UNIT 5: TRADEMARK

Question 1

Q: Define corporate social responsibility (CSR).

Answer 1

A: CSR is a business model that helps a company be socially accountable to itself, its stakeholders, and the public, often through ethical practices and community engagement.

Question 2

Q: What are the benefits of CSR for businesses?

Answer 2

A: Benefits include improved brand reputation, customer loyalty, employee satisfaction, and potential cost savings through sustainable practices.

Question 3

Q: How can businesses implement ethical practices?

Answer 3

A: Businesses can implement ethical practices by:

Establishing a Code of Ethics
Providing Ethics Training
Encouraging Transparency
Implementing Whistleblower Policies

Question 4

Q: What are common ethical dilemmas in entrepreneurship?

Answer 4

A: Common dilemmas include:

Honesty in Marketing
Fair Labor Practices
Environmental Impact
Data Privacy and Security

Question 5

Q: Describe the role of ethics in decision-making.

Answer 5

A: Ethics guide entrepreneurs in making decisions that align with moral principles, balancing profitability with social and environmental responsibilities.

Question 6

Q: Discuss the importance of contracts in business.

Answer 6

A: Contracts formalize agreements, protecting the interests of parties involved and providing legal recourse in case of disputes.

Question 7

Q: What are the essential elements of a contract?

Answer 7

A: Essential elements include:

Offer
Acceptance
Consideration
Capacity
Legality

Question 7

What is a legal structure for a business?

Answer 7

A: A legal structure determines the legal identity of a business and its implications for liability, taxes, and regulations. Common structures include sole proprietorships, partnerships, LLCs, and corporations.

Question 8

Q: Explain the concept of liability in business.

Answer 8

A: Liability refers to the legal responsibility of a business for its actions and obligations, which can affect assets, operations, and reputation.

Question 9

Q: What are the common legal issues faced by entrepreneurs?

Answer 9

A: Common issues include:

Intellectual Property Disputes
Contract Breaches
Employment Law Violations
Regulatory Compliance Failures

Question 10

Q: How does technology impact entrepreneurship?

Answer 10

A: Technology enhances efficiency, enables scalability, improves customer engagement, and provides access to global markets.

Question 11

What is the role of digital marketing in entrepreneurship?

Answer 11

Digital marketing utilizes online platforms to promote products/services, enabling targeted outreach, engagement, and cost-effective advertising.

Question 12

Discuss the importance of data analytics for entrepreneurs.

Answer 12

Data analytics helps entrepreneurs make informed decisions by analyzing consumer behavior, market trends, and operational performance.

Question 13

What are disruptive technologies?

Answer 13

Disruptive technologies are innovations that significantly alter industries, creating new markets and displacing established market leaders.

Question 14

What is global entrepreneurship?

Answer 14

Global entrepreneurship involves launching and managing businesses that operate on an international scale, addressing global markets and challenges.

Question 15

What are the challenges of global entrepreneurship?

Answer 15

Challenges include:

Cultural Differences
Regulatory Variations
Currency Fluctuations
Logistical Complexities

Question 16

Explain the significance of cultural awareness in global business.

Answer 16

Cultural awareness enhances communication, builds relationships, and helps navigate the nuances of international markets, reducing the risk of misunderstandings.

Question 17

What are the benefits of entering international markets?

Answer 17

Benefits include:

Increased Revenue Potential
Diversification of Risk
Access to New Talent and Resources
Enhanced Brand Recognition

Question 18

Define social entrepreneurship

Answer 18

A: Social entrepreneurship combines business principles with social mission, aiming to create positive social or environmental impact alongside profit.

Question 19

Q: What are the characteristics of social entrepreneurs?

Answer 19

A: Traits include:

Passion for Social Change
Innovative Problem Solving
Resilience
Community Engagement

Question 20

Q: How do social enterprises measure their impact?

Answer 20

A: They measure impact through metrics like social return on investment (SROI), qualitative assessments, and community feedback.

Question 21

Q: Discuss the role of partnerships in social entrepreneurship.

Answer 21

A: Partnerships enhance resources, expertise, and reach, allowing social entrepreneurs to leverage strengths and maximize their impact.

Question 22

Q: What ethical issues arise in intellectual property?

Answer 22

A: Issues include:

Piracy and Copyright Infringement
Misleading Trademarks
Patent Trolls
Fair Use Limitations

Question 23

Q: Describe the concept of fair use in copyright law.

Answer 23

A: Fair use allows limited use of copyrighted material without permission for purposes such as criticism, comment, news reporting, teaching, scholarship, or research.

Question 24

Q: What is the ethical consideration of licensing intellectual property?

Answer 24

A: Licensing agreements should be fair, transparent, and honor the rights of both licensors and licensees, ensuring equitable compensation and usage.