explain why copyrights and patents are important to an entrepreneur
Answers
Answer:
A copyright protects the form of expression (e.g. the writing itself) rather than the subject matter of the writing (such as an invention which a patent can protect) or the brand name or logo contained in a creative work.
The patent prevents others from making , using offering for sale or selling our invention.
Explanation:
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Patents and copyrights are various procedures which provide legal protection or immunity to any original idea,work,invention or discovery against any unauthorized duplication,reproduction or recreation by any individual,organization or agency.
Explanation:
In the context of entrepreneurial ventures and independent business start ups,copyright or patent of business idea,plans,products,projects etc. are extremely essential for various reasons.An entrepreneur is an independent business owner and manager who is a part of the broader market competition or rivalry pertaining to the particular product or service that he or she is selling.Therefore,any intentional or inadvertent leakage of any crucial business information of data to any market competitor can be detrimental to business performance in the long term.Hence,legal confidentiality of business data and information is paramount for any business or commercial venture.Any innovative and unique business idea or plan can constitute a competitive advantage in the market for any entrepreneur.It can attract future customers or clients and ensure long term profitability or revenue generation.Hence,business innovation and product uniqueness is an extremely important asset for any entrepreneur which should be legally protected and valued to ascertain long term business success and growth.Thirdly,attractive and innovative business proposals and product ideas and their legal recognition can also generate substantial capital investment from capital investors and commercial credit lenders for new business projects as well as expansion of the existing ones.