State the meaning of the Intellectual property rights and Enterpreneurship. Also explain the relation between them. (6)
Dear Student ,
Intellectual property Rights is a Term which is generally used for having the monopoly rights over the technology or assets through Patents, licence or copyrights and trademarks.
Entrepreneurship means a process of developing a new business by the person with a view of earning a profits and bearing the risk in it. Entrepreneurship is related to the innovation.
Relation between the Intellectual property Rights and Entrepreneurship are as follows :
Intellectual property Rights is a Term which is generally used for having the monopoly rights over the technology or assets through Patents, licence or copyrights and trademarks.
Entrepreneurship means a process of developing a new business by the person with a view of earning a profits and bearing the risk in it. Entrepreneurship is related to the innovation.
Relation between the Intellectual property Rights and Entrepreneurship are as follows :
- Intellectual property rights helps the business in protecting their idea from copying by other businesses in the country.
- It provides the entrepreneurs woth a long tern competitive edge over the other businesses. As , registered Property rights gives the benefit that all financial benefits from their idea will go to in their hands only.
- Registered Intellectual property rights help the entrepreneur to win the confidence of the public.
- Registered Intellectual property rights help the entrepreneurs to expand their business with ease as they can franchise the idea without any legal formallities.