What does it mean by the phrase 'trade secret'?Generally, during our day to day interactions with people, sometimes, we come across the phrase 'trade secrets'. People say that it is my 'trade secret' and why I should tell you about the same. Patents about a formula, system, process, design, instrument, procedure etc. can be understood to be a trade secret but I wonder as to what type of a trade secret an individual or a student can have.
Perhaps trade secrets are not taught even in the premier management institutions to the students during their studies in MBA or PGP courses.
Sometimes, it appears that trade secrets mean malpractices like adulteration, under measurement, tax evasion, manipulation etc. which are passed on from generation to generation within a business family. Such information is not known to the outside world and because of such reasons only a new entrepreneur fails in the business and end up becoming a failure overburdened with the bank loans etc.
What are your observations about the subject matter?