Protection of the Intellectual Property - Essay Example

Entrepreneurial Enterprises Student’s Name Institution Affiliation 5.1 Protection of the intellectual property Trademarks These are words, images, designs that are used to recognize businesses and organization. To ensure that no other organization uses the trademark that is similar to the one that is used in the venture then it is prudent that they should be protected. To ensure that the trademarks are protected then the following should be done; When doing trade practices then it the best idea that protection should be practiced by ensuring that no other firm that will produce trademarks that are similar. Also, to ensure that it is possible to claim ownership of a given trademark legally, then it is best that it is registered with the relevant authority. To ensure that none will be coming up with a trademark that is similar to what is contained in the firm then it is best to make this valuable, through building your trademark through marketing activity – this costs money. However, it will be best if you do this since it will give you extra protection. On the registration of any given business name which is one of a trademark, then it is best that you check through the database to ensure that no other business that has the same name and any sign that is in the name of a trademark. Also, you can check the availability of the name as a URL. Copyright© and registered designs This is done to protect any writings that have been done by any business to ensure that no other people will use the writings without legally being approved. Any writing is protected from the time of its creation and the way it’s used. Also, copyrights are provided to innovations so that the original owners can get the benefits they deserve at the end. Authors are also protected using copyrights where their moral rights are well protected. Designs also done by manufacturing companies can be registered for manufactured products. Confidentiality/ trade secrets When you discover anything new within the organization, then it is best that you need to show that the matter in context is secret. For example, you can let your suppliers not to spill the ideas. You will need to use all precautions to keep the knowledge a secret so that the new ideas within the organization are protected. Use non-disclosure agreements with staff or associates. To ensure that no one that exposes them to others. Customers and employees Customer lists are valuable property let them recognized as trade secrets. Then it is good that you have agreements with staff and associates to ensure no information is protected. If the information about customers is not protected the firm will lose hence its best if they are also protected. Valuable employees Also, it is good if you protect your variable staff. You might use agreements to retain key staff or associates (“golden handcuffs”). Staffs are the best people that will ensure that the organization intellectual properties are well protected. The organization secrets that will ensure the organization is on the right track regarding intellectual property protection. 5.2 Researches to be done Secondary researches will enable us to know the kind of ventures that exist already. It will enable us to know the kind of customers that will be got in the market. Secondary research will be done on the already existing information from sources such as Government reports, trade publications, and the internet. They enable the venture to have a knowledge of where and how to find customers. From the secondary research, information about competitors is got and it makes it easy to know the starting point. Primary research is done by going to the field and collects actual information from the field by carrying out surveys that are meant to collect the required information. To carry out a primary research then it is prudent that a questionnaire is prepared. To prepare a perfect questionnaire, it is best that the kind of questions should be well articulated to ensure they get the required information out of the market. After, preparation of the questionnaire then it is time to go the field and collect the information from which conclusions will be made and reports gave back. There are kinds of surveys that will be done to cover every aspect of the business. They include the business and market environment, market size, location and trend, competitors and knowing your customers. When all these aspects of the business are covered then it is possible to know the exact actions to be taken to ensure that the venture will succeed when it starts. Knowing all the aspects that are in the market enables allocation of resources to be done in a correct manner. Venture success will depend on the way the gaps that exist in the market will be handled. 6-2 Venture financing life cycle Positive net cash flow Concept startup growth High Growth Maturity Negative net cash flow (cash bun) You are the first source of capital. The money y that is got from you is referred to as “hurt money.” It comes by taking personal commitment to the venture. The money you invest is a form of commitment that you are determined to make things succeed. Always financiers expect that you are investing/committing more than your time. This will also give them the motivation to invest in the venture. This form of financing is needed on the start stage where you have to show the financiers that their funds are going to get value back to them. Some forms of personal financing include the following; savings, credit cards, personal loans, and mortgage. All these forms of financing are a form of commitment that will enable them also commit their funds to the venture and support where necessary. Other sources of financing are external got from other parties. The parties include; relatives and friends, business associates, lead customers, suppliers, borrowing against hard assets, inventories, accounts receivable (factoring accounts) sometimes referred to as “FFF Finance “ and also, “crowd funding.” The external sources of financing come in when the venture has peaked and has started to grow and matured for its maintenance and expansion of the business. The source of financing is going to assist and give the roadmap on how to get finances to get the venture running. They are going to present the best methods that are going to enable make the venture move in the right direction. 6-3 Entrepreneur to use "other people's resources." Successful entrepreneurs try to use other people’s resources (OPR) where possible. They try to minimize and control resources rather than maximize and own them. They try to do “more” with “less” (bootstrapping). They devise creative strategies for marshaling and gaining control of resources. This takes up a lot of time and energy and requires a lot of planning. This is what makes it a challenge to launch an entrepreneurial venture. Some of the problems that one can face in the process of doing this include; the difficulties towards the creation of networks that will enable the venture to succeed, the difficult of costs that should be met at the beginning of the venture, and integration of the new technology into the organization. 7-1 Ethical issues of entrepreneurship In a study of successful entrepreneurs, 72% stated that high ethical standards were the single most important factor in long-term success. Most industries have developed their code of ethics. Competition helps to minimize unethical behavior. There are other businesses to deal with if one company does not fulfill its promises. The way the business operates will determine the amount of trust you gain from stakeholders. Trust is the basis for long-term relationships. According to Harris et al. 2009, researchers have found that specific ethical dilemmas for entrepreneurs might include the division of profits, high risk associated with newness and how to present the business in a legitimate manner. In getting into a new venture then it is prudent that we get the direct principles of ethics in ensuring that it succeeds at the end. Society does not benefit if the only reward from business is money. Our society will only progress when people are treated fairly. To do the job well, try to serve others. Ethical standards vary particularly internationally. There are no international codes of business ethics. So need to rely on reasoned argument and considered evidence. Suspicion surrounds entrepreneurial activity. Many people believe that entrepreneurs work on the principle, “win at all costs.” It will take the continual effort to build a better image of entrepreneurs. 7-2 Advantages and drawbacks of being the first into a new market The factor of being new in a venture that is first of its kind in the market usually comes with its own challenges. The factor of newness creates challenges for entrepreneurs. The fact that the venture is new creates uncertainty over the value of a new product can place strain on the resources that are necessary for successful exploitation of the opportunity. This is because one does not have prior information that will assist him/her to set his prices and carry out activities. Read More