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It is crucial to understand the purpose of an intellectual property protection. The intellectual property protection is the protection of original ideas and concepts of entrepreneurs. The various forms of intellectual property are copyrights, patents, trademarks, and trade secrets (Kuratko, 2013). The first protection is copyrights. The purpose of copyrights is to protect original works and ideas.
Second, patents are in place to help individuals who come with original ideas, and products by not allowing anyone other than patent holders to make, sell and use the invention (UpCpunsel, 2017). Third, trademarks are distinctive symbols or marks that help customers identify a company. Fourth, trade secrets are protected differently than other intellectual property by using different precautionary measures. Protections are significant because entrepreneurs must protect his or her investments. Therefore, having a strong understanding of intellectual property laws ensures that business owners are protected from unfair competition by protecting his or her ideas and creations to receive economic benefits (UpCpunsel, 2017).