Generating and protecting business ideas - Chapter 1 - unit 1 - BUSS 1

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  • 2. Generating and Protecting business Ideas
    • Spotting trends and anticipating their impact
    • Identifying a market niche
    • copying ideas from other places
    • Taking a scientific approach
    • Franchise
      • when a business gives another business the right to supply its product or service
      • Benefits of franchising
        • Involve the least amount of risk
        • usually have established brand names which means that the business is likely to succeed
        • banks are often more willing to lend money to someone wishing to franchise
        • lower advertising costs
        • usually has exclusive rights to an area
        • relationships with suppliers are likely to be their due to the franchiser
        • offers training and support at no cost
      • Drawbacks
        • Possibility to teething problems due to poor research
        • costs may be higher than expected
        • other franchisees could give it a bad name
        • restrictions dould occur
        • cant set up competeting bsuiness that are similar to the franchisees
        • impacts upon the franchisee if the franchiser goes out of bsuiness
    • Copyright
      • legal protection against copying for authors, artists and composers
      • last 70 years
    • Patent
      • official document granting the holder the right to be the only user or producer of a newly invented product
    • trademarks
      • Sings, logos, word re protected for  business as well as sounds and music

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