1. 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

2. 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

3. 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

4. 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

5. 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

6. 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

7. 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

8. 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

9. 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

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

11. 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

12. 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

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

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

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

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

17. 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

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

19. 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

20. Dr. Hatem Elaydi, IUG, Fall 2016, Entrepreneurship