Unit 1.1.6 Business Concept Development Flashcards
1
Q
Steps to take when starting a business
A
- Identify the business opportunity
- Develop the business concept
- Protect the business concept
2
Q
Intellectual property (IP)
A
- An original creation of the mind
- That can be legally owned
3
Q
Legal barriers that can protect IP
A
- Trademark
- Patent
- Copyright
- Domain name
4
Q
Trademark
A
- Form of legal protection
- Over the rights of a business’s name, symbols, colours, packaging or additional tools to sell its products
5
Q
Patent
A
- Licence
- Provides a business with exclusive rights to the use of innovative devices, methods + processes
6
Q
Copyright
A
- Free + automatic protection
- For original ideas
- E.g. writing, art, sound, films + photographs
7
Q
Domain name
A
Unique website address
8
Q
Business concept
A
Brief outline of:
- The business idea
- Its main selling activities
- The features that will provide it with a competitive advantage
9
Q
Competitive advantage
A
A business having qualities/strategies that provide it with an edge over its competitors
