Question

3.The importance of intellectual
property should be understood by
entrepreneur even before *
O a)Hiring a manager
O b)Engaging an attorney
c)Developing a product
d)Establishing new venture​

Answer 1

Answer:

engaging an attorney

may be this help

Answer 2

Answer:

An entrepreneur should understand the importance of intellectual property even before engaging an attorney.

Explanation:

Entrepreneur- An entrepreneur is a person who employs the other production factors, land, labor, and capital, and takes on the financial risk to make a profit off them.

Intellectual Property- Intellectual property is an intangible asset that is a product of a person's intellect and owns the exclusive right over it. Such property is protected by law, and one would need due permission to use them. There are four types of intellectual property:

1. Copyright- Applying to creative works, the owner of intellectual property, in this case, owns the exclusive right to distribute, adapt, copy, display, and perform a creative piece of work for a limited period of time.
2. Patent- In this type of intellectual property, the owner gains the monopoly to use, sell, or make a particular invention for a limited time.
3. Trademark- Here, a particular symbol, term, or design that is representative of a figure or business is reserved by law for the owner's exclusive use.
4. Trade Secret- Also known as confidential information, they are any compilations of information that have inherent economic value that the owner goes to great lengths to keep a secret.

Although intellectual property rights are important to be safeguarded, they are commonly overlooked. They should be taken seriously since they are critical for every business as they aid in creating and maintaining a long-term stream of revenue for a business and also give businesses a competitive advantage in the market.