IPR

&
ENTERPRENEURSHIP
 INTRODUCTION
There is an important relationship between the terms called Intellectual Property
Rights and Entrepreneurship.
Intellectual Property Rights can be defined as a form of legal entitlement which
allows the holder to control the use of certain intangible ideas and expressions. It
excludes the general community from using one’s work without payment or proper
remuneration or written consent. While the term entrepreneurship can be defined
as the practice of starting new organizations or revitalizing the mature
organizations, particularly new businesses in response to identified opportunities.
So IPR is important so that one can use his/ her original ideas to create a new thing
and then proceed to market the product by himself or sell his information to a
company which licenses the marketing of the product thereby increasing their hold
in the market if the product is that much useful.
 GATT/ WTO Regimes

• During the past 55 years the world has undergone great transformation in the history of
intellectual property, During the past 55 years the world has undergone great
transformation in the history of intellectual property, international trade. Importance of
human intelligence, intellectual property was realized after the Industrial Revolution after
World War II. These industrialized countries took the initiative for the organization of an
international trade body with the GATT in 1947. Establishment of the WTO took place in
1995.
• The Uruguay Round covered 7 different areas of IPRs- patents, trademarks, copyrights and
related rights, industrial designs, geographical indications, integrated circuits and
undisclosed information.
• General trend in IPR law was expansion. Effect was a rise in term of government granted
rights and an expansion of definition of author to include corporations as legitimate
creators and owners of works. Another trend was to rise number and type of what was
claimed as intellectual property. Expansion of exclusive rights was alleged to have led
emergence of organizations whose business model was to frivolously sue other companies
•international trade. Importance of human intelligence, intellectual
property was realized after the Industrial RevoluDuring the past 55
years the world has undergone great transformation in the history of
intellectual property, international trade. Importance of human
intelligence, intellectual property was realized after the Industrial
Revolution after World War II. These industrialized countries took the
initiative for the organization of an international trade body with the
GATT in 1947. Establishment of the WTO took place in 1995.
•The Uruguay Round covered 7 different areas of IPRs- patents,
trademarks, copyrights and related rights, industrial designs, geographical
indications, integrated circuits and undisclosed information.

•General trend in IPR law was expansion. Effect was a rise in term of
government granted rights and an expansion of definition of author to
include corporations as legitimate creators and owners of works. Another
trend was to rise number and type of what was claimed as intellectual
property. Expansion of exclusive rights was alleged to have led
emergence of organizations whose business model was to frivolously sue
other companies leading to reduction of overall creative output of a
society.
 WTO AGREEMENT OF TRIPS
• The Trade Related Aspects of Intellectual Property Rights Agreement was the most
significant international convention in the field of intellectual property. The GATT
was devoid of any mention of intellectual property and the developing countries
resisted TRIPS inclusion in UR because IPRs had nothing to do with trade and WIPO
had agreements on IPRs.
• Under the TRIPS , the WTO was engaged in monitoring and adjudicating the legality
of domestic rules and policies on IPRs that were not primarily entrusted with the
organization. The object of the WTO was basically to regulate the international
trade in accordance with the mutually agreed rules. WTO’s 2 important principles
are MFN and national treatment. The MFN treatment provision states that
protection of intellectual property, any advantage, favor, privilege or immunity
granted by a member to the nationals of any other country shall be accorded
immediately and unconditionally to the nationals of all other members.
• So the TRIPS Agreement has some objectives as follows:
1.Protection and enforcement of intellectual property rights that should contribute to
the promotion of technological innovation
2.It should facilitate the transfer and dissemination of technology for the mutual
advantage of producers and users of technological knowledge
3.The members are free to adopt measures necessary to protect public health and
nutrition, and to promote the public interest in sectors of vital importance to their
socio economic and technological development during the amendment of their
domestic legislations
4.Members can adopt measures necessary to prevent the abuse by the patent holders
compulsory licensing is a weapon in the hands of members
PART 1:
IPR
 WHAT IS IPR?
• or wriIt is the abbreviated form of the term called Intellectual Property Rights.
• A property is defined as assets of every kind, whether corporeal or incorporeal,
movable or immovable, tangible or intangible, and legal documents or instruments
evidencing title to or interests in such assets. The word property is derived from
Latin proprietas.
• Intellectual property refers to intangible or incorporeal property, such as detailed
knowledge of a manufacturing process, a trade mark, a patent, or a trade name.
Corporeal property is the right of ownership in material things; incorporeal
property is any other proprietary right in rem includes the intellectual property
rights.
