UNIT - 1: Intro & Patents

Obtaining Patent

Step 1 - Who can apply?

• true/first inventor
• employer/employee

Step 2 - Filing a Patent Application

1. Full name, address, nationality

2. Patent specification
3. application has been made or granted in Patent Cooperation Treaty (PTC)
4. Claim of priority - request for patent, description of invention, drawing, or filing fees

Step 3 - Specifications

1. Title, subject-matter
2. Relevant drawings
3. Description of invention
4. Details and method of its operation/use
5. Best method of performing invention
6. claims of invention substantiated
 7. abstract about technical information
8. declaration as to inventorship
9. improvement/modification --> controller grants patent for modification but original patentee
must hold same rights

Step 4 - Claims

• Scope of patent and monopoly conferred by it

• Covers process, product, machine, composition of matter
• Each claim of a complete specification has a priority date
• Appears at the end of specifications

Step 5 - Publication of Application

• Not open to public until after date of filing

• Include particular date, number, name, and address of application
• Subject matter, procedure, drawings will be available to public on payment of prescribed fees
• Date of publication to date of grant of patent (applicant will have same rights)

Step 6 -Examination of Application

1. complete specification describing invention

2. title indicates subject matter
3. claim defines invention
4. complete and provisional specification describe same invention
5. any other matter may be prescribe
6. prior claims of invention

Step 7 - Acceptance and advertisement of Complete Specification

• controller notifies applicant and advertises in official gazette

Opposition

Pre Grant --> application published but patent is not granted; person may present in writing

1. formed part of prior art

2. specification does not clearly describe invention
3. doesn’t have necessary info
4. complete specification doesn't disclose/ wrongly mentions source

Post Grant --> any person interested in opposing grant of patent gives notice to controller

invention wrongfully obtained

1. invention is obvious
2. specification does not describe invention
3. subject of patent is not an invention
4. geographical origin is not disclosed
Grants/Sealing of Patents

1. provision of IPA
2. Condition & provision of any other law
3. Condition that validity of patent is not guaranteed
4. Payment of fees

Rights to Patentee

1. Exploit the patent - 20 years from date of filing & then have to renew
2. Assign and license - power to assign rights or grant licenses
3. Surrender - can surrender anytime, must give a notice to controller and also to the people
whose names are entered in register of patent
4. Sue for Infringement - statutory right to institute proceeding for infringement

Limitation of Patentee Rights

1. Use for purpose of government

2. Acquisitions of patents and inventions by central government

3. Compulsory licenses - available for manufacture and export of patented pharma product to any
country
a. not granted merely to enable patentee to enjoy monopoly
b. granted to encourage invention
c. protection and enforcement of patent right contribute to promotion of tech
d. patent granted do not impede protection of public health and nutrition
e. does not prohibit central govt in taking measure to protect public health
f. grated to make benefit of patented invention available
g. Invention for defense purposes
h. controller finds it relevant for defense purpose, restricts publication
i. No patent application for invention relevant for defense purpose can be filed outside
India expect on the written permission of controller

4. Revocation of Patent
a. invention has mot been worked on in India
b. reasonable requirement of public has not been satisfied
c. invention is not available to public at reasonable price

Transfer of Patent Right - Assignment

1. Legal - assignor assigns rights through registered agreement

2. Equitable - patentee give another person rights in patent with immediate effect
3. Mortgage - patentee transfers rights wholly/partially to the mortgagee for a sum of money
License - privilege of another person through an agreement to make use/exercise invention

1. Voluntary - patentee empowers another person to make use of invention in a particular manner
2. Statutory - controller and central govt grants compulsory license
3. Exclusive - patentee confers rights to make/use/sell/distribute invention to others (excluding
patentee)

Patent Register

1. kept in patent office

2. name, address of grantees
3. notification of assignment and transfer of patent of license under patent
4. validity of proprietorship

Traditional Knowledge

• People’s awareness and understanding of this and other information and the life technology
local communities have evolved
• They cant be protected by patent or other instrument of intellectual property
• National laws do not recognize oral knowledge as evidence of prior art

