Opportunity Journal 5 – Legal and Funding Issues for Your Business Instructions: 1. Spend around four hours to work on this journal 2. Work individually because the idea of this exercise is for self-reflection 3. Submit the softcopy of your completed journal through LMS by 5PM, Thursday, 13 October 2016. NOTE: COPYING ANSWERS FROM OTHER RESOURCES WITHOUT PROPER REFERENCING WILL BE TREATED AS A PLAGIARISM CASE. LEGAL ISSUES Reflection Point Your Thoughts For your visionary business, • What will you name it? • What legal form should you choose for your new company (sole proprietorship, corporation, etc.)? Explain your rationale on choosing this legal form. What do you do to ensure that your new business does not infringe anybody else's IP? Identify at least one thing in your business that you can patent. If it is not directly after the launch of the business, it can be for your future products/services/processes. Explain why it is important for your business to register for this trademark. Identify at least one thing to which you can apply trademark protection. Explain why it is important for your business to register for this trademark. Do you need to seek international IP protection? Explain your answer. FUNDING ISSUES Reflection Point Your Thoughts What sources of capital do you have? Are you willing to take on a home equity loan? Use your personal credit cards? How much of a "nest egg" do you need to feel comfortable pursuing this new business? NOTE: You might need to refer to your previous journals so you can predict the amount of money required at the beginning of your start-up. How will you gain access to angels and venture capitalists? If you want to approach individual business angels, who can make introductions on your behalf? What short-term loans are needed for your business? When do you think will you be bank creditworthy? Until then, how do you think you will get access to short-term loans (Inventory from loans, inventory from account receivables, etc.)? Imagine your harvest. Name at least two companies that might likely acquire you. Why do you think these companies want to make the acquisition?