The secret behind the success of many small businesses comes from their unique knowledge, a specific way that they do things, or some other proprietary advantage. They may feel that the risk that one of their competitors will be able figure all of this out it is slim to none. And given that the cost and hassle of filing for a patent or establishing some other form of legal protection for the intellectual property can be substantial, a significant percentage of these companies may choose to rely on trade secrets instead. This approach was mentioned earlier in the chapter, and it certainly has its advantages and disadvantages. Watch this video to learn more, then answer the questions that follow: https://m.youtube.com/watch?v=qUms654mK4w.

answer separately as 1,2,3

1. Create two parallel listsone summarizing the advantages of opting to protect intellectual property as trade secrets and the other summarizing what you see as the disadvantages of this approach.

2. Assemble a short list of the "dos and don'ts" that should be followed when depending on a trade-secret strategy to keep intellectual property secure.

3. Now it's time to make up your mind about the value of this strategy. Given the upside and downside of the trade-secret approach, would you, personally, depend on this form of protection for the venture you have started or would like to start? Be sure to make a strong case for your position.