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Inflation

VIEWS: 12 PAGES: 36

									  Generating
    Ideas:
    Where do
Entrepreneurs get
their ideas from?
              Homework
• Complete the essay question

• “To what extent are business start up ideas down to
  luck?”

• 15 marks

• Due in next lesson….
        Learning objectives
By the end of this lesson you should be able to

• Describe 3 different sources of business ideas

• Analyse successful business to identify the source of
  its idea(s)

• Prioritise entrepreneurial skills used in making an idea a
  success

• Make an evaluative judgement on how ideas for
  businesses are generated
  Where do
business ideas
 come from?
        Business Run – Around!
Working in teams of 3/4….

1. You will need a worksheet and a pen.

2. Decide on a team name….. Put your team name on your Answer
   sheet….

3. Your task is to send a team member to the desk…. Collect a business
   card – take it back to your team.

4. 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….

5. The team who finishes the grid first by returning their answer sheet
   complete with the correct answers wins a prize!
      Source of business ideas
Business idea came from      Business name….

Observations

Personal experience

Business experience

Thinking ahead

Innovation

Using an existing business
idea
  The answers could include….
Observation           Beautiful Vending; Fivez; Pet Pavilion; Sports Stars, Jo
                         Jingles, Flying Fishing for Fun

Personal experience   Curries Made Simple Pet Pavilion, Daisy Coffins, Events
                         Northern, Little Ironies, Lynch‟s Direct Flowers, , Tea
                         on the Green, Premier Watercoolers, Mozzo, Rock
                         and Ruby, Artichoke Limited


Business experience   tutor2u

Thinking ahead        Daisy Coffins, Sports Stars

Innovation            Beautiful Vending, Daisy Coffins, , IC innovations,
                         LinksPutt
Using an existing     Chem-Dry
   business idea
   Issues for
    analysis:
   What are the
  entrepreneurial
  motives for the
business start ups?
Motivated by
  personal
 experience
Motivated by
 passion &
    work
 experience
Motivated by
  personal
experience &
observation
Business ideas come
      from…?
Sources of ideas…

• Brainstorming
    – suggesting anything possible
      and relevant, regardless of
                              This    is sometimes called Blue Sky
      how ridiculous!
                                   Thinking. Having generated lots
    –   Whittling down ideas to those
        with prospects
                                   of ideas, they be whittled down
                                       Using Edward de Bono‟s
    –   Further analysis and
        development….
                                           6 hats method
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!
Sources of 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 –
James                           wind up radio
Dyson
Methods to generate ideas…
– What do you think particularly helped entrepreneurs,
  Chris Barnardo and Richard Blakesley, develop their
  idea?
Sources of 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.

     •Technical wizards Chris Barnardo and Richard
     Blakesley try to persuade the Dragons to invest in their
     remote control in the shape of a magic wand.

     •Between them they have 40 years experience in
     engineering and electronic development

     •They have both worked in a company making electronic
     displays and have previously developed remote control
     units
             Personal Experience

 Brainstorming




               Where do
             business ideas
                                            Observations

              come from?



                      Invention    Using an existing
Business Experience
                                   business idea
       Note making


How to do it?!!!!???!!!
               Note Making
• Title of the lesson – should always make a note from the
  start of the lesson…

• Today its all about Generating Ideas

• Date

• Include teacher‟s 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….!
             Personal Experience

 Brainstorming




               Where do
             business ideas
                                            Observations

              come from?                  Now make
                                        some notes on
                                        what each of
                                         these mean!

                      Invention    Using an existing
Business Experience
                                   business idea
     Your go…..


In small groups….
Skills needed by an entrepreneur


Innovative      Develops ideas    Passionate      Open minded

                                 about the idea




Self Critical     Confident       Determined          ?
  Sort the
    cards
    into a
priority order
A suggested order could be…
Innocent Beginnings…
                   Watch the
                    video.
1. What was the first idea that Richard Reed
   and friends had?

2. What was the advice they received?

3. How did they start?

4. How did customers vote on whether they
   should give up their day jobs?
            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!!
  “To what extent are business
  start up ideas down to luck?”


Essay Q practice – 15 marks
              Marks allocation
        Content                Application                Analysis
Level   3 marks
3       Candidate shows
        good understanding

Level   2 marks                3 marks                    3-4 marks
2       Candidate identifies   Candidate effectively      Candidate
        TWO relevant issues    applies business           shows sound
                               examples in answer         analysis
Level   1 mark                 2 – 1 marks                2 – 1 marks
1       Candidate shows        Candidate makes            Candidate
        limited                limited attempt to apply   shows limited
        understanding,         business examples in       analysis
        identifies only one    answer
        relevant issue
Evaluation marks
         Content = 3 marks
• Where can business ideas come from?

• Show that you know that business ideas come from more
  than just an entrepreneur‟s imagination!

• You need to be able to EXPLAIN (not list!) THREE
  examples of where business ideas come from….
       Application = 3 marks
• You need to be able to use „real‟ business examples
  in your answers

• From today‟s 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 …
         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
        Evaluation = 5 marks
• What is meant by luck?

• If it‟s 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 – it‟s all based on
  sound judgement – i.e. you need to explain yourself to the
  Q set…..
              Homework
• Complete the essay Q

• “To what extent are business start up ideas down to
  luck?”

• 15 marks

• Due in next lesson….
        Learning objectives
By the end of this lesson you should be able to

• Describe 3 different sources of business ideas

• Analyse successful business to identify the source of
  its idea(s)

• Prioritise entrepreneurial skills used in making an idea a
  success

• Make an evaluative judgement on how ideas for
  businesses are generated

								
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