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Fundamentals of Entrepreneurship - Research Paper Example

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Successful entrepreneurs conduct market and consumer surveys in order to come up with the right product for customers and make a profit. An entrepreneur combines all the…
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Download file to see previous pages For instance, a business dealing with seasonal goods will make losses when the season ends. Also, failure to manage the business in a professional way may lead to collapse of the business. Managing the business is a broad term that encompasses many aspects such as finance, intellectual property and human resources among others (Bygrave & Zacharakis 103). This paper examines the issue of intellectual property rights on my proposed business; car dealership.
Business ideas can be hard to protect from imitation or copying. Intellectual property refer to the creations of the mind such as inventions, artistic and literally work, images, designs and names for commercial purposes (Libecap 46). Products in the market take a lot of time during their development, but once they are in their finished form, they can be subject to imitation within a short time. Intellectual property rights are laws that seek to protect products from such duplication that will affect the profits of the company illegally.
Intellectual property protection exists in various forms such as patents, copyrights and trademark. The first form will not apply to the business. Patents mainly protect authors whose work is authentic and not obvious. However, the business will utilize the other two forms of protections. The car dealership business has been a successful affair for those who have undertaken it. This means that other entrepreneurs might be interested to infringe into the business’s trademark and copyrights in the case that it becomes successful (Libecap 47).
A trademark refers to the name of the business or the brand name. This also includes any symbols in the name that signify a product or distinguishes the product from that of other businesses in the market (Libecap 47). Such symbols might seem small and insignificant but play an immense role in the identification of a company’s product by customers. The business may register the mark and ...Download file to see next pagesRead More
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