Question

For small-business owners, it’s not worth the time or effort to secure intellectual property rights (Canadian and International). Explain why you agree or disagree with this statement using supporting facts, information and examples from several sources to support your position. This assignment relates to the following Course Learning Requirements: CLR 1: Compare strategies used to manage risks in an organization's business activities CLR 2: Synthesize substantive laws that may impact businesses CLR 4: Explain the relevance of internal controls in a business that could mitigate business and legal risks and promote compliance with laws

Answer 1

I strongly and completely disagree with this statement. This is because even for a small business enterprise the rise of competition and emergence of Internet making the world a flat market there is a need for securing intellectual property rights. In the short run doing this may seem expensive but in the long run securing one’s intellectual property rights will prove to be a valuable proposition even for a small-business owner.

It is important, even for a small-business owner, to manage the risks that his/her business is exposed to in a systematic manner. The business has to mitigate different risks that it is exposed to and must ensure compliance with different laws so as to be viable. Securing intellectual property rights will enable a small business owner to ensure that two of his most precious resources i.e. time and money are protected.

While it is a fact that patents are very expensive small business owners can look at securing their trademarks and web addresses initially. Once the business expands and gains a particular scale patents can also be registered and protected. Trademarks and web addresses can be obtained relatively cheaply.