Being an Entrepreneur

The assignment discusses intellectual property (IP), a product of human creativity, imagination, and inventiveness. It highlights the importance of IP in business organizations, citing examples like Apple and Walmart. The assignment also delves into specific types of IP, including patents (Design, Utility, and Plant) and trademarks, which provide a symbol or device to measure originality or source of a product or service. Finally, it touches on copyright, a form of intellectual property protection that provides legal authority to control how a work is used and gain economic benefits.

Running Head: Being an Entrepreneur
BEING AN ENTREPRENEUR
[Document subtitle]

Being an Entrepreneur 1
Table of Contents
Assignment 7.................................................................................................................................................1
Part A.........................................................................................................................................................1
Part B.........................................................................................................................................................1
Part C.........................................................................................................................................................1
Part D.........................................................................................................................................................1
References......................................................................................................................................................3

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Assignment 7
Part A
Intellectual Property is considered as a human intellect product that is intangible in nature but
has a significant value in the marketplace. It is known as intellectual property because it is a
product of the creativity, human imagination, and inventiveness (Bently, 2014). Apart from
benefits, intellectual property also brings a lot of problems for business organizations. It is
considered a big issue for them. Most of the business organizations have thought that their
physical assets like equipment, buildings, and land as the most significant assets. But, the
intellectual assets are more important than physical assets. It is an important issue because of
reputation and competitive advantage of the organizations associated with it. A lot of
organization is there which have earned name and fame due to their intellectual property. Some
of them are Apple and Walmart which have their valuable names and logos.
Part B
The patent is considered as a government license that provides the holder a large number of
rights to a design, process, or a new invention for a particular period of time. Application of
patent handles by a government agency of the concerned country. The three important and
effective patient’s forms are Design, Utility, and Plant (Mgbeoji, 2014).
 Design: Original, innovative and creative, ornamental designs for produced products.
 Utility: Beneficial and innovative process, Machine, Production, or composition of the
material or any useful and new improvement thereof.
 Plant: A new varieties of plants that can be reproduced.
Part C
Trademark is considered as a symbol, device, name, or word utilized to measure the originality
or source of a product or service or to differentiate those products from among available
alternatives. The importance of trademark can significantly judge by seeing its popularity. On the
other hand, the trademark is important because every organization want to achieve popularity
and use their logos, names and other product feature to increase their visibility (LaLonde, 2016).
With the help of trademark, they can significantly recognize in its marketplace which ultimately
brings growth opportunities for them. Apart of this, trademark also provides a large number of
customers with useful information. By serving a large number of customers, they can
significantly gain their confidence and place themselves in the eyes of customers. Trademark has
a rich history dating back 4,000 years ago.
Part D
Copyright is considered as a form of intellectual property protection which provides the owner a
legal authority to check how the work is utilized and to gain the economic benefits of the work.
But the work should be in the tangible form of magazine, article, book, architectural drawing,
computer software programs, and operating manual (Liu, 2016).

Being an Entrepreneur 3
With the help of copyright laws, one can protect "original works of authorship" that are in the
tangible form of numbers, colors, sounds, words, logos or designs, trade dresses, fragrances, or
shapes.

Being an Entrepreneur 4
References
Bently, L., & Sherman, B. (2014). Intellectual property law. Oxford University Press, USA.
Mgbeoji, I. (2014). Global biopiracy: patents, plants, and indigenous knowledge. UBC press.
LaLonde, A. G., & Gilson, J. (2016). Foreign Trademark Protection (Vol. 3). Gilson on
Trademarks.
Liu, J. P. (2016). Regulatory Copyright and the Next Great Copyright Act.