UNIT 1 – Trade Secrets

formula, pattern, idea, process which provides own with competitive advantage in the market

Trade Secret over Patent

1. when secret is not patentable

2. not considered to be of great value to be deemed worth a patent
3. patent application was made and waiting for approval

Protect Trade Secrets

1. Trade Secret policy - limited people know

2. Employee agreement - confidentiality maintained between business partners
3. Non-disclosure Agreement - within employees
4. Adequate documents - TS remains a secret even when they leave the company
5. Security Systems - all necessary measures to maintain the secret
UNIT 1 – Case Studies:
UNIT 2 – Trademarks

Trademark – mark capable of being represented graphically and which is capable of distinguishing the
goods or services of one person from the goods and services of the competitors.

Different Kinds of Trademarks:

1. Logo – pictorial representation Eg: McD’s double arches

2. Letter – identity created out of letter Eg: IBM
3. Numerals – upon evidence of user Eg: 555
4. Symbol – visual depiction Eg: Benz
5. Brand – branded on goods or services Eg: Cycle brand agarbathi
6. Label/Ticket – composite mark containing various features Eg: Coca cola label
7. Name – name, surname, or personal name Eg: Cadbury
8. Colour – Green for eco-friendly
9. Sound – chime-like music Eg: Airtel mobile carrier
10. Smell – Roses applied to tyres → sumitomo tyres

Different forms of Trademarks

Collective Marks – distinguishes goods of members of association which owns the mark from others

Can be removed if:

1. The manner its being used is liable to mislead the public

2. Proprietor fails to observe/secure observance of regulation governing the use of mark

Certification Marks – certify goods in respect of origin, material, mode of manufacture, quality, accuracy

Trade is not applicable to certification marks

1. Application for registration, advertisement of application and opposition to it

2. Procedure as applied to other trademarks is different
3. Rights conferred by registration, infringement, limits on the effect of registered trademark

Registration of CM

1. Applicant is competent to certify the concerned goods

2. Draft of regulations governing the use of the mark is satisfactory
3. Registration would be public advantage in all circumstances
4. If approval requires modification the registrar shall give them the opportunity to be heard
5. Upon acceptance it shall be advertised

Registrability of TM

1. Name of company/firm represented in particular manner

2. Signature of applicant for registration
3. One or more invented words
4. One or more words having no direct reference to quality of goofs
5. Any other distinctive TM
trademarks which has acquired distinctiveness by use over a prolonged periods of time
Non-Registrable TM

1. Mark identical/deceptively similar to existing TM

2. Mark contrary to any law
3. Scandalous or obscene mark
4. Religiously susceptible mark
5. Word similar to existing non-proprietary names
6. Word which is commonly used
7. Name of any single chemical compound/element
8. Geographical name/surname or personal name
9. Any common abbreviations of sect, caste, or tibe

Registration of TM

Step 1 – Application

1. Application in prescribed form must be filed to the office of the TM registry

2. Registrar is required to classify the goods and services
3. Single application is sufficient
4. Every application must contain a representation of the mark in the place provided
5. 5 additional representations must be supplied
6. Application can be: accepted, accepted post amendment, or rejected

Step 2 – Advertisement

1. Application is advertised in TM journal to provide public an oppurtunity to oppose registration

2. Within 3 months, any person may give notice in writing to registrar of opposition
3. The registrar is mandated to register the mark with effect from date of application

Step 3 - Time Period

1. Registration is prima facie (based on first impression) evidence of validity of TM

2. Registered TM shall not be held to be invalid under the grounds that is not registered under Act
3. 10 years (maybe renewed indefinitely on payment or renewal fee)
4. Tm is not rejected even if it lacks distinctiveness if it acquired distinctive character

Deceptively Similar TM

1. nature of mark
2. degree of resemblance
3. visual/phonetic similarity
4. nature of potential class of consumers

Rights Conferred by Registration

1. use TM for specific goods; if it includes multiple parts - exclusive right applies to TM as a whole
2. obtain relief in case of infringement when similar mark is used
3. prohibits others from using registered TM for same goods
 4. TM is registered, similar cant be registered
5. can't be used by unauthorized papers & in ads
6. import goods with similar mark is restricted
7. restrict use of registered TM as trade name
8. confer right to pass TM to another person

