Sources of business ideas:
The sources of ideas may include brain-storming, your own personal experience and your business experience.
For the exam the generation of business ideas must be in relation to a small business with limited resources.
The identification of a product or market niche:
Niche Marketing: A corporate strategy based on identifying and filling relatively small market segments.
From the video can you identify the possible advantages and disadvantages of this strategy?
Copyright, patents and trademarks:
These give protection to "intellectual property". Do you know what this means?
There is a U.K. government agency called the Intellectual Property Office. One day you may need to register your invention, design or trademark. More details here.
Trevor Baylis invented a clockwork radio. What legal protection would he have applied for? Click on the picture for a link to his website.
The computer 'mouse' was patented in 1970 and its official name was the 'X Y Position Indicator'. At least one billion modern 'mice' have been sold but Doug Engelbart made very little money. Why?
Click on the picture for the story:
Because of the laws that have been passed to protect intellectual property you would never see this scene in the U.K.
