business ideas and startup
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Business Ideas and Startup. Unit 5. Starting up a business – What is enterprise?. Review: Enterprise is about taking risks, being creative and innovative and using your initiative. An Entrepreneur is someone who organises factors of production to produce goods and services. Idea Generation. - PowerPoint PPT PresentationTRANSCRIPT
Business Ideas and Startup
Unit 5
Review:◦ Enterprise is about taking risks, being creative
and innovative and using your initiative.◦ An Entrepreneur is someone who organises
factors of production to produce goods and services.
Starting up a business – What is enterprise?
There are three major hurdles to overcome before any idea can come to fruition.
1. Identify a problem2. Idea generation3. Idea selection
Idea Generation
Business ideas and opportunities come from a wide variety of sources. These include:◦ Internal sources
By examining their own strengths and weaknesses.◦ External sources
By looking at the opportunities and threats in the market place.
Sources of new product or service ideas
The research and development department◦ The R&D dept in a business is typically staffed
with technical experts such as scientists and engineers seeking to devise new products.
Internal sources
Employees◦ Idea generation and development techniques
can be encouraged by rewarding employees who come up with ideas.
◦ E.g. Google X Group
Internal sources
Existing products of business◦ Employees may improve or develop new products
or services based on existing products of the business.
Internal Sources
Community needs◦ Recognising the needs of the community and
filling that gap. E.g. Takeaway, Laundrette Hobbies or occupations
◦ What you’re good at and what you like can be a massive inspiration. E.g. Richard Bransons Virgin Group
Internal Sources
Changes in society◦ E.g. legislation banning mobile phones while
driving led to the development of hands free products.
Customers◦ Customers can often suggest ideas for
improvements and other innovative ideas.
External Sources
Competitors◦ Ideas can be found by monitoring competitors to
see what products they are developing. E.g. Tablet computers.
External Sources
Market research◦ A business may carry out market research or
surveys to find out what product or service is not provided.
Products in other countries◦ If a product is not yet available in Ireland it could
be adapted to the Irish market.
External Sources
What products, business’s or services have come onto the market in the last 18 months that you now use regularly.
Identify what variations make them different from existing similar products or services.
Class Task
New Product and Service Development process
Idea generation◦ A systematic approach to generating ideas. E.g.
brainstorming. Can come from internal or external sources
New Product and Service Development process
Product screening◦ Spotting good ideas, dropping poor ideas
New Product and Service Development process
Concept development◦ Turning the idea into a product
New Product and Service Development process
Feasibility study◦ Researching the market to test consumer reaction
to the proposed new product
“The aim of the Feasibility Study Grant is to assist a company to investigate the viability of manufacturing a new product or process or to develop a new internationally traded service. The purpose of the study is to provide the necessary information to enable the company (and Enterprise Ireland) to come to firm conclusions regarding project viability.” - Enterprise Ireland
New Product and Service Development process
Prototype development◦ Producing a physical product
New Product and Service Development process
Test marketing◦ Determines the reaction of potential customers
New Product and Service Development process
Launch the product◦ Full-Scale launch on the market
New Product and Service Development process