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 Presentation

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Business Ideas and Startup

Business Ideas and StartupUnit 5Review: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.

Identify a problemIdea generationIdea selectionIdea GenerationBusiness ideas and opportunities come from a wide variety of sources. These include:Internal sourcesBy examining their own strengths and weaknesses.External sourcesBy looking at the opportunities and threats in the market place.Sources of new product or service ideasThe research and development departmentThe R&D dept in a business is typically staffed with technical experts such as scientists and engineers seeking to devise new products.Internal sources

EmployeesIdea generation and development techniques can be encouraged by rewarding employees who come up with ideas.E.g. Google X Group

Internal sourcesExisting products of businessEmployees may improve or develop new products or services based on existing products of the business.

Internal Sources

Community needsRecognising the needs of the community and filling that gap. E.g. Takeaway, LaundretteHobbies or occupationsWhat youre good at and what you like can be a massive inspiration. E.g. Richard Bransons Virgin GroupInternal Sources

Changes in societyE.g. legislation banning mobile phones while driving led to the development of hands free products.

CustomersCustomers can often suggest ideas for improvements and other innovative ideas.External Sources

CompetitorsIdeas can be found by monitoring competitors to see what products they are developing. E.g. Tablet computers.

External Sources

Market researchA business may carry out market research or surveys to find out what product or service is not provided.

Products in other countriesIf a product is not yet available in Ireland it could be adapted to the Irish market.External Sources

What products, businesss 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 TaskNew Product and Service Development process

Idea generationA systematic approach to generating ideas. E.g. brainstorming. Can come from internal or external sources

New Product and Service Development process

Product screeningSpotting good ideas, dropping poor ideas

New