which one may apply for a patent, copyright, trademark, etc. |
| Opportunity Recognition | Realizing a gap in the market/need for a product |
| Market Driven | Using market knowledge to determine the corporate strategy of an organization. |
| Good Oppurtunity | A need in the market that, as a business you should jump on |
| Clear Focus | Having a specific and achievable goal |
| Entrepreneurship | the activity of setting up a business or businesses, taking on financial risks in the hope of profit. |
Created by:
MATellefson
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