• It is a form of legal entitlement which allows its holder to control the use of certain
intangible ideas and expressions.
• It refers to certain kinds of exclusive rights to intellectual capital, some forms of
which can expire after a period of time, and others can last indefinitely.
• Primary function of IPRs is to exclude the general community from using one’s work
without payment or proper remuneration or written consent.
• tten consent.
INTELLECTUAL PROPERTY PROTECTION
IN INDIA
• The Indian patents were granted under Exclusive Privileges Act of 1856,
which was enacted in line with the British Patent Act of 1852.
• A full fledged legislation called Indian Patents and Designs Act 1911 in line
with the British Statute of 1907 was passed later.
• Indian Patent Act, 1970 was passed and it prevailed over a period of 3
decades until it was amended in 1999.
• TRIPS commitments in 1995 were:
1. Patent (Amendment) Act, 2005
2. Trademarks Act, 1999
3. Designs Act, 2000
4. Copyright (Amendment) Act, 1999
5. Protection of Plant Varieties and Farmer’s Rights Act, 2001
6. Geographical Indications of Goods (Registration and Protection) Act, 2001
7. Biological Diversity Act, 2002
8. Semiconductor Integrated Circuits Layout Designs Act, 2000
• The intellectual property regime is managed by many conventions and
agreements in the world and the TRIPS agreement is the last one in the series of
agreements . They are:
1. Paris Convention for Protection of Industrial Property, 1883 (revised in 1967 and
1971)
2. Berne Convention for Protection of Literary and Artistic Works, 1886 (last revised
in 1971)
3. Madrid Agreement, 1891
4. Universal Copyright Convention, 1952
5. Lisbon Agreement, 1891
6. Rome Convention, 1961
7. Convention Establishing the World Intellectual Property Organization, 1967
8. Geneva Convention
9. Treaty on Intellectual Property in Respect of Integrated Circuits, 1989
10. The TRIPS Agreement, 1995
 FORMS OF IPR
There are several forms as follows:
• Patents
• Trademark
• Copyright
• Designs
• Geographical Indications
 PATENT: BACKGROUND
• The term patent originates from the Latin word patere which means to open and the
term letters patent which originally denoted royal decree granting exclusive rights to
certain individuals or businesses.
• The first patent law was a Venetian Statute of 1474 in which the Republic of Venice
issued a decree by which new and inventive devices, once they had been put into
practice, had to be communicated to the Republic in order to obtain legal protection
againThe term patent originates from the Latin word patere which means to open and
the term letters patent which originally denoted royal decree granting exclusive rights
to certain individuals or businesses.
• The first patent law was a Venetian Statute of 1474 in which the Republic of Venice
issued a decree by which new and inventive devices, once they had been put into
practice, had to be communicated to the Republic in order to obtain legal protection
against potential infringers.
• England followed with the Statute of Monopolies in 1623 under King James I of England.
“Project of new invention “ was incorporated by which the Parliament restricted the
crown’s power explicitly so that the king could only issue letter patents to the inventors
of original inventions for a fixed number of years.
• The first letter patent was granted by Henry VI in 1449 to a Flemish man for a 20 year
monopoly on the manufacture of stained glass (destined for Eton College).
• The US became the second country to enact its first patent law in 1790 and created
its Patent Commission then.
• France was the first European country to enact patent law in the year 1791. The
German patent law was enacted in 1877 which included the criteria of novelty and
oppositions to proceedings.
• The first patent law in Russia dates back from 1896 which had socialist features
added like duty imposed on government and public authority to promote inventions,
taking out exploitations of patents abroad without official permission were prohibited
under heavy penalty, no taxes to be paid by the inventors and State monopoly over the
inventions.
• On July 31, 1790, inventor Samuel Hopkins of Pittsford, Vermont became the first
person to be issued a patent in the US. His patented invention was an improvement in
the “ making of Pot Ash by a new apparatus and process”.
• In 1834, Henry Blair of Glenross, Maryland became the first black man to get a
patent on a corn planter. In 1836, on August 31, Blair was issued a cotton seed planter
patent.
• In 1836, Alfred Nobel gained a Swedish patent for the preparation of nitro-glycerine
(originally called blasting oil). In 1868, Nobel patented its safer- to- handle form
dynamite.
 PATENT’S IMPORTANCE
• Social goal of patents is to induce the inventor to disclose knowledge for
the advancement of society in exchange for a limited period of exclusivity
and profits.
• Patents act as economic incentives to investors who put in intellectual labor
to develop new and useful inventions with industrial applications.
• The object of the patent law is to encourage scientific research, new
technology and industrial progress.
• Patents are justified as they encourage research and innovation by offering
incentives to develop commercially viable products or processes.
• The system enables disclosure of inventions to the general public as the
price of the grant of monopoly at the patent office which after expiry of the
fixed period of the monopoly passes into the public domain.
• To induce the investment of capital in new lines of production.
• It would give the owner a monopoly in the financial sense if there is no
viable substitute product for the same market.
• CRITERIA OF PATENTABILITY
1. Novelty
2. Inventiveness
3. Usefulness
• GROUNDS OF OPPOSITION
1. Invention as described is already known to a person skilled in the art
2. Applicant has wrongfully obtained the patent from the person opposing it
3. Invention as claimed was already publicly used in India or abroad
4. It is not an invention within the meaning of the Act, or it is not patentable
5. The complete specification does not fully disclose the best manner of
performing the invention
• PATENTS WHICH ARE NOT PATENTABLE
1. Something obviously contrary to well accepted natural laws or that which
frivolous
2. The primary use of the invention is contrary to law or morality or public
health
3. Discovery of a new use of a known process or article
4. Discovery of scientific principles and formulations of an abstract theory
5. Substance obtained by mere admixture
6. Arrangement or rearrangement of known devices
7. A method of agriculture or horticulture
8. An invention relating to atomic energy
9. An invention intended to commercial exploitation or which causes serious
prejudice to human, animal or plant life or health, or to the environment
10. Discovery of any living thing or non living substance occurring in nature

PRIOR ART
Indigenous and traditional knowledge like the Indian system of Ayurvedic
medicines is to be considered as prior art because though at times not
documented, such knowledge has been in the public domain through word of
mouth and public usage handed down from generations for centuries. If there is
an identity between a single prior art and the patent claimed invention, then the
present invention is non patentable as being ‘anticipated’.
 TRADEMARK
• A mark includes a device, brand, heading, label, ticket, name, signature, word,
letter, numeral, shape of goods, packaging or combination of colors or any other
combination there of.
• Characteristic feature of trademark is that Intellectual Property protection laws like
patents, designs, and copyright is protected only for a limited period which is
prescribed in each law is subject to WTO’s condition that it is used and renewed
periodically.
• It is an intangible property and commercially it is very valuable.
• There are basically 2 main characters for a trademark as it must be distinctive and
it should not be deceptive.
• Their purpose is to protect name of product rather than invention or idea behind
product. It means copyright protects expression of an idea.
• Purpose is to indicate to buyer that they are goods manufactured or otherwise
dealt in by a particular person as distinguished from similar goods manufactured or
dealt in by any other persons.
• A GOOD TRADEMARK
1. A good trademark should be distinctive
2. It should be easy to pronounce and remember if it is a word
3. If it is a device mark, the device should be capable of being described by a single
word
4. It should be easy to spell
5. It should be short
6. It should appeal to the eyes as well as ear
7. It should satisfy the requirement of registration
8. It should not belong to the class of marks prohibited for registration
9. A trademark should be visible to the buyer when buying the goods

• EVOLUTION
The Government of India passed the Trademarks Act, 1940 for uniform and
systematic registration of trademarks in India. The said Act came into force on 1st
June, 1942. It was repealed in 1958 and the Trade Merchandise Act, 1958 had
been in force from November 25, 1959. The new Trademarks Act, 1999 repealed
the old Act.
• FUNCTIONS
1. To distinguish the products or services of an enterprise from products or
services of other enterprises
2. To refer to a particular enterprise which offers the products or services on
the market. They distinguish them in their relationship to a particular
enterprise
3. To refer to a particular quality of the products or services for which the
trademark is used
4. To promote the marketing and sale of products and the marketing and
rendering of services
• TRADEMARKS KINDS THAT CAN BE REGISTERED
1. The name of a company, individual or firm represented in a particular or
special manner
2. The signature of the applicant for registration
3. 1 or more invented words
4. 1 or more words having no direct reference to the character or quality of
the goods and not being according to its ordinary signification a
geographical name or a surname or a personal name or any common
abbreviation thereof or the name of a sect, caste or tribe in India
5. Any other distinctive trademark
6. A trademark, which has acquired distinctiveness by use over a prolonged
period of time, may be registered
• TRADEMARKS WHICH CANNOT BE REGISTERED
1. The use of which would be likely to deceive or cause confusion
2. A mark, the use of which would be contrary to any law for the time being
in force
3. A mark comprising or containing scandalous or obscene matter
4. A mark comprising or containing any matter likely to hurt the religious
susceptibilities of any class or section
5. A mark which would be disentitled to protection in the court of law
6. A mark which is identical with or deceptively similar to a trademark
already registered in respect of the same goods or goods of the same
description
7. A word, which is the accepted name of any single chemical name or
chemical compound in respect of chemical substances
8. A geographical name or a surname or a personal name or any common
abbreviation thereof or the name of a sect, caste or tribe in India
 COPYRIGHTS: BACKGROUND
• The modern concept of copyright originated in 1710 with the British Statute of
Anne. The statute first recognized that authors rather than publishers should be the
primary beneficiary of such laws and it included protections for consumers for
printed work ensuring that publishers could not control their use after sale. It also
limited the duration of such exclusive rights to 28 years, after which all works
would pass into the public domain.
• The Berne Convention of 1886 for the first time established the recognition of
copyrights between sovereign nations. Under this, copyright was granted
automatically to creative works; an author does not have to register or apply for a
copyright.
• The main international treaties governing the law of copyrights and neighboring
rights are:
1. TRIPS Agreement
2. Berne Convention, 1886
3. Rome Convention, 1961
4. Universal Copyright Convention, 1952
5. World Intellectual Property Organization Copyright Treaty, 1996
6. WIPO Performance and Phonogram Treaty, 1996

• MEANING
Copyright is a kind of intellectual property which deals with protection of rights on
certain types of works like literary, musical, artistic, dramatic and cinematography
film and sound recording. It presents people with an opportunity to exploit
economically their creations either exploiting it themselves or by licensing their
exclusive rights to publishers, producers etc. The basic purpose of copyright law is
to protect the creation of human intellect. These laws allow the copyright owners
to prevent others from using their works without their licensing or permission. A
copyright provides its holder the right to restrict unauthorized copying and
reproduction of an original expression. It is not a monopoly right to do something
but merely a right to prevent others doing it. It does not require any formal
procedures and affords protection during the whole lifetime of the author and 60
years thereafter. “ Author’s rights” include the right to prevent a distorted
reproduction.
T MATTER OF COPYRIGHT
ClassSUBJECes of work which subsist in India are:
1. Original literary, dramatic, musical and artistic works
2. Cinematography films
3. Sound recording
Rights in case of literary, dramatic, musical works are:
1. To reproduce the work in any form including electronic means
2. To issue and communicate copies to the public
3. To make any cinematograph film or sound recording related to that work
4. To make any translation of the work
In case of computer programs:
1. All the above mentioned acts
2. To sell or offer for commercial rental
In case of artistic works:
1. To reproduce the work in any digital (2 or 3 D)form
2. To communicate the work to the public in the form of cinematograph film
3. To sell or hire the copy of the film
 In the case of cinematograph film:
1. To make a copy of the film, including copy of all images
2. To sell or hire any copy of the film
3. To communicate the film to the public
In the case of sound recording:
1. To make any sound recording embodying it
2. To sell or give on hire or offer for sale or sale any copy of the sound recording
3. To communicate the sound recording to the public
• RIGHTS CONFERRED BY COPYRIGHT
1. The right of publication and reproduction
2. The right of authorship or the right of paternity
3. The right to prevent anybody from altering the content of the work that may
damage the author’s reputation
4. Rights of translation and adaptation
 DESIGNS
• Designs are features of shape, configuration, pattern, ornament or composition of
lines or colors applied to an article.
• Design of an article has always influenced the customers. For designing a thing, it
takes much of time, money and effort.
• The object of design registration is to see that the creator of a profitable design
should be rewarded by the exclusive use of it. The law of design protection was
contained in the Designs Act, 1911, which has now been repealed by the Design
Act, 2000.
• An industrial design is the ornamental or aesthetic aspect of a useful article. Aspect
may depend on the shape, pattern or color of the article. It must be reproducible
by industrial means. Industrial designs are usually protected against unauthorized
copying or imitation by “registration certificate”. Duration of protection is 10 years.
• Design Act protects only design that are aesthetic in nature.
• Under Design Act, 2000, design means only the features of shape, pattern,
configuration, ornament or composition of lines or colors applied to any
article whether in 2D or 3D or in both forms, by any industrial process or
means, whether manual, mechanical or chemical, separate or combined,
which in the finished article appeal to the eye are judged solely by the eye.
