N4 Entrepreneurship & Business Management


Key-cutting Laundromat


Lawn-care/Garden service Pet-sitting Pollution control Pool cleaning service


Activity 7 Choose any business idea from the list of possible “businesses ideas”. Write any four types of skills and/or knowledge that a person who starts such a business will require. Compare it with other members of your group. Is there something you did not think about?


Vending machines Wedding planner


Entrepreneurial success depends on Skills Contacts and friends Finance


Activity 8


It is now the time to decide which business idea interests you; about which you have the most knowledge and want to investigate further. This business idea will form the basis of all the activities that follow and will lead to a formal business plan.


Write down your business idea with a short description in your ‘Business Plan Workbook’ and submit it for approval.


5. Protecting your ideas


Coming across a good idea can be very exciting. However, how do you protect your idea and prevent someone else from “stealing” it? You don’t want someone else making money from your idea. It is possible to protect your idea but it is neither easy nor cheap. This can be done by using the following:


5.1 Secrecy


When you come up with a good idea, be careful about disclosing the details of your planned business to other people. As soon as you do, you run the risk that the idea may be used by someone else. One way to overcome this is to draw up a secrecy document to be signed by people with whom you need to discuss your idea. Asking a lawyer for assistance in drawing up such a document might be a good idea.


5.2 Patents


A patent is a legal right of ownership you acquire when inventing something new. It gives you the sole right to manufacture, market and sell a particular product. The patent rights can also be sold to someone else. It protects your idea for at least 20 years, but it is a very long and expensive process to undertake. A patent also needs to be registered separately in each country.


32 E-LINK


Click here to read 8 Ways to come up with a business idea http://www.entrepreneur.com/ article/225513


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