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1 Starting a Business

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

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1 Starting a Business

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  1. 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

  2. 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

  3. What is a business? You have 30 seconds to write down as many businesses as you can think of starting from NOW! 18 19 20 21 22 15 24 25 26 27 28 29 30 17 16 23 14 End 1 2 3 4 5 6 8 9 10 11 12 13 7 What is a business? Why do they exist? Who owns them? What do the businesses you thought of have in common? 1.1 Starting a Business Enterprise

  4. 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

  5. Entrepreneur • What does an entrepreneur look like? • What are the characteristics of an entrepreneur? • What skills does an entrepreneur need? Entrepreneurs are often thought to be creative – are you? Draw an entrepreneur Add labels to your entrepreneur to answer the questions posed above 1.1 Starting a Business Enterprise

  6. Entrepreneur 1.1 Starting a Business Enterprise

  7. Why do businesses exist? • To produce goods • To distribute products • To provide a service • To help others • To meet the needs of society To make a profit Not for profit / social enterprises Add an example of each of the above from your local area 1.1 Starting a Business Enterprise

  8. Say what you see IDEA 1.1 Starting a Business Enterprise

  9. Sources of business ideas • Personal experience • Business experience • Market research • Eureka moment • Brain storming 1.1 Starting a Business Enterprise

  10. Sources of business ideas 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. Extension: Read more about Rowena and other inventors in this BBC news article. Question Time 1 Explain two ways an entrepreneur such as Rowena can generate business ideas. ( 4 marks) 1.1 Starting a Business Enterprise

  11. 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”? Team Task What would you invent to make your life easier? Could it be a viable business idea? How would you start to research your idea? The greatest inventors of all time!!! 1.1 Starting a Business Enterprise

  12. Say what you see MARGAPKET 1.1 Starting a Business Enterprise

  13. 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 What about a dog wash? 1.1 Starting a Business Enterprise

  14. 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 Niche or no niche? We have pet hotels, pet walkers, pet parlours and even designer pet clothes so what about bottled water for pets? 1.1 Starting a Business Enterprise

  15. 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

  16. 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

  17. 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

  18. 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? Draw a table with two columns, labelled risks and rewards. Make a list of the risks of starting a business and the rewards 1.1 Starting a Business Enterprise

  19. A new business start-up 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 time • Explain the source of Asif’s business idea (2 marks) • Explain two reasons why Asif might want to set up his own business (4 marks) • Do you think Asif has spotted a gap in the market? Justify your answer (6 marks) 1.1 Starting a Business Enterprise

  20. What do all these have in common? 1.1 Starting a Business Enterprise

  21. 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 Why might an entrepreneur choose to set up a franchise rather than an independent business? Scroll down to watch the Maid2Clean video If you were to set up a cleaning business would you choose a franchise such as Maid2Clean or your own independent cleaning business? 1.1 Starting a Business Enterprise

  22. 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

  23. Franchises 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 Task Select 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? 1.1 Starting a Business Enterprise

  24. Tea Time Treats 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 time • What is meant by the term franchise? (2 marks) • Would Tessa be the franchisor or franchisee? (1 mark) • Explain two reasons why an entrepreneur might choose to buy a franchise from Tea Time Treats (4 marks) 1.1 Starting a Business Enterprise

  25. 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 franchise End 1.1 Starting a Business Enterprise

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