What does Law have to do with my Business?
Over 80% of a business’s assets are intangible and need protection. According to Harvard Business Review, regulation and legislation are among the top worries of CEOs!
Managers need an awareness and understanding of legal issues related to topics such as brand-management, personalized medicine, data privacy, and diversity in the workplace. Business law, founded upon ethics and social responsibility, allows management to proactively minimize risk and do the right thing. Ignoring business law can be disastrous. For example, an injury to a customer or employee could result in health care costs, litigation costs, management distractions, and negative public relations.
Leveraging the legal environment can provide a business with long-term competitive advantages. For example, IBM used business law to leverage its intellectual property rights and augmented its licensing, raising its intellectual property value from $20 million to $1.1 billion in seven years.
A strong understanding of business law provides leaders with the ability to address continual change, opportunities, and challenges.
De Vee E. Dykstra, J.D., M.B.A.
Associate Dean & Professor
of Business Law
Beacom School of Business