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Who am I? Can you work out who these famous entrepreneurs are? A GALA SIR RUNS CRAB DRAINS HORN BEHEADED ROMAN. 1 Starting a Business. 1.1 Starting a Business Enterprise. 1.1 Starting a Business Enterprise. In this topic you will learn about: Sources of business ideas - PowerPoint PPT Presentation
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1 STARTING A BUSINESS
Who am I?Can you work out who these famous entrepreneurs are?
A GALA SIR RUNSCRAB DRAINS HORNBEHEADED ROMAN
1.1 STARTING A BUSINESS ENTERPRISE
1.1 STARTING A BUSINESS ENTERPRISE
In this topic you will learn about:
Sources of business ideas
Looking for a gap in the market
Identification of a product or market niche
Reasons for starting a business
Franchises
1.1 STARTING A BUSINESS ENTERPRISE
WHAT IS A BUSINESS?
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You have 30 seconds to write down as many businesses as you can think of starting from NOW!
1.1 STARTING A BUSINESS ENTERPRISE
What is a business?Why do they exist?Who owns them?
What do the businesses you thought of have in common?
ENTERPRISE AND ENTREPRENEURS
Enterprise
The formation of a new business or development of a new product or service to be introduced to the market
Entrepreneurs
A person who having generated a new business idea develops it by setting up a business
Often viewed as someone who is willing to take risk in setting up a new business
1.1 STARTING A BUSINESS ENTERPRISE
ENTREPRENEUR
What does an entrepreneur look like?
What are the characteristics of an entrepreneur?
What skills does an entrepreneur need?
1.1 STARTING A BUSINESS ENTERPRISE
Entrepreneurs are often thought to be creative – are you?Draw an entrepreneur
Add labels to your entrepreneur to answer the questions posed above
ENTREPRENEUR
Match each word from the first column with a word from the second column to give the characteristics of an entrepreneur
opportunity taker
risk motivator
decision spotter
creative communicator
self thinker
strong maker
Explain what is meant by each characteristic and why it is important to an entrepreneur.
1.1 STARTING A BUSINESS ENTERPRISE
WHY DO BUSINESSES EXIST?
To produce goods
To distribute products
To provide a service
To help others
To meet the needs of society
1.1 STARTING A BUSINESS ENTERPRISE
To make a profit
Not for profit / social enterprises
Add an example of each of the above from your local area
SOURCES OF BUSINESS IDEAS
Personal experience
Business experience
Market research
Eureka moment
Brain storming
1.1 STARTING A BUSINESS ENTERPRISE
SOURCES OF BUSINESS IDEAS
1.1 STARTING A BUSINESS ENTERPRISE
Rowena Mead is a young mum and entrepreneur who has invented a new style of toothbrush called
The Bugbrush. It looks a little bit like a caterpillar and is designed so that small children can brush their own teeth
without the dangers of a hard handle or the temptation to just chew the handle. She came up with the idea after getting
increasingly frustrated with bed time tantrums by her daughter every time Rowena tried to brush her teeth.
Question Time1 Explain two ways an entrepreneur such as Rowena can generate business ideas. ( 4 marks)
Extension: Read more
about Rowena and
other inventors in
this BBC news article.
SOURCES OF BUSINESS IDEAS
Have you ever thought
There must be an easier way of doing this?
I wish there was a gadget that did this for me?
I would like to be able to buy a “thingy”?
1.1 STARTING A BUSINESS ENTERPRISE
The greatest inventors of all time!!!
Team TaskWhat would you invent to make your life easier?
Could it be a viable business idea?How would you start to research your idea?
LOOKING FOR A GAP IN THE MARKET
It is important to identify whether or not there is a gap in the market
And
Whether that gap needs filling Sometimes there is a good reason for something not existing already!
Where might you look?
Trends in the market
Bring in an idea from abroad
Market research
Meeting a personal need
1.1 STARTING A BUSINESS ENTERPRISE
What about a dog wash?
IDENTIFICATION OF A PRODUCT OR MARKET
NICHE
What is a niche?
A niche is a gap in the market
An identified need that has not yet been met May be a specific type of person
A new product
A geographical location
1.1 STARTING A BUSINESS ENTERPRISE
Niche or no niche?We have pet hotels, pet walkers, pet parlours and even designer pet
clothes so what about bottled water for pets?
