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1. What are the four (4) primary day-to-day challenges involved with growing a firm? Briefly describe each challenge.

2. Describe the term “liability of newness” and suggest several ways that a new venture can overcome this handicap.

3. What is intellectual property? Why is it called “intellectual” property? Why is intellectual property such an important issue for entrepreneurial firms?

4. Identify and briefly describe the three types of patents. Include an example of each.

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