UNIT 5: TRADEMARK Flashcards
Q: Define corporate social responsibility (CSR).
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.
Q: What are the benefits of CSR for businesses?
A: Benefits include improved brand reputation, customer loyalty, employee satisfaction, and potential cost savings through sustainable practices.
Q: How can businesses implement ethical practices?
A: Businesses can implement ethical practices by:
Establishing a Code of Ethics Providing Ethics Training Encouraging Transparency Implementing Whistleblower Policies
Q: What are common ethical dilemmas in entrepreneurship?
A: Common dilemmas include:
Honesty in Marketing Fair Labor Practices Environmental Impact Data Privacy and Security
Q: Describe the role of ethics in decision-making.
A: Ethics guide entrepreneurs in making decisions that align with moral principles, balancing profitability with social and environmental responsibilities.
Q: Discuss the importance of contracts in business.
A: Contracts formalize agreements, protecting the interests of parties involved and providing legal recourse in case of disputes.
Q: What are the essential elements of a contract?
A: Essential elements include:
Offer Acceptance Consideration Capacity Legality
What is a legal structure for a business?
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.
Q: Explain the concept of liability in business.
A: Liability refers to the legal responsibility of a business for its actions and obligations, which can affect assets, operations, and reputation.
Q: What are the common legal issues faced by entrepreneurs?
A: Common issues include:
Intellectual Property Disputes Contract Breaches Employment Law Violations Regulatory Compliance Failures
Q: How does technology impact entrepreneurship?
A: Technology enhances efficiency, enables scalability, improves customer engagement, and provides access to global markets.
What is the role of digital marketing in entrepreneurship?
Digital marketing utilizes online platforms to promote products/services, enabling targeted outreach, engagement, and cost-effective advertising.
Discuss the importance of data analytics for entrepreneurs.
Data analytics helps entrepreneurs make informed decisions by analyzing consumer behavior, market trends, and operational performance.
What are disruptive technologies?
Disruptive technologies are innovations that significantly alter industries, creating new markets and displacing established market leaders.
What is global entrepreneurship?
Global entrepreneurship involves launching and managing businesses that operate on an international scale, addressing global markets and challenges.
What are the challenges of global entrepreneurship?
Challenges include:
Cultural Differences Regulatory Variations Currency Fluctuations Logistical Complexities
Explain the significance of cultural awareness in global business.
Cultural awareness enhances communication, builds relationships, and helps navigate the nuances of international markets, reducing the risk of misunderstandings.
What are the benefits of entering international markets?
Benefits include:
Increased Revenue Potential Diversification of Risk Access to New Talent and Resources Enhanced Brand Recognition
Define social entrepreneurship
A: Social entrepreneurship combines business principles with social mission, aiming to create positive social or environmental impact alongside profit.
Q: What are the characteristics of social entrepreneurs?
A: Traits include:
Passion for Social Change Innovative Problem Solving Resilience Community Engagement
Q: How do social enterprises measure their impact?
A: They measure impact through metrics like social return on investment (SROI), qualitative assessments, and community feedback.
Q: Discuss the role of partnerships in social entrepreneurship.
A: Partnerships enhance resources, expertise, and reach, allowing social entrepreneurs to leverage strengths and maximize their impact.
Q: What ethical issues arise in intellectual property?
A: Issues include:
Piracy and Copyright Infringement Misleading Trademarks Patent Trolls Fair Use Limitations
Q: Describe the concept of fair use in copyright law.
A: Fair use allows limited use of copyrighted material without permission for purposes such as criticism, comment, news reporting, teaching, scholarship, or research.
Q: What is the ethical consideration of licensing intellectual property?
A: Licensing agreements should be fair, transparent, and honor the rights of both licensors and licensees, ensuring equitable compensation and usage.