THIRSTY CAT! AND THIRSTY DOG!
These brands were launched to meet a presumed gap in the market for bottled water for pampered pets
Delicious ‘thirst quenching’ flavours
Crispy beef
Tangy fish
Top cat or in the dog house? Vote now
1.1 STARTING A BUSINESS ENTERPRISE
A SCIENTIFIC APPROACH
TO IDENTIFYING A PRODUCT OR MARKET
NICHE Market research
Finding out what the customer wants
What already exists Can it be improved?
Technical research
Experimenting
Testing new ways of doing something or new materials
Product development
Prototypes
Innovative thinking
1.1 STARTING A BUSINESS ENTERPRISE
CAN YOU SPOT THE NEW PRODUCT OR
MARKET?
A bagless vacuum cleaner
You shop we drop
Share and discover what's happening anywhere in the world right now
Games console that promotes a new form of player interaction (exercise)
Europe’s leading low cost airline
1.1 STARTING A BUSINESS ENTERPRISE
REASONS FOR STARTING A BUSINESS
Why might someone want to start up their own business?
Challenge and satisfaction
To make money
Be own boss
Government encouragement
Would you want to be your own boss?
1.1 STARTING A BUSINESS ENTERPRISE
Draw a table with two columns, labelled risks and rewards.Make a list of the risks of starting a business and the rewards
A NEW BUSINESS START-UP
1.1 STARTING A BUSINESS ENTERPRISE
Asif started working at PC World following his work experience when he was 15. He enjoyed the extra money and independence he gained
from having paid employment and continued working there throughout his GCSEs and A Levels. In the sixth form Asif studied Business, ICT and Product Design, he considered university but
eventually decided against it and took a full time trainee managers job at PC World. Asif is now 25 and plans to set up his own mobile
computer repair and servicing business.
Question time1.Explain the source of Asif’s business idea (2 marks)2.Explain two reasons why Asif might want to set up his own business (4 marks)3.Do you think Asif has spotted a gap in the market? Justify your answer (6 marks)
FRANCHISES
A franchise is when one business (the franchisor) gives another person or business (the franchisee) the right to trade using its name and to sell its products or provide its services
The franchisee normally pays a licence fee and a percentage of profit to the franchisor
1.1 STARTING A BUSINESS ENTERPRISE
Why might an entrepreneur choose to set up a franchise rather than an independent business?
Scroll down to watch the Maid2Clean videoIf you were to set up a cleaning business would you choose a franchise such as Maid2Clean or your own
independent cleaning business?
FRANCHISES
Merits
Lower risk option
Already established
Recognised brand
Help and support
National advertising and promotion
Tried and tested
Disadvantages
Set up and running costs can be high
Share profit
Reliant on others
Less independence in decision making
Damage to brand reputation
1.1 STARTING A BUSINESS ENTERPRISE
FRANCHISES
1.1 STARTING A BUSINESS ENTERPRISE
Use the video link to visit the franchise direct website, select up to 3 franchises you think you
may be interested in and watch the video
Team TaskSelect one of the franchise opportunities from the ones viewed above and prepare a short presentation to explain why, if you
were to open a franchise, you would choose this one.Present your choice and reasons to the rest of the class.
As a class what were the common features of the franchises chosen?
What were the common reasons given to justify the choices made?
TEA TIME TREATS
1.1 STARTING A BUSINESS ENTERPRISE
Tessa runs a chain of three tea shops in the Lake District, each called Tea Time Treats, followed by the name of the closest lake e.g.
Tea Time Treats in Windermere.The tea shops have built a up a good reputation for fine quality teas
and delicious home made cakes to eat in or take away. Tea Time Treats is now featured in many tourist guides for the area,
always with rave reviews.Tessa is now keen to expand the business and is considering
offering the Tea Time Treat name as a franchise.
Question time1.What is meant by the term franchise? (2 marks)2.Would Tessa be the franchisor or franchisee? (1 mark)3.Explain two reasons why an entrepreneur might choose to buy a franchise from Tea Time Treats (4 marks)
10 MINUTE TEST
State 2 reasons why businesses exist
State 2 sources of business ideas
What name is given to a not for profit business?
What name is given to a gap in a market?
State two reasons for starting a business
State two advantages and two disadvantages of a franchiseEnd
1.1 STARTING A BUSINESS ENTERPRISE