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Inspiration for Starting a Business Creating New Ideas and Spotting Business Opportunities Week 2 – 29 January 2008

Inspiration For Starting A Business

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Page 1: Inspiration For Starting A Business

Inspiration for Starting a Business

Creating New Ideas and Spotting Business Opportunities

Week 2 – 29 January 2008

Page 2: Inspiration For Starting A Business

Review Session 1

Page 3: Inspiration For Starting A Business

• Recognise the relationship between business ideas and business opportunities

• Identify ways to generate a new business idea• Develop a basic idea into a business concept• Carry out market research activities to determine

the viability of your idea

Page 4: Inspiration For Starting A Business

Losing current income 37%

Complexity of regulations 33%

Losing security 32%

Economic climate 29%

Lack of knowledge 22%

Lacking business skills 21%

Loss of current prospects 17%

Lack of an idea 12%

Hard work involved 12%

Family commitments 2%

Lack of premises 1%

Barriers to startup

Fear of debt 51% Securing finance 50% Fear of Failure 47%

Page 5: Inspiration For Starting A Business

Better position in society 58%

Make an idea happen 52%

Make a lot of money 51%

Dissatisfied in previous job 44%

Lead and motivate others 43%

Get more respect 40%

Develop a hobby 39%

Be at forefront of technology 29%

Follow example of mentor 29%

Continue family tradition 20%

Been made redundant 19%

Been out of work 19%

Household Survey of Entrepreneurs 2001, Small Business Service

Motives to start-up

Make more money 74%

Freedom in approach to work 89%

Be own boss 73%

Self challenge 73%

Page 6: Inspiration For Starting A Business

In groups of four consider one or more of your business ideas and conduct a SWOT analysis

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Spotting opportunities

Working in groups of 4 look at your business Idea and your SWOT opportunities – discuss these to assess if they are realistic and whether there are others.

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What makes a business idea memorable?

What makes a business memorable?

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Product offering and USP?

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Anita Roddick: Body Shop

Richard Branson: Virgin Empire

James Dyson: Dyson Vacuum

Peter Jones: Phones International

Donald Trump: Trump Empire

Vera Wang: Fashion House

Mark Zuckerberger: Facebook

Mohammed Al-Fayed: Harrods

Larry Page & Sergey Brin: Google

Richard Reed: Innocent

Howard Schultz: Starbucks

Pierre Omidyar: Ebay

Ben Cohen & Jerry Springfeld: Ben & Jerry

Page 11: Inspiration For Starting A Business

• Generating & refining ideas

• If someone’s passion is cycling then potential business ideas could be

• Cycle repair shop• Cycle design

consultancy• Rent-a-cycle• Cycling road skills

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• Rules of brainstorming

• Suspend making judgements• Record every idea no matter

how wild• Keep up the pace• Don’t discuss ideas until all

ideas have come out

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• Other ways to generate business ideas

• Opportunities for innovation through social, political, environmental, economic, regulatory or technological change

• Problem solving• Spotting a gap

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• FEASIBILITY check

• Can the idea be done?• Can you do it?• What opportunity exists i.e.

what can you do with the idea? Who will want it? Can you sell it?

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• Find out whether your business is an ideas led business or market led business idea

• Assess needs and demands

• Evaluate key factors

• Market research

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• Who• What• Where• When• Why• How

• Useful OPEN

questions begin with

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SMART objectives are:

• Specific• Measurable• Achievable• Realistic• Timed

I will carry out market research to see if my product/service has a

market.

VERSUS

By the 24th November I will have put together a market research questionnaire and tested it with

10 potential customers in Preston Town Centre to make sure the

questions work.

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• Summary of Business Plan

• Business Aims And Objectives

• Personal Details

• Market Research – Customers

• Market Research – Competitors

• Marketing Plan

• Product or Service Description

• Sales

• Finance – Survival Budget

• Finance – Start Up Costs

• Finance – Projected 1st year Sales Forecast

• Finance – Projected 1st year Cashflow

• Finance – Projected 1st year Profit and Loss

• Risk Analysis

• Legal Issues

Page 19: Inspiration For Starting A Business

Getting Your Business Off The Ground

• Analyse findings from market research• Consider forms of business ownership• Identify legal issues relevant to your business• Identify actions and associated costs to start up

the business• Generate initial financial forecasts