Right to prior user - if person A registers TM that person B has been using using prior to A. B right ti use
TM is unaffected, although B's business might get affected. If B's business has strong reputation, then A
maybe prohibited from using TM

Rights to ones Own name - registration does not confer right to interfere with business of another
person who is using Bonafede manner his own name

Concurrent Use

• mark used in same location on same/diff good is not impacted by registration of same marl by
another person.
• parts of TM and non-distinctively commonly used trade language do not have exclusive right
• Common trade language includes words, symbols or branding that any trader in industry can use
and no one claims ownership

Infringement

• violation of exclusive rights to attaching to a registered TM without authorization of TM owner

or licensee.
• Owners may commence legal proceedings against the party which infringes its registration

Assignment - permanent transfer

License - temporary transfer/access revocable

Passing Off - occurs in case of unregistered brand name

• brought in by original owner/user of brand against another person

• Characteristics:
o misinterpretation
o made by person in course of TM
o to prospective customers of his or ultimate consumer of goods
o which causes actual damage to business
Jurisdiction

• under section of 134 of TM act of 1999

• person can file a suit of TM infringement in a district/high court within jurisdiction where person
resides/works
• person can file a suit for passing off in a district court within the jurisdiction where the
defendant resides/works

Remedies

• in case of TM infringement/passing off criminal complaints can be filed

• court grants injunction & order custom authorities to seize infringing material or prevent their
disposal to protect the rights of IP owner
• suit granted --> permanent/interim injunctions, damage/profit
o appointment of local commissioner
o restraining the infringer from disposing of or dealing with the asset in a manner

TM law in India

• Indian Trademark Act of 1999 which came inti effect on Sep 5th, 2003, regulates TM in India
• It replaces the trade and merchandise marks act, 1958
• the foreign national from a convention country may apply for TM registration in India within six
months of filing an application

Scope of foreign investors - business needs to adopt other strategies for protecting TM

• get TM searches conducted

• Get common law searches to ascertain whether 3rd parties are using your TM
• register TM is it is available for use
• owners must take immediate actions to protect TM

UNIT 2 – ECO LABLES

Provides a brief info on envt related product qualities

voluntary and mostly used for promotion of product on the basis of envt friendly characteristics

Objectives:

1. building consumer awareness on environmental issues

2. protect the environment
Uses:

1. allow consumers to make informed decisions

2. used as a tool for sustainable development

Need:

1. consumer concern for adverse impact of industrial pollution on environment health

2. Eco-labels that certify the eco-friendliness of the textile product are now increasingly deemed by
consumer

Criteria:

1. production of raw materials

2. production of end product
3. packaging and transport
4. use by consumer
5. disposal

Benefits:

1. environmental - envt friendly material

2. industrial - tools to communicate envt benefits
3. consumer - guidance in decision making while purchasing
4. governmental - effective tool for procurement program

Eco-Labeling Schemes

1. Non governmental organizations - Good environmental choice (Sweden)

2. Institution Related - EcoTex 100 (Germany)
3. Company Related - Green cotton, Steilmann
4. Government - Eco-seal (Holland), Eco-mark (Japan)

FSC - Forest Steward Ship Council

• non profit organization devoted to encouraging responsible management of forests

• landowners and companies that sell timber seek certification as a way to verify to the consumers
that they practiced forestry consistent to the FSC standards
UNIT 2 – CASE STUDIES
UNIT 3 – case studies

Broadcaster’s Rights

1)_Super cassette Industries Ltd vs Entertainment Network India

• Radio Mirchi broadcasted the song owned by a music company so they took it to the court
where they were checking for the copyright grant to a compulsory license
• they did not have the authorization/license to broadcast and was an infringer
• section 31 employs word may it is not mandatory for board of licenses to each and ever
application
• decision made based on valid reason & examination board also considers private rights and
public interest

