Podcast
Questions and Answers
Which intellectual property law is best suited for Jessica, who wants to protect her song from being copied?
Which intellectual property law is best suited for Jessica, who wants to protect her song from being copied?
What intellectual property law would best help George safeguard his secret banana bread recipe?
What intellectual property law would best help George safeguard his secret banana bread recipe?
Which intellectual property law should Mary focus on to protect her new headphone design?
Which intellectual property law should Mary focus on to protect her new headphone design?
What type of intellectual property law is applicable for Will's gym logo?
What type of intellectual property law is applicable for Will's gym logo?
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Which option correctly identifies the benefits of understanding intellectual property laws for businesses?
Which option correctly identifies the benefits of understanding intellectual property laws for businesses?
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Which business opportunity typically requires higher start-up costs?
Which business opportunity typically requires higher start-up costs?
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What factor involves securing financial support for a business opportunity?
What factor involves securing financial support for a business opportunity?
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What aspect helps entrepreneurs mitigate skill deficiencies in their business?
What aspect helps entrepreneurs mitigate skill deficiencies in their business?
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Which component of a business plan provides a brief overview of the business's needs?
Which component of a business plan provides a brief overview of the business's needs?
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Which viability factor investigates the potential customer base for products?
Which viability factor investigates the potential customer base for products?
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What type of business opportunity allows a company to use a brand name under license?
What type of business opportunity allows a company to use a brand name under license?
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Which factors focus on building networks with experienced individuals in the industry?
Which factors focus on building networks with experienced individuals in the industry?
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Which aspect analyzes and determines the capabilities and expertise of the workforce?
Which aspect analyzes and determines the capabilities and expertise of the workforce?
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What does a trademark specifically protect?
What does a trademark specifically protect?
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How can an entrepreneur legally use trademarked material?
How can an entrepreneur legally use trademarked material?
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Which type of intellectual property protects creative works like music and literature?
Which type of intellectual property protects creative works like music and literature?
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What is required from employees to protect trade secrets?
What is required from employees to protect trade secrets?
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What does a patent cover?
What does a patent cover?
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When a patent owner allows another party to use their invention, what is typically required?
When a patent owner allows another party to use their invention, what is typically required?
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Which of the following best describes a trade secret?
Which of the following best describes a trade secret?
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If an employee violates a non-disclosure agreement regarding trade secrets, what could they potentially face?
If an employee violates a non-disclosure agreement regarding trade secrets, what could they potentially face?
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Study Notes
Domain 1 Lesson 2: Entrepreneurship and Small Business V2
- This lesson covers entrepreneurship and small business concepts.
- Risk tolerance is the amount of loss an investor is willing to accept.
- A growth mindset means believing you can achieve anything through hard work.
- An environmental risk is something like a natural disaster.
- A business opportunity is viewed as an investment.
- A license is needed to use a brand name on products.
- Key factors for a successful business opportunity include market size, relationships, cash flow management, management skills, and passion.
- A business plan is important for short-term and long-term goals.
- A lean canvas is typically one page, providing a summary of the business.
- A financial plan details the business finances geared towards investors and lenders.
- A pitch deck is a visual presentation.
- A vision and value proposition briefly outlines the company, its mission, and the value offered to customers.
- Patents, trademarks, copyrights, and trade secrets protect a company's inventions, brand names, and exclusive ideas.
- Licensing and non-disclosure agreements protect trade secrets.
- Entrepreneurs need to understand and use these elements for successful business plans, pitches and lean canvases.
- There are risks and benefits to starting a business (financial, environmental, political, and competition).
- Successful entrepreneurs are often self-reliant, forward-thinking and resilient.
- Skills and characteristics include critical thinking, problem solving, collaboration, and creativity.
- Three steps when constructing a successful business plan and pitch include; identifying characteristics of a successful entrepreneur, one example of a political risk, and one example of an environmental risk
- Factors involved in determining business viability include; network marketing, franchising, licensing, and managing cash flow, relationships, passion, management, and market size.
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Description
This lesson explores fundamental concepts of entrepreneurship and small business. It covers topics such as risk tolerance, business opportunities, and the essential components of a business plan. Join this quiz to test your understanding of what makes a business successful.
