Invention and innovation

Invention is about making new items, or finding new ways of making items. Innovation involves bringing this new idea to the market, that is, turning an invention into a product.

When a business invents and innovates ideas it will need to patent and copyright its new products to protect the business

A business can use the law to protect its business idea. For example, an entrepreneur can:

  • Register ownership of an invention or new process and be given a patent. This can stop rivals from copying the idea for a set number of years.
  • Sue for damages if others copy their work - copyright automatically arises for authors creating books, films, music or games.
  • Register a trademark. A trademark is a symbol or phrase that a company can register with the government to make their company distinctive.

A patent, copyright or trademark grants legal ownership and is only given for original work.

Important enterprise skills

So what does it take to be a successful business person? Typically entrepreneurs are:

  • imaginative and quick to see business opportunities and gaps in the market
  • planners who take time to research customer requirements, competitors and trends to better understand their market and minimise the risk of failure
  • determined to succeed no matter how many hours of unpaid preparation are involved
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