• SALIENT FEATURES OF THE DESIGNS ACT, 2000
1. Enlarging the scope of definitions of Design, Article, Original and Copyright
2. Registration as precondition of protection
3. Prohibition of registration of designs not new or original or disclosed to the
public either in India or in convention countries
4. Examination of application before registration
5. 15 years as the maximum term of protection possible
6. Registration of design in different classes
7. Provision for identification of non registrable designs
8. Revoking of period of secrecy of 2 years of a registered design
9. Electronic Design Register
10. Infringement provisions
11. Information as to registered design and provision for inspection of Registered
Designs
12. Provisions for appeal to High Court from the Controller’s Order
13. Provisions for cancellation of registered designs
14. Reciprocity and priority date arrangements with the Commonwealth countries
• REGISTRATION OF DESIGNS
Registration is a condition precedent for copyright in design. Other modes of
acquisition of design right are assignment and license. It can also come to a
person by way of devolution. The Controller General of Patents, Designs and
Trademarks are in charge of registration of Designs. Immediately after getting
application for registration, he may appoint an examiner to check whether design
is registrable under the Act and submit report to him. Also he may give sufficient
notice to public and give a chance for examination of an application. For purpose
of registration, goods are divided into 32 classes. A design may not be registered
in more than 1 class. The Controller shall grant certificate of registration to
proprietor of design when registered.
• CANCELLATION OF DESIGN
1. If the design has been previously registered in India
2. If is has been published in India or any other country prior to the date of
registration
3. If the design is not new or original
4. If it is not significantly distinguishable from known designs or combination of
known designs
5. If it comprises or contains scandalous or obscene matter
6. If it is contrary to public order or morality
7. If it is not registrable under the Act
8. If it is not a design as defined in Act
9. If it has been disclosed to the public anywhere in India or any other country by
publication in tangible form or by use of any other way prior to the filing date, or
where applicable, the priority date of the application for registration
• STEPS FOR FILING AN APPLICATION
1. Search of already existing designs
2. Preparing a representation showing the exact article on which the registration is
needed
3. Identifying the internationally accepted class on which the designs falls out of 32
classes
4. Evidence of novelty in the design
5. In order to avoid confusion with any trademarks, a disclaimer statement should be
filed
6. Claiming a priority date for convention countries
7. The required fees should accompany application for registration and renewal
8. After completing the above procedures the application can be filed either in the
Design Office or any Patent Offices
9. Additional information required by the Design Officer after the examination of the
application, be submitted as soon as possible
10. Provide full and correct addresses in applications for easy communication and
registration
 GEOGRAPHICAL INDICATIONS
• They are IPRs which identify goods as originating in a certain territory or a
region, where a given quality, reputation or other characteristics is
essentially attributable to its geographical origin.
• GIs are protected in section III of the TRIPS Agreement which states, “ a
geographical indication as an indication which identifies a good as
originating in the territory of a member, or a region or locality in that
territory, where a given quality, reputation or other characteristic of the
good is essentially attributable to its geographical origin”.
• They are understood by consumers to denote the origin and the quality of
products. Aim behind it is to educate and influence the consumers in their
choice of products so that they may relish the taste of an authentic product.
• Examples are as follows:
1. Napa Valley chardonnay wine
2. Champagne sparkling wine
3. Basmati rice
4. Darjeeling tea
5. Kanchipuram silk saree
6. Alphanso mango
7. Nagpur orange
8. Kolhapuri chappal
9. Bikaneri bhujia
10. Agra petha
11. Kannan Devan tea (produced in Kannan Devan Hills of Kerala)
12. Nilgiri tea (produced in Nilgiri Hills of Tamil Nadu)
13. Assam tea (produced in north east India)
14. Malgoa and Neelam mangoes
• Other products which the GIs can be applicable are wines, beers, mineral water,
perfumes, cheese, cigars, coffee, tea and certain manufacturing goods like textiles,
cutlery and many others. Registered Indian products are Darjeeling tea,
Pochampalli sarees, Salem fabric, Goa Fenny, Solapur fabric, Pavitra Modiram
from Payyannur, Chanderi silks and Aranmulai Kannadi from Kerala.
• INTERNATIONAL REGIMES
1. Paris Convention for the Protection of Industrial Property, 1883
2. Madrid Convention for the Repression of False Indications of Origin, 1891
3. Lisbon Agreement
4. TRIPS Agreement
• ECONOMIC IMPORTANCE
The use of GIs allows producers to obtain market recognition and often a
premium price. They are also often associated with non monetary benefits
such as the protection of traditional knowledge and community rights.