2) Video master vs Nishi production

• plaintiff, owner of video copyrights for Bess Daal Baas claims that the producer had assigned
exclusive rights to them under an agreement.
• They alleged that defendant had given copy of film to other distributor who used it to make
cassette copies for satellite TV, which is a violation of copyright.
• But the act of receiving satellite signal through dish antenna owned by cable operators and
relying those signals to viewers through cable media does not constitute a violation of exclusive
video copyright held by the plaintiff

3) Glassware Plastic and Polyester Ltd vs Telelink

• plaintiffs are copyright owner of cinematographic film and have assigned right to broadcast film
to govt of India on Doordarshan.
• Telelink is accused of infringing this by showing film on their cable TV network.
• communication of film by TV is broadcast and defendant are violating copyright in film

Performer Rights:

4) Super Cassette Industries Ltd vs Bathla Cassette Industries Ltd

• case involves dispute b/2 manufactures and producers of pre-recorded audio cassette
• plaintiff produced version of recording of Chalo dilbar Chalo from Pakeezah & paid royalties to
original owner
• defendant, attempted to produce a version of this recording (violation of copyright)
• court separates sound recording copyright and that reproducing it would require plaintiffs
consent, and the concept of version recording involves well known song being sung by lesser
known singer
• plaintiff used independent skill to produce version recording and argued that it has own
legitimate & legal rights to copyright in sound recording
• court examined performer rights, court also noted plaintiff had engaged musicians, singers to
create music track
• Delhi high court ultimately ruled that plaintiff's right under section 52 of copyright act had been
violated by defendant and granted an interim injunction
UNIT 3 – Industrial Design

Industrial Design

The Design must have:

1) Shape, configuration, pattern, or ornament or composition of lines or color which are applied to an
article.
2) Needs to be aesthetically pleasing to the eye.

The Design must not have:

1) Methods or principles of construction

2) Features dictated solely for the function.
3) A mechanical device
4) A trademark, or property mark or artistic work
5) Immoral designs or designs contrary to public order

Steps for Filing Application:

1) Search for existing designs

2) Representation of exact article being registered.
3) identify appropriate class for design.
4) prepare evidence of novelty in design
5) priority date for Convention Countries is claimed.
6) fee is 1k for registration & 2k for renewal.
7) application filed at Design office (Kolkata) or patent office (delhi, mumbai, chennai)
8) after examination, additional info may be requested.
9) to have easy communication give correct contact details

Controller for Cancellation of Registration:

1) design has been previously registered in India

2) been published in India or in any other country prior to the date of registration
3) design is not a new or original design
4) design is not registerable under this Act
5) design is not a part of the defined designs in Act.

According to Designs Act, 2000 any person contravening the provisions of the Act shall be liable to pay
to the registered proprietor of the design a sum not exceeding twenty five thousand rupees recoverable
as a contract debt.

Unit 3 – Copyrights :

The Copyright Act of India provides right holders dual legal machinery for enforcing their rights. The
enforcement is possible through (1) The Copyright Board and (2) The courts.

Section 52 of Indian Copyright Act permits certain activities which do not amount to infringement.
Creator of Work (can) prohibit or authorize:

1) reproduction in various forms, such as printed publication or sound recording

2) public performance, as in a play or musical work
3) Recordings of it, for example, in the form of compact discs, cassettes or videotapes
4) broadcasting, by radio, cable or satellite
5) translation into other languages, or
6) adaptation, such as a novel into a screenplay

Rights:

1) performing artists (such as actors and musicians) in their performances

2) Producers of sound recordings (for example, cassette recordings and compact discs) in their
recordings
3) broadcasting organizations in their radio and television programs

Computer Software and IPR - Article 2 of Berne Convention

Copyright Problems Arising from Computers

1) reproduction of machine-readable material support memory of computer Article 9 Berne

Convention
2) output of computer system should be protected under copyright law irrespective of the form
3) ensures authors moral rights should continue to be exercisable in relation to computer use
4) Non-voluntary licenses should be adopted when voluntary licensing is impracticable

Five Principal Types of Software Piracy:

1) Counterfeiters - looks very similar to original.

2) Resellers - selling copies of pirated videos w/o authorization.
3) Mail order houses - unauthorized copying of software distribution via post
4) Bulletin boards - unauthorized reproduction via telecommunications
5) End-user piracy - copying software only more computers than authorized

Broadcast Rights - Statutory Ambit - Section 37 of the Act - broadcaster is given the right to reproduce
the broadcast made already.

Rights:

1) reproducing the broadcast

2) causing the broadcast to be heard or seen by the public on payment of any charges
3) making any sound/visual recording of the broadcast
4) making any reproduction or sound/ visual recording where the initial recording was unauthorized
5) selling/hiring/offering for sale or hire to the public any sound/visual recording
Exceptions Under Act 52

1) for private use

2) for purposes of bona fide training or research
3) for reporting of current events (here it is to be noted that only excepts of such broadcast are
allowed to be used under this exception),
4) general exceptions

Performers Rights: Section 38 of Copyright Act 1994 - rights to singers and other performers in India

Exclusive Rights

1) to make sound/visual recording

2) to reproduce sound/visual recording
3) broadcast performance
4) communicate performance to public through other than broadcast

Infringement

1) made w/o performers consent

2) made w/ purpose diff than performer (article 39)
3) recording used as way of communication
4) makes sounds/video recording w/o consent

Exceptions to infringement - section 39

1) making of sound/visual recording for private use of person

2) use of excerpts of performance/broadcast
3) in current event or for teaching, bona fide review

Acts under Section 52

1) any reproduction of a literary, dramatic, musical or artistic work for judicial proceedings
2) any reproduction in accordance with any law for the time being.
3) any reproduction made by secretariat of a legislature.

Cybercrime

• 1820 (First cybercrime)

• Cyber law - governs cyberspace (computers, networks, software, internet, data storage devices
etc.)
• Cybercrimes - criminal activity (theft, fraud, forgery, subjected to Indian Penal Code
IT Act 2000

• Against people - harassment

• Against property - computer vandalism
• Against Government - terrorize citizens

Types

1. Hacking
2. Trojan Attacks
3. Worms & Viruses
4. Email spoofing, spamming, bombing, frauds
5. Internet Relay Chat crimes - Dos attack
6. Piracy
7. Online gambling

UNIT 4 – famous entrepreneurs

7 Entrepreneurs

1. Alexander Graham Bell (+Thomas Watson ) --> voice transmitting device - telephone 1876
2. Steve Jobs - Apple 1997
3. Walt Disney - animator --> filmmaker
4. Bill Gates - computer programmer (traffic pattern monitoring)--> Microsoft 1975 & MITS in 1978
5. Jeff Bezos - wall street --> Amazon.com 1995
6. Larry Page - computer scientist --> Google in 1998
7. Mark Zuckerberg - Zucknet --> Facebook 2004

5 Indian Entrepreneurs (from India)

1. Ambani - Reliance industries in Mumbai 1966 --> market capitalization (2nd largest company)
114th/500 in Fortune Global
2. Tata - Tata Groups 1991 - Top 15 steelmakers; they manufacture everything
3. Narayana Murthy - Infosys 1981 - 12th greatest entrepreneur in fortune magazine 2012
4. Azim Premji - WIPRO --> western Indian vegetable products 1945 --> Wipro lmtd - global info
tech, consulting and outsourcing company (revenues of 7.7USDs)
5. Shiva Nadar - HCL 1976 --> 1987 revenue of 100 crores (ranked no.1 IT company)

5 Entrepreneurs of 2019

1. Ritesh Agarwal - Oravel Stays --> Oyo Rooms

2. Trishneet Arora (25) - TAC Security Solutions - performs Vulnerability Assessment & penetration
tests & checks cyber security
3. Sreelakshmi Suresh - eDesign - web designing company offers SEO services
4. Kavitha Shukla - Fenugreen - homebrewed spice tea - stave off ill effects of drinking tap water
5. Tilak Mehta (13) - Paper N Parcels - carrying small parcels and papers within Mumbai for
delivery (used help of dabbawalas around Mumbai)
5 Female Entrepreneurs (from India)

1. Shubhra Chadda - NetApp - Chumbak - lifestyle brand - magnets, keychains, cushions covers etc
2. Kiran Mazumdar Shaw - brewmaster -->Biocon - biomedicine research w/ focus on diabetes and
oncology
3. Rashmi Daga - FreshMenu - food entrepreneur - satellite kitchens serving area within 5km (72
crore INR)
4. Chanda Kochar - ICIC Bank - MD & CEO - best retail banker of year 2004
5. Aditi Gupta - Menstrupedia - crowdfunded initiative - resourceful info about periods

E-cell: entrepreneurship cell (IIT Bombay)

• E-summit - flagship event - brings together entrepreneurs, venture capitalists, investors etc
• Freelancers
• Panel Discussions
• Startup Expo - pitch startups
• Eureka! - international business plan competition 1999
• Mentor's meet - workshops
• National Entrepreneurship Challenge 2013 - help colleges to establish their own E-cell
• Ten Minute Million - 2014 - on spot funding (1.6M INR & 4% equity)
• Pre-Eureka Workshop
• Venture IOT Workshop
• Fast track course - basic ideas dos and dont
• Webpreneurship - 2 day workshop web platforms
• EnVoyage - free workshops across india
• Lean Entrepreneurship Workshop
• Wolf on Wall street - stock market - hands on activity
• EnB Buzz - business idea competition
• I_Hack - hackathon
• Enspace - biannual entrepreneurship magazine of IIT Bombay

UNIT 4:

Myths about Entrepreneurs:

1. Born that way

2. Only require a good idea
3. Starting new business guarantees freedom
4. Launching a company quickly leads to wealth
5. Only money motivates employees
6. Businesses either flourish or fail
7. All responsibilities fall on the entrepreneur
8. There's a secret, silver bullet key to success
9. Businesses need someone with an MDA at the helm
10. Quitting is for losers
Successful Entrepreneurs:

1. Self-motivation
2. Understand What You Offer
3. Take Risks
4. Know How to Network
5. Basic Money Management Skills & knowledge
6. Flexibility
7. Passion

Entrepreneurial Styles:

1. Laissez-Faire - leaders giving a lot of freedom to the employees (no deadlines). Chaos unless
professional
2. Autocratic - leaders are in complete power - demoralizing effect on employes
3. Transactional - provide them with tasks and reward system - pushing who fall short - loss of
creativity
4. Democratic - leaders take input from employees and include them in decision making - not
useful in time of crisis
5. Pacesetting - leader tends to set the pace and everyone’s gotta catchup - overwhelmed and
stressed
6. Transformational - leader has shared vision & uses effective communication as tool to reach out
to the team - high productivity & engagement

Personality Traits of Entrepreneurship

• Goal-oriented
• Committed to their business
• Hands-on - need to get things done
• Thrive on uncertainty - out of box thinking
• Continuously look for opportunities to improve
• Willing to take risks
• Willing to listen and learn
• Have great people skills
• Inherently Creative
• Passionate and Positive

5 Strengths of Entrepreneurs

1. Innovative
2. Aren’t afraid to take a chance
3. willing to work hard
4. People and Money Management
5. Passionate about what they do
5 common Weaknesses

1. Bad Time management

2. Hesitance to delegation - cant give work to others
3. Biased perspective on business - be ready to take feedback
4. Being all over the place - check and see what to implement
5. Bad Administration skills - hire accountant

5M's of Entrepreneurship

1. Money
2. Material
3. Machinery
4. Men
5. Method

Unit 4 - Communicate Efficiently

1. patient
2. listen
3. notes
4. rephrase
5. no interruption
6. pause and reflect

How to Communicate Effectively

1. observe
2. clarity
3. listen
4. emotional intelligence
5. self-confidence
6. respectfulness
7. non-verbal communication
8. select right medium
9. feedback

Communication Barriers
1. jargon
2. emotional barriers/taboos
3. lack of attention or interest
4. language
5. expectations and prejudice - stereotyping
6. cultural difference

Purpose of Communication
1. flow of info
2. coordination
3. management skills
4. accept change
5. human relations
6. encouraging new ideas

