Discuss….

1. How do you think that they entrepreneur/ inventor developed the idea?

2. How or why the idea could be copied?

3. What can be done to protect a the business idea/ product?

Do Now!

Generating and Protecting Business

Ideas

By the end of this lesson you should be able to:

1. Identify the main source of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

2. Analyse the role of patents, copyrights and trademarks as methods of protecting business ideas.

3. Evaluate the benefits and disadvantages of franchising as a way to start a business.

Learning Objectives

The Pure Package

LO1) Identify the main sources of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

Discuss….

1. What are the main reasons why Jennifer decided to start her business?

2. Create a spider diagram to illustrate the strengths and weaknesses of her early decision when starting up.

Sources of Business ideas

What will an entrepreneur often based new business ideas on?

Experience of a product or service

Hobby or interest

Realisation that there is a ‘niche’ or ‘gap in the market’

LO1) Identify the main sources of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

Sources of Business ideas

For each of the following write down a benefit and drawback

LO1) Identify the main sources of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

Knowing the product or

service

Spotting a gap in the market

Small Budget Research – why is this so important?

Use business directories such as the Yellow Pages.

Geographical mapping – locate existing competition or ID gaps in the market.

Local and national demographic data – identify potential market features.

Questionnaires or interviews.

Market mapping – to identify market segments.

LO1) Identify the main sources of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

Market Mapping – Can you identify a gap in the market?

LO1) Identify the main sources of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

Add the following FAST FOOD outlets….

Burger King McDonalds Fish ‘n’ chips M&S Sandwich Subway

Did you find any gaps?

Why would an entrepreneur want to protect a business idea?

LO2) Analyse the role of patents, copyrights and trademarks as methods of protecting business ideas.

Protecting Business Ideas

Copyright

Patent

Trademark

A word, image, sound or smell that enables a business to differentiate

itself from its competitors.

Protection given to books, plays, films and musicals.

An exclusive right to use, process and produce a product, usually for a fixed period of time, up to 20 years.

Protecting Business Ideas

LO2) Analyse the role of patents, copyrights and trademarks as methods of protecting business ideas.

Dyson Wins Hoover Case

LO2) Analyse the role of patents, copyrights and trademarks as methods of protecting business ideas.

Discuss….

1. Consider the benefits to James Dyson of the protection that a patent gave his business.

2. To what extent does a patent give a business such as Dyson an unfair advantage over competition?

2 minute challenge…..

Write a definition of franchise….

What is a franchise?

Examples include: Investors Lenders Creditors Customers Employees Government Analysts Media

But why would they want this information?

Franchise – The owner of a business idea (franchisor) sells the right to use that idea to another person (franchisee).

This is usually in return for a fee and a share in any profits that the franchisee makes.

What is a franchise?

LO3) Evaluate the benefits and disadvantages of franchising as a way to start a business.

Complete the worksheet t0 see what you remember….

Prepare to share your answers

Test your franchise knowledge

LO3) Evaluate the benefits and disadvantages of franchising as a way to start a business.

Write down one question, based on todays lesson.

Use your question to test your peers.

Finally….

You should now be able to:

1. Identify the main source of ideas for new business start-ups and understand and how entrepreneurs identify and exploit a market niche.

2. Analyse the role of patents, copyrights and trademarks as methods of protecting business ideas.

3. Evaluate the benefits and disadvantages of franchising as a way to start a business.

Re-cap Learning Objectives