Lecture 7 Products/Services protection, budgeting, banking, contracts and regulations Dr. Hatem Elaydi ECOM 5368 Engineering Management (Entrepreneurship & ework) Islamic University of Gaza Sep 21, 2016

Protect product Idea theft is an ongoing concern for many of business owners, who see themselves as having an advantage by being at the forefront of the market. A competitor could snatch the idea and put it to use themselves, leaving the business with little recourse. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Steps to plan a course of action Use Non-Disclosure Agreements A non-disclosure agreement can help protect your idea before revealing it to workers or other associates. However, it’s important to note that many investors will balk at signing an NDA before you speak with them. Since the balance of power is in their favor, this may be something you’ll have to give up if you want investors. The same holds true for potential clients. Instead of requiring a signature, consider simply printing a confidentiality statement on your business plan. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Patent Patenting your idea is one of the easiest, most straightforward and cost effective ways of protecting yourself. A patent is a government-issued "right" for you to exclusively make, use or sell an invention for a set time period. Apply for a Provisional Patent A patent can incur far more expense than a startup is able to pay. During the process of shopping your idea around, a provisional patent can protect your idea for the first year. After twelve months, the provisional patent expires, however, with no option of being extended. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Trademark Your Name A trademark can provide an additional layer of protection, since a company’s name is often tied closely with its idea. By establishing a trademark, you also have added protection in the event a legal issue should arise. The documentation required to register a trademark can serve as written proof that your business idea was in the works at a specified time. These dates will be crucial in establishing the exact date your idea was in the works in the event someone else tries to dispute this fact. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Copyright If your entrepreneurial ventures includes any kind of published, filmed or performed work, or potentially published work, it should have a copyright. This is kind of like a patent, but for publishable works. It gives you exclusive rights to record, print, publish, or film your unique idea. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Industrial design Registering a design prevents a competitor copying the physical appearance of a product or component. The appearance of a product includes lines, shape, contours, texture, colors and materials. A registered design lasts initially for five years, although it can be renewed for up to 25 years. For example, registering designer fashions will stop others from using those designs. This helps to protect designs from being copied and appearing as cheap fakes on the high street Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Trade Name: The trade name is the name under which a business enterprise operates. License: a licensing agreement that gives official or legal permission to do or own a specific thing. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Personal Budget Budgeting is a planning tool A budget can guide and controls expenditures Ideal budget Lean budget Planned budget Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Business Banking Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Business Banking Business banking is a company's financial dealings with an institution that provides business loans, credit, savings and checking accounts specifically for companies and not for individuals. Business banking is also known as commercial banking and occurs when a bank, or division of a bank, only deals with businesses. A bank that deals mainly with individuals is generally called a retail bank, while a bank that deals with capital markets is known as an investment bank Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Business Banking- Services Offered Business banks provide business checking and savings accounts, financing options and cash management solutions. Bank Financing: Bank financing is a primary source of capital for business expansion, acquisitions and equipment purchases, or simply to meet growing operating expenses. Bank account Checks Deposit Outstanding checks Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Services Offered Outstanding deposits Bank register Bank statement Bank reconciliation Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Business contracts Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Elements of a contract Offer Acceptance Mutual agreement Form – verbal/written Concideration legality Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Licenses, permits and regulations Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

License and permit License: provides a right formally granted in writing by an authority. Permits: are granted in order to give, voluntarily or officially, some right, opportunity or power to someone. It is a written license written by authority. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Licensing Provincial Municipal Subdivision Development permits Building permits Signage permits Home occupations Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Regulations Taxation Manpower and labor Income tax, pension, unemployment insurance Wages and working hours Workers’ compensation Health insurance Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship

Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship