This video provides an explanation of proprietary advantage, and helps you determine if you have one.
- The last opportunity factor is proprietary advantage.…What does that term mean, proprietary advantage?…Essentially it's something that you own…or is exclusive to you, something that gives you…something that no one else, no other business can have.…It's not necessary to have a proprietary advantage,…but it can add a tremendous amount of value…to a business idea.…Let's take the example of ice cream…that I've been talking a lot about…and consider a few ways in which you could have…a proprietary advantage.…
The first would be a patent.…This would be an invention, a way of building something…that no one else has the right to do.…For instance, I have a machine that I've invented…that creates ice cream in a particular way…or I invented a heated scoop for ice cream.…If I own the patent, I own that thing…and can sell that to others.…Second, there is a trademark.…This usually deals with a brand name,…for instance, Ben and Jerry's.…
That's a very powerful trademark,…and they've used that trademark to create franchises…or to create a particular type of ice cream…
- Recognize effective an ineffective starting points for finding new business ideas.
- Differentiate between business ideas with opportunity factors and those without.
- Break down how demand relates to choosing a business idea.
- List some of the resources you should assess before beginning a business.
- Explain what proprietary advantage is and how it can benefit your business.
- Summarize the benefits of creating a micro business plan before you invest money in your idea.