Essay on Protecting New Ideas and Innovation for Business Growth

This essay explores the critical importance of protecting new ideas and innovation within a business context. It argues that safeguarding intellectual property is essential for a company's success, preventing issues such as poor planning, financial instability, over-reliance on few customers, poor cash flow management, and weak leadership. The essay emphasizes the role of intellectual property rights, such as patents and trademarks, in securing a competitive advantage, fostering growth, and preventing competitors from exploiting valuable ideas. It highlights how the protection of innovation facilitates internationalization, ensures financial health, and promotes strong leadership within an organization, ultimately leading to sustained success in the market. The essay references various academic sources to support its arguments.

Essay

Table of Contents
MAIN BODY...................................................................................................................................3
REFERENCES................................................................................................................................5

MAIN BODY
I strongly agreed in the context of without protecting new ideas, organisation and
individual not gather benefits of innovation, not focus on improvement . Innovation ideas allow
company and individual to get successful in the market And inventing new and better ideas, offer
competitive advantages to the company (Akram, 2020). The intellectual property is important to
ensure the safety of business ideas and facilitates a possible internationalization of the business.
It is rights and registration that allow companies to protect their precious business ideas, research
and development activity. Without protecting the ideas of business, company faces various issues
arises in the company.
Bad planning and lack of strategy- The company faces lack of planning and strategies, if they
not protected their ideas in the market. Extended period planning is the key to success of
organisation and when they map growth of the business, own need to conduct market research on
what their customer need and what they want (Chanson, 2019. ). They need to recognize their
competitor and active regarding the trends. If the company not protect their ideas and innovation
in the any filed company face bad planning issues and struggling in the market.
Losing control in the finance – Finance is very important aspect for the company or individual,
if they are not protecting their ideas they face financial challenges in the market. Any business
owner need to aware about financial and cash position any time. Protecting the ideas and
innovation help the company to forecast the income and cost in future which help the company
to fulfil their ideas.
Over dependence on the few customers- I agreed about if the company not protected their
ideas from competitors they stole their ideas. The company depending on the few customers is
big issue for the company. It leads to business nonachievement, if one of them customer pull out
the currency flow and profit will hit the company.
Poor cash flow management – It is another challenge arise in the company if they are not
protecting their ideas. In any organization cash is king, if the company not manage their cash
flow can track to the lead of any business. The company not protecting their ideas and innovation
that affected to the company debtors, high stock level, inadequate financing.
Weak leadership – protection of new ideas is very important for the company and their
research and development. If the company not protecting their ideas in the market from the other
competitors or hacker, company face weak leadership in the organization. Good leadership

recognized the skill they need for completing for the job. They will communicating, direct
reward and offer possibility for the growth to their employees. Poor leader ship lead to
unmotivated and ineffective team which can easily cripple a business (engoiboni, 2019).
I agreed that protecting business ideas help the company to grow and achieving success
in the market. When the company has great ideas there will competitor who want to match their
success and sale their opinion as their own. Look on the circumstances, the company use
patents, trademark which help them to protection their ideas. These can use to prevent from
challenger or anyone else from using the ideas for their own net income without their permission.

REFERENCES
Books and journals
Akram, S V.,2020. Adoption of blockchain technology in various realms: Opportunities and
challenges. Security and Privacy.3(5). p.e109.
Chanson, M and Wortmann, F., 2019. Blockchain for the IoT: privacy-preserving protection of
sensor data. Journal of the Association for Information Systems.20(9).pp.1274-1309.
Lengoiboni, M and Zevenbergen, J., 2019. Cross-cutting challenges to innovation in land tenure
documentation. Land use policy.85. pp.21-32.

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