Products such as Dijon mustard, Feta cheese or Basmati rice may be
viewed as having obtained a generic status in the market place.
• NEED FOR PROTECTION
False use of GIs by unauthorized parties is detrimental to consumers and
legitimate producers. The former are deceived and led into believing to
buy a genuine product with specific characteristics and qualities, while
they in fact get a worthless imitation. The latter suffer damage because
valuable business is taken away from them and the established reputation
of their products is damaged. They are the means for the social and
 industrial groups with rights to them to protect and distinguish their products.
Small local producers are able to use them to enhance their reputation, and to sell
directly to final demand, thus competing more effectively against large
corporations. It includes consumer interests as well as producer interests.
• APPLICATION FOR GI REGISTRATION IN INDIA
1. Details of the applicant (name, address, list of association of people/ producers/
organization/ authority, citizenship, legal status and country of incorporation)
2. Specimens of GIs (6 printed specimen if mark in black and white, 10 printed
specimen if in color, where application consist of goods shape or its packaging
then provide 3 different views and description by word of GI)
3. Specification of goods or services
4. User
5. Priority details (to claim priority we need priority application number, priority
country, priority date, certified priority document)
6. Power of Attorney
 PART II:

ENTREPRENEURSHIP
 WHAT IS ENTREPRENEURSHIP?
Entrepreneurship is the practice of starting a new organization or revitalizing the
mature organizations particularly new businesses in response to identified
opportunities. It is often a difficult undertaking, as a vast majority of new
businesses fail. Entrepreneurial activities are substantially different depending on
the type of organization that is being started. Entrepreneurship ranges in scale
from solo projects (even involving the entrepreneur only part-time) to major
undertakings creating many job opportunities.
 TYPES OF ENTREPRENEURSHIP
There are several types as follows:
1. Political
2. Social
3. Sustain
4. Knowledge
5. Internet
6. Digital
 WHO IS THE ENTREPRENEUR?
An entrepreneur is a person who has possession of an enterprise, or venture and
assumes a significant accountability for the inherent risks and the outcome.
Entrepreneur in English is a term applied to the type of personality who is willing to
take upon herself or himself a new venture or enterprise and accepts full
responsibility for the outcome. The word "entrepreneur" is a loanword from French
and was first defined by the Irish economist Richard Cantillon . In French the verb
"entreprendre" means "to undertake", with "entre" coming from the Latin word
meaning "between", and "prendre" meaning "to take". An entrepreneur is an
individual who efficiently and effectively combines the four factors of production.
Those factors are :
1. Land
2. Labor
3. Capital
4. Enterprise
 TYPES OF ENTREPRENEURS
There are 4 types of entrepreneurs based not on the personality but to the type of
opportunity that the person faces are as follows:
1. Innovator
2. Calculating inventor
3. Over optimistic promoter
4. Organization builder
 CHARACTERISTICS OF AN
ENTREPRENEUR
1. To be motivated by an overwhelming need for achievement and strong urge to
build
2. To be tough, pragmatic driven by needs of independence and achievement and
be seldom willing to submit to authority
3. To be cunning, opportunistic, creative, and unsentimental
4. To exhibit extreme optimism in their decision-making processes
5. To be able to take prudent risks and assess costs, market/customer needs and
persuade others to join and help
6. Needs to have inspiration, motivation and sensibility
7. To have a vision which is usually supported by an interlocked collection of
specific ideas not available to the marketplace
8. Needs to have persistence and determination to develop strategies to change
the vision into reality
ADVANTAGES OF ENTREPRENEURSHIP
1. Enormous personal financial gain
2. Self-employment, offering more job satisfaction and flexibility of the work force
3. Employment for others, often in better jobs
4. Development of more industries, especially in rural areas or regions
disadvantaged by economic changes, for example due to globalization effects
5. Encouragement of the processing of local materials into finished goods for
domestic consumption as well as for export
6. Income generation and increased economic growth
7. Healthy competition thus encourages higher quality products
8. More goods and services are available
9. Development of new markets
10. Promotion of the use of modern technology in small-scale manufacturing to
enhance higher productivity
11. Encouragement of more researches/ studies and development of modern
machines and equipment for domestic consumption
12. Development of entrepreneurial qualities and attitudes among potential
entrepreneurs to bring about significant changes in the rural areas
13. Freedom from the dependency on the jobs offered by others
14. The ability to have great accomplishments
15. Reduction of the informal economy
16. Emigration of talent may be stopped by a better domestic entrepreneurship
climate