Generating Ideas

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Generating Ideas
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Aims

• To understand the source of business ideas
• To analyse the skills needed to turn a business
  idea into a success
• To be able to apply a range of real businesses to
  A-level theory.

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Where do business ideas come from?
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Business Run Around!

• Business Run Around..
• Working in teams of 3/4.
• You will also need a pen.
• Decide on a team name.. Put your team name on
  your Answer sheet.
• Your task is to send a team member to the desk.
  Collect a business card take it back to your
  team.
• Decide which category the business start up idea
  came from- fill in your Answer sheet and then
  return the business card back to my desk and swap
  it for another one.
• The team who finishes the grid first by returning
  their answer sheet complete with the correct
  answers wins a prize!

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Source of business ideas
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The answers could include.
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Issues for analysis

• What are the entrepreneurial motives for the
  business start ups?

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Motivated by personal experience
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Motivated by passion work experience
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Motivated by personal experience observation
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Business ideas come from?
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Methods to generate ideas

• Brainstorming
• suggesting anything possible and relevant,
  regardless of how ridiculous!
• Whittling down ideas to those with prospects
• Further analysis and development.

A 3M worker wanted someway to mark a book by
sticking something in without damaging A 3M
colleague had developed an adhesive to form a
clear sphere instead of a film.. The Post-It note
was born!
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Methods to generate ideas

• Personal Experience
• Often ideas come from an individual saying what
  if?or why not?
• Here are some business ideas that came from
  personal experience
• Can you name what they are / who thought of them?

Trevor Bayliss wind up radio
James Dyson
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Another invention
Where did the entrepreneurs idea come from?

• In the summer of 2006 James Seddon pitched the
  Eggxactly egg cookers on the BBC 2 programme
  Dragons' Den. Despite a disastrous attempt to
  demonstrate the product working he still managed
  to get offers of investment from both Richard
  Farleigh and Peter Jones

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Methods to generate ideas

• Business Experience
• Having worked in business and made lots of
  contacts, many people spot an opportunity and
  decide to try their hand setting up their own
  business.
• Ben Davies used to be Quiche and Pasty buyer for
  Sainsburys and The Co-op. He spotted a gap in
  the market for an upmarket brand of these types
  of products (similar to Gu), and he established
  the brand Crumbs..

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A successful ideaCrumbs Food
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Personal Experience
Where do business ideas come from?
Brainstorming
Observations
Invention
Using an existing business idea
Business Experience
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Note making

• How to do it?!!!!???!!!

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Note Making

• Title of the lesson should always make a note
  from the start of the lesson
• Today its all about Generating Ideas
• Include my name/initials to your notes (so you
  can remember which section of your folder it
  should go into
• Get into the habit of not just letting info wash
  over you.!

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Personal Experience
Where do business ideas come from?
Brainstorming
Observations
Now make some notes on what each of these mean!
Invention
Using an existing business idea
Business Experience
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Your go..

• In small groups.

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Skills needed by an entrepreneur
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Sort the cards into a priority order
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A suggested order could be
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The Stats

• Estimated that 1 in 3 business start-ups fail in
  first three years of operation
• Figure falls to 1 in 6 amongst firms which seek
  advice and carefully plan

Lack of initial market research!!
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Innocent Beginnings
Watch the video.
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To what extent are business start up ideas down
to luck?

• Essay Q practice 15 marks

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Marks allocation
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Evaluation marks
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Content 3 marks

• Where can business ideas come from?
• Show that you know that business ideas come from
  more than just an entrepreneurs imagination!
• You need to be able to EXPLAIN (not list!) THREE
  examples of where business ideas come from.

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Application 3 marks

• You need to be able to use real business
  examples in your answers
• From todays lessons you have seen at least 20
  business examples
• You can use these or any other examples that you
  might know of.
• Just think of

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Analysis 4 marks

• Analysis means that you need to consider
  arguments both FOR AGAINST the issue .
• For each source of business idea you need to
  be able to show a strength a weakness of it

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Evaluation 5 marks

• What is meant by luck?
• If its not luck then what is the success down
  to?
• You need to be able to come to a conclusion
• There is no right or wrong answer here its
  all based on sound judgement i.e. you need to
  explain yourself to the Q set..

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Homework

• Complete the essay Q
• To what extent are business start up ideas down
  to luck?
• 15 marks
• Due in next lesson.