1e The importance of business concept development Flashcards
What are 4 legal barriers?
Copyright
Patent
Trademark
Domain name
What is copyright?
A copyright is a free and automatic protection used on original ideas such as writing, art, sound, films and photographs.
What is Patent?
A patent is a licence that provides a business with exclusive rights to the use of innovative devices, methods and processes.
What is Trademark?
A trademark is legal protection for a business over the rights of its name, symbols, colours, packaging or additional tools used to sell its products.
What is Domain name?
A domain name is a unique website address.
What is intellectual property?
IP is an original creation of the mind that can be legally owned.
What is a business concept?
A business concept is a brief outline of the business idea, its main selling activities and the features that will provide it with a competitive advantage.
What is the relationship between business opportunity and concept development?
Identify the business opportunity>
Develop the business concept>
Protect the business concept>
