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bizinnovater unit 3
Opportunity Recognition and Intellectual Property
| Question | Answer |
|---|---|
| What is an Idea? | Something that has potential to make money |
| What is an opportunity? | It has passed the test of planing, and has the ability to be implemented. This generally takes place in small firms. |
| What makes a good opportunity? | Something that is able to survive in the market, has good leaders and crew, realistic to achieve, and be PROFITABLE. |
| What makes a good Team? | Competence, Passion, Adaptability, etc... |
| How does Tolerance play a role in your team? | It is the ability to handle stress, and the ability to risk for a great reward. |
| What is bootstrapping? | To start a company with a small amount of capital (strap on your boots and get to work) |
| What are resources? | Resources can be financial or physical, such as equipment, workers, etc... |
| What is ROI? | Return on Investment (Gains-Cost)/costs. A percentage, usually having to do with stock. |
| What is BE? | Break Even point. Where you are not making money, but also not loosing it. |
| What is a Venture Opportunity? | They create or add significant value to a customer or end user, You have to do this by fixing a problem they have. |
| What is a patent? | gives you an exclusive right within your country to make, use, and sell a new invention for a certain number of years? |
| What categories does your product have to fall into to own a patent? | It must be a process, machine, Article of manufacture, or composition of matter. Can't be frivolous or immoral |
| What is a design patent? | Covers an ornamental design of a object (14 years) |
| What is a Utility Patent? | Functional features of the invention (20 years) |
| What is a copyright? | This covers arts, like literary works, Musical, Drama, Sound, motion pictures, etc... |
| What is a Trademark? | Covers any Picture, device, symbol, or name a company is distinguished by. |
| What boundaries to Trademarks cover, and when do you need one. | You only really need a Trademark if your business goes across state lines. |
| What is a trade Secret? | This is any kind of info that is not known in a industry that gives a company an advantage over competition. |
| What are some examples of a Trade Secret? | Formulas, Manufacturing techniques, customer lists, or computer software. COCA-COLA recipee is only known to two people in the world. |
| What is plagiarism? | Copying someone else's work and claiming it to be your own. |
| What is Fair Use? | A legal exception to copyright. It allows for some material to be used for education purposes, or for 30 seconds or less. |
| What are some examples of Fair Use? | Using a video, or essay at a school art show, or class for the purpose of education. |
| What is the deference between a patent and a copyright? | A patent is a exclusive right to a product, while a copyright covers a piece of art, or show. |
| What is the S in SWOT? | Strengths - entrepreneurs ability |
| What is the W in SWOT? | Weaknesses - The problems a company faces |
| What is the O in SWOT? | Opportunities - Advantages and entrepreneur can have |
| What is the T in SWOT? | Threats - Problems that can be bad for the business (legal, competition.) |
| Examples of SWOT? | Starbucks is strong in margins, Weak in innovation, Great in taking all opportunity, and threatened by rise in cost of dairy. |
Created by:
KMQatoum