Generating and protecting business ideas - Chapter 1 - unit 1 - BUSS 1
- Created by: livviecoles
- Created on: 08-03-14 12:26
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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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