Importance of Communication
1. base for action
2. easy planning
3. means of coordination
4. decision-making
5. effective leadership
6. morale boosts & motivation

Principles of Communication
1. The message must contain clarity
2. It needs to be adequacy & consistency
3. Provide a sense of integration to achieve set target
4. economy in use of communication systems to be cost effective
5. Collect feedback in order to improve
6. A dire need for communication network
7. Grab the attention of the receiver

Common Mistakes while Communicating

1. not using "we"
2. no eye contact
3. interrupting
4. negative/apathetic body language
5. not restating or paraphrasing what others said
6. making assumptions
7. letting emotions control u
8. no questions asked
9. talking about yourself other than asking them
10. need to win argument
11. attacking other people's character
12. expecting people to read minds
13. giving up power
14. getting distracted easily
15. not being empathetic

55% physiology, 38% tonality, 7% words

facial liking + vocal liking + verbal liking

Rapport - understand each other.

1. understand their feelings
2. share similar interests
3. share ideas more readily
4. know their core values
5. know best ways for communication
Cues - visual, auditory, internal dialogue, feelings
fast (visual) ----> (auditory) ---> slow (kinesthetic)

Case study - prof. albert Mehrabian - Uni of Cali in LA (1970s)

UNIT 5: Design thinking

Process:
1. problems not solved right away
2. design doesn’t describe ending - its a process
3. outline problem
4. cultivate ideas
5. develop best ideas
6. execute

What is? What if? What wows? What works

WHAT + HOW = VALUE

deduction --> knowing what and how
induction --> missing how; so create hypothesis
abduction 1 --> value and how known
abduction 2 --> only value known

Ethics in Design Thinking

1. deontology - right action result of moral obligation

2. communicative ethics - rational speech defines right and rational people understand each other
3. virtue - moral character
4. consequentialism - outcome >> process
5. casuistry - acting right depends on particulars of problem

Principles
1. problem solving attitude
2. human-centered design - bottoms-up approach
3. iterative approach - inspiration, implementation, and ideation

Process
1. empathize - need finding
2. define - problem statement
3. Ideate - brainstorm and inventiveness
4. prototype - sketch or model
5. testing - - create basic models and test them out
Skills to be an Effective Entrepreneur

Customer Centric Selling

1. converse situationally instead of ppts

2. ask relevant questions instead of offering solutions
3. focus on solution instead of relationship
4. target decision-makers instead of users
5. promote product usage to garner interest instead of product alone
6. strive to be the best seller rather than the busiest
7. close on the buyer's timeline rather than sellers
8. empower buyers to buy instead of convincing them

Personal Selling

Definition
• philip kotler - face-to-face interaction
• irving j shaprio - art of persuading customers to buy products that benefit them
• oral presentation of foods to more than 1 customer to promote sales

Significance
1. important ingredients
2. 20% of sales affected
3. salesman reaches customers (that can be researched via promotions)
4. flexible (adjusted to rxn of buyers)
5. feedback
6. find target consumers

Limitations
1. cost of travel, lit, surveys, management
2. less attractive for small companies
3. salespeople waste time
4. need proper training and adequate motivation

Building blocks to sale

step 1. sell yourself first

1. how u look
2. right attitude

step 2 - Sell by Asking Not telling

1. avoid mistakes and arguments
2. find motivation for them to buy
3. control the convo
4. make them feel important
5. find topic of interest
step 3 - sell results
buy things what do for them not what they are

Successful Salespeople
1. enthusiasm
2. ability to close the sale
3. product knowledge
4. looks after customer
5. time management
6. good listener
7. answers objections better
8. good talker
9, good contacts

Show and Tell – Sales Leadership

AIDA - attention, interest, desire, and action

Sales Leadership
1. tell - explain each step, what it means to accomplish, what’s the necessity
2. show - execute sales pitch in multiple settings
3. watch - constructive criticism - office/real prospect
4. allow - when they are ready and can learn new skills

Elevator Pitch

1. 30 sec long (not more than 90 max)

