Chap 1 Protect your business

Part 1: Introduction to Protecting Ideas and Business

• The Importance of Protecting Work

  • Consider the implications of copying songs or works without compensation.

  • Musicians and authors rely on sales for income; unauthorized copying undermines their livelihood.

  • The ramifications of widespread copying include loss of income for creators.

Part 2: Lesson Overview

• Sections of the Lesson

  • 1.0 Protecting Your Ideas

  • 1.1 Legal Issues

  • 1.2 Insurance

Part 3: Objectives of the Lesson

• Key Objectives

  • Explain the necessity for protecting ideas and businesses.

  • Identify protectable works or ideas.

  • Examine tools available for protection.

Part 4: What Needs Protection?

• Types of Assets to Protect

  • Tangible Assets: cash, cars, property.

  • Intangible Assets: invention rights, business identity, brand reputation, intellectual property.

Part 5: The Necessity of Protection

• Reasons for Protection

  • Thieves and hackers can steal ideas and work.

  • Protection is required against dishonest clients, family members, and unforeseen events.

Part 6: Understanding Intellectual Property

• Definition

  • Intellectual property refers to intangible property rights resulting from intellectual effort.

Part 7: Legal Framework for Protection

• Legal Tools for Protection

  • Judicial System: Intellectual property rights are grounded in law, such as the Berne Copyright Convention.

  • In South Africa, the CIPC is responsible for intellectual property registrations.

  • Protection of intangible assets is guaranteed by the Constitution.

Part 8: Types and Conditions of Intellectual Property

• Types of Intellectual Property

  • Copyright, patents, and trademarks.

  • Conditions for Validity: necessary for business contracts to ensure enforceability.

Part 9: Copyright Explained

• What Copyright Covers

  • Exclusive rights for original works including literature, art, music, sound recordings.

  • Owners have rights to make copies, prepare derivative works, and perform/display publicly.

Part 10: Limitations and Non-Protected Items

• What Copyright Does Not Cover

  • Ideas not fixed in a tangible form, such as concepts or styles.

  • Information consisting entirely of common knowledge or facts.

Part 11: Understanding Patents

• Patent Overview

  • Exclusive rights for inventions that provide new solutions.

  • Patents in South Africa have a lifespan of 20 years.

Part 12: Trademarks and Service Marks

• Defining Trademarks

  • A trademark is anytime a brand name, logo, or phrase identifies a company’s goods or services.

  • Service marks are similar but apply to services rather than physical products.

Part 13: Importance of Contracts

• Contract Essentials

  • Agreements must have mutual exchange and competent parties to be valid.

  • Contracts guide legal action during infringements or breaches.

Part 14: Remedies for Infringements

• Legally Addressing Violations

  • Common remedies include injunctive relief (halting illegal actions) and damage payments for losses.

Part 15: Understanding Risk in Business

• Identifying Risks

  • Risks can arise from damage to property, loss of employees, theft, and liability issues.

Part 16: Insurance and Risk Management

• Role of Insurance

  • Insurance provides compensation for losses, ensuring continuity in business.

  • Types include property insurance, liability insurance, product liability, and professional liability.

Part 17: Selecting Insurance

• Choosing Insurance Wisely

  • Importance of selecting an insurance agent who understands specific business needs.

  • Design a plan to manage and reduce business risks effectively.

Part 18: Conclusion

• Overall Importance of Protection

  • Protecting intellectual property and having appropriate insurance are crucial foundations for business success.