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Lec 5

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25 views14 pages

Lec 5

Uploaded by

Zane Tech
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Business opportunity

exploitation

• Relationships. / Network
• Ability to Manage Cash Flow.
• Management / Skill sets.
• Passion and Persistence.

03/04/2024 1
Local innovation
video
• .

03/04/2024 2
PROTECTING YOUR IDEAS

Building and growing a successful firm may


require an unfair advantage over others.
This may come from:

1. Information Restrictions (Business Secrecy)


2. Technological Restrictions
3. Legal Restrictions

3
PROTECTING YOUR IDEAS
Legal Restrictions
• Legally restricting others would require
seeking Intellectual Property Rights.

• The protection of creativity, innovation and


products. Owning the right to them means
like the physical property they can be
safeguarded.

• IP rights are essentially territorial, pertaining


to specific countries or economic area.
4
PROTECTING YOUR IDEAS
Enforcement of some type of rights may be difficult in
developing countries due to large informal sector

The main categories of IP are:

• Patents---If the business idea is based on an invention or


device.

• Trademarks (® ™)---- a product’s unique ‘badge’


comprising logos, colors, shapes sounds which
differentiate your product from others.

5
PROTECTING YOUR IDEAS
The main categories (Cont.):

• Design Rights---- The design of a product---the lines,


contours, colors, shape textures can be registered to give the
owner protection.

• Copyrights ( © )----for literature, art, music and broadcasting

• Licensing---- seeking the right or exclusive right (license) to


produce or provide a service in a defined economic area.
Holding a exclusive right prevents any one else.

• Contracts.

6
MARKET RESEARCH
A study of the business environment and forecast
of the future trends so that the business could
response most efficiently to change.

It determine the feasibility and viability of the business


idea.

It entails product and market research.

Business research should be a continuous process.


7
BUSINESS RESEARCH
Objective of Business Research

• To build credibility for the business idea

• To develop a realistic market entry strategy for


the new business idea based a clear
understanding of genuine customer needs

8
BUSINESS RESEARCH
Methods of Research

There are two main types of research methods in


starting a business:

1. Desk research (data from secondary sources) --- involve


the study of published information to gather data

2. Field Research ( primary data)---- involves fieldwork e.g.


questionnaire administration/interviews to collect new
specific information

9
BUSINESS RESEARCH
Some sources of secondary data in Ghana are:

• Public and Specialized Libraries


• Ghana Statistical Services and their
publications
• Registrar General’s Department
• Ghana Chamber of Commerce
• Association of Ghana Industries ( AGI)

10
BUSINESS RESEARCH
Some sources of secondary data (cont.)

• Industrial policy statements


• Budget statements
• Import and Export Statistics
• Investment code.
• Internet resources ( e.g.
www.businessghana.com)

11
BUSINESS RESEARCH
Sources of primary data

Market Research

Market research studies the business environment


and forecast future trends so that the business could
response most efficiently to change. It involves the
studying the following:
• The size of the market and its growth potentials
• Sales forecast base on potential customers
• Distribution and market strategies/policies
• Potential Competitors
12
BUSINESS RESEARCH

Market Research Process


A market research for a small business would
usually entail:
• Definition of research objectives
• Identification of the population ( the target
group(s) to sample for information)
• Checking of existing knowledge and data
• Definition of required new information
13
BUSINESS RESEARCH

Market Research Process (cont)

• Deciding on data collection methods

• Data Analyses

14

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