Pierce's New Business Rocketed Upwards in Its First Year, but Its

question 50

Multiple Choice

Pierce's new business rocketed upwards in its first year, but its progress stagnated thereafter. His mentor noted that Pierce was having a hard time "letting go"-giving his two best employees responsibility to take on assignments that they were obviously ready to handle. In fact, Pierce was needlessly and constantly "looking over their shoulder" to check their work. As evidenced by these reasons, Pierce's entrepreneurial venture was being threatened by his failure to

• A) delegate.
• B) plan.
• C) go public.
• D) use formal control systems.
• E) properly use funds.

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Definitions:

Patent Law

The area of law concerned with giving inventors the exclusive right to benefit from their inventions for a certain period.

Inventors

Individuals who create something novel and useful, often securing patents for their innovations to protect the intellectual property.

Patented Invention

A device, method, or process that has been protected by a patent, granting the inventor exclusive rights to use, make, or sell it.

Exclusive Right

A legal provision granting a party sole permission to produce, sell, or use a particular product or service.