2. easy to understand
3. be exciting
4. convey key product attributes
5. tailored for your audience
6. hook to push the convo

5 steps:
1. relate to their problem
2. explain the solution
3. Details why your product is unique
4. personalize message
5. craft a compelling call-to-action

Example:

1. When your company is adding a dozen new employees a month, it’s tough to maintain the same
company culture you once enjoyed

2. Our employee engagement platform helps you identify your employees’ interests and then organize
social events in response. With the data we gather through the app, you can personalize the events to
your employees’ preferences and then measure their effectiveness
3. Unlike other solutions, our software features an algorithm that automatically generates social outings.
It’s an all-in-one platform.”

4. Oh and congratulations on the recent series A funding! Now that it’s a time for celebration I wouldn’t
hesitate to consider solutions that can continue to take your business further.

5. Are you available to meet next week so we can discuss how our platform can help you improve your
company culture?”.

Challenges of Entrepreneurship

Traits:
1. desire for responsibility
2. preference for moderate risk
3. confidence in their ability to succeed
4. determination
5. desire for immediate feedback
6. high level of energy
7. future orientation
8. skill in organization
9. value of achievement over money

characteristics:
1. high degree of commitment
2. tolerance for ambiguity
3. flexibility
4. tenacity

benefits: (opportunity to ..)

1. create own destiny
2. make diff
3. reach full potential
4. reap impressive profits
5. contribute to society
6. be recognized for efforts
7. do what you enjoy

drawbacks - rick and uncertainties

1. last to be paid
2. losing investment
3. long work hours
4. high stress levels
5. complete responsibility
6. discouragement
rapid increase in entrepreneurs
1. heroes
2. education
3. demographic and economic factors
4. service economy
5. tech advancements
6. indp lifestyles
7. internet and cloud computing
8. international opportunities

Mistakes - business failure

1. management mistakes
2. lack of experience
3. poor financial control
4. weak marketing efforts
5. no strategic plans
6. uncontrolled growth
7. poor location
8. improper inventory control
9. incorrect pricing
10. inability to make the entrepreneurial transitions

avoid pitfalls.
1. know depth of business
2. develop business plan in writing
3. manage financial resources
4. learn to manage people effectively
5. set your business apart from competition
6. maintain positive attitude

Reasons to be become entrepreneurs:

1. their creativity doesn't fit in the corporate environment
2. they want a lifestyle that is not bound to 9 to 5
3. passionate about learning
4. unconventional ideas
5. wanting to do thing
6. want to change the world

UNIT 5 – RISK Management

Risk - in certain event that may have a positive/negative impact on project

Risk Management - process of identifying and migrating risk

Risk management planning

Step 1 - Risk identification

1. SWOT Analysis
2. Information gathering
3. Check-list Analysis
4. Assumption Analysis

Step 2 - Qualitative risk analysis

1. Assess impact and likelihood of identified risk

2. probability and impact matrix
3. risk categorization
4. risk urgency assessment

Step 3 - Quantitative risk analysis

1. Data fathering (direct, diagrammatic, delphi)

2. Probability distribution
3. Modeling techniques (decision tree, sensitive analysis, expert judgment)

Step 4 - Risk response planning

1. Eliminate threats before they happen

2. decrease impact to threat
3. contingency plan
4. fallback plan
5. negative risk/ threat (avoid, transfer, mitigate, accept)
6. positive risk/opportunity (exploit, share, enhance)

Step 5 - Risk monitoring and control

1. risk reassessment
2. risk audit
3. trend analysis

Risk Management in a project

1. Identify risks at the early stage

2. communicate about the risk
3. consider both threats and opportunities
4. clarify ownership issues
Risk Management outline:

1. Prioritize Risks
2. Analyze Risks
3. Plan and Implement Risk Responses
4. Register Project Risks
5. Track Risks & Associated Tasks

Benefits of Risk Management:

1. Effective use of resources

2. enhance communication
3. promoting continuous improvement
4. fewer shocks and failures
5. reassuring stakeholders
6. strategic business planning
7. recognition of responsibility and accountability.
8. raised awareness of significant risks