SECTION B

QUESTION 02
QUEST 03
An elevator pitch is a brief, persuasive speech that you use to spark interest in what your organization
does. You can also use them to create interest in a project, idea, or product – or in yourself. A good
elevator pitch should last no longer than a short elevator ride of 20 to 30 seconds, hence the name. They
should be interesting, memorable, and succinct. They also need to explain what makes you – or your
organization, product, or idea – unique.

QUEST 04
Intellectual property (IP) rights are one of the company's most valuable properties, if not the most
significant.

Your intellectual property rights are valuable because they allow you to:

1. Set the company aside from the competition

2. Be marketed or authorized, generating a significant amount of revenue
3. Provide consumers with something fresh and exclusive
4. A crucial component of the promotion or identity
5. Be used as collateral for loans

You may be shocked how many facets of your company can be safeguarded. IP will include the company
name and logo, compositions, innovations, works of artistic or intellectual achievement, and trademarks
that differentiate your brand. In our tutorials, we go through the various forms of IP in depth:

1. Trade marks
2. Get patent protection for your business
3. Copyright for your business
4. Protecting and handling your design

Some IP rights are automatically safeguarded by IP law, but there are also other types of legal protection
you can apply for.

To exploit your IP fully, it makes strong business sense to do all you can to secure it. You can then:

Protect it against infringement by others and ultimately defend in the courts your sole right to use,
make, sell or import it
QUEST 5
Bootstrapping: Bootstrapping is a third source of personal financing. It finds the ways to avoid the
external financing and create the funding through creativity, ingenuity, thriftiness, cost-cutting or any
means.

Examples of bootstrapping to raise the money or cut costs:

• Buy used instead of new equipment

• Coordinate purchases with other businesses

• Lease equipment instead of buying

• Obtain payments in advance from customers

• Minimize personal expenses

QUESTION 03
CASE 01
The majority of students will mention the services that Starbucks has in its restaurants, as well as the
friendly environment and the fact that Starbucks does not discourage customers from taking their time
and enjoying their coffee. Students' opinions about whether Starbucks' advantage in this field is eroding
can differ.

CASE 02
Once you have decided to buy the mentioned franchisee and you are on the stage of price negotiation,
you should follow following steps:

Assess the asking price.

The price you will pay is critical. It is not only important for calculatingrate of return on investment but
also in determining that how much capital one needs to source from financial institutions.

After assessing the asking price talk to a bank.

There is lot to be gained from talking to the bank before making an offer See that how much bank can
finance you how much is needed and what are the terms and conditions of the bank. All this is necessary
to know before taking final decision

Once above things are set as per the requirements, secure a physical location. It includes negotiating a
lease or sale of property.

Now acquire equipment and inventory hire employees and get them trained from franchisor

At last make grand opening

CASE 03
The GEM thesis demonstrates that entrepreneurship is not a passing fad. In reality, in most countries
around the world, entrepreneurial activity is high and growing. Furthermore, as mentioned in the
section of the Chapter titled "Changing Demographics of Entrepreneurial Activity," entrepreneurial
activity is growing across all demographic groups in the world.

CASE 04
Today, social media sites such as Facebook and Twitter have become a hive of information for
consumers. Both teachers and students can benefit from online learning .So I should open a tution near
college because it will be near the collage so students can easily come.

The social media strategies which I will use:

• Every initial 20 students of a batch will get 50% fee concession.

• 5 extra marks for all my students.

• Provide notes and important question to my students.

• Develop your online presence.

• Make business cards.

• Use smart wording.

• Online practice tests weekly.

• Encourage brand recognition

• Convert more prospects into students

CASE 06
Trademarking Rick Sanford restaurant name also helps create a unique and recognizable brand, which
will improve customer awareness and attract new patrons. Finally, trademarking protects Rick Sanford
restaurant name from being infringed upon by other businesses, which is particularly important for
restaurants looking to franchise or open additional locations.
 QUESTION 04
1. In what ways could Dippin’ Dots be hurt by its patent being invalidated? To what degree was
Dippin’ Dots’ patent an important part of its competitive advantage?

Technically, an inventor of a new product (or process) is required to apply for a patent within one year
of inventing the product or the product is considered to be “public art” and the right to file for a patent
is forfeited. There is an exception for sales made for testing or experimental purposes (such as in a
feasibility test). But the sales must be made for one of these two purposes, and not for commercial
purposes.

2. How can an entrepreneur be sure that the “letter of the law” is followed when filing a patent
application?

Before you try and patent an idea, do some research to make sure that your concept is original and
you’re not stealing intellectual property from anybody else? If you do think you have the potential to hit
the big time, it’s wise to keep your ideas to yourself until the patenting process is complete.

3. How can Dippin’ Dots differentiate itself from its competitors now that it can’t stop its
competitors from selling a product that is similar to what it sells?

Dippin’ Dots Think back to when you received the best customer service in your life. Being the absolute
best at customer service in your industry is just one way to stand out from your competition