Question

Hi Tutor, nice to meet you. This is the task C of my (Entreprenuership and small business )assignment which is divided into several parts as well.

1 Definitions of creativity and innovation.

2 The main sources of generating business and entrepreneurial ideas.

3 How businesses protect intellectual property rights.

Answer 1

1. When we consider entrepreneurship, we think of creativity as the idea or the concept behind an idea which allows us to find the solution to a unique problem or, make use of resources in order to achieve a solution to such problems and create opportunities. While innovation can be thought of as the process which then makes use of the said creativity and creates a function, service, essential factor which allows a creative solution to the problems of the society and helps us enhance the said problems.

2. The main sources of generating business and entrepreneurial ideas are to basically start from scratch. This technique can be used with an existing problem or a new problem which could require a solution that can then be turned into a business idea. Usually, families are a great source of the idea and creative approach and this resource should be tapped into. But, the main source of inspiration lies in solving the problems that usually bother you. In an effort to solve such problems, you get creative ideas which then turn to innovation. People can also brainstorm ideas with their friends, travel and learn new things in order to create a better solution for everything.

3. Many businesses compete in the same market, they have the same range of products and the same amount of capital investment. In order to desperate their product from the competition, they apply what we call secret techniques, recipes or solutions which essentially help them separate from the competition. This is what we call an intellectual property. To protect this trade secret, companies make use of a copyright. This allows a company to be the sole owner, the user of the idea or the product which cannot be used by another company without paying a royalty to the owners. This essentially allows a company to safeguard their interests, their trade secrets and protect this value in the eyes of the government. They also make sure that only a few people ever know about the secret and necessarily stop others from knowing it.