Question

Why are intellectual assets difficult to manage?

Answer 1

Intellectual assets are also known as Intellectual property.When the value is given to intellectual assets it becomes property. Therefore we can consider any design, logo, brand of a company as an intellectual asset.

For instance, if you are planning to start a company and if you are hunting for a name, design logo, or brand you may be in a panic because it would just put you in a kind of difficulty like how to select the best without copying from any existing company. Therefore it would give rise to a kind of dilemma where your business asset which you would really consider may not be fulfilled as to your level of expectation.

Difficulties faced to handle intellectual assets are based on the following questions-

• When to choose the intellectual asset?
• How to choose an intellectual asset?
• Where to choose intellectual assets?

Keeping these three basic economic questions in mind the business executive or business owner will put his or her condition of the state into confusion which would shatter new ideas or plans starting a new business in the existing world.

How to overcome difficulties in managing intellectual assets?-

Conduct survey: To know the economic conditions like economic fluctuations survey must be conducted for a better understanding of existing companies in order to know their design logo name etc.

Adopt SWOT analysis: In order to check the strength weakness opportunity and threat the company must adopt SWOT analysis in order to you know the present existing companies

Environmental analysis: Companies must conduct business analysis in order to know the existing business condition in the form of environmental analysis which you should help to know the internal and external business environments.

Demand forecasting: This technique if adopted will help you to predict the future of your business where it will help you to progress if certain intellectual assets are adopted in your business condition.

To conclude, intellectual assets help to build a company with its unique nature and even it can attract a lot of customers who avail both the service and goods provided by a company.