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bizinnovater unit 3

Opportunity Recognition and Intellectual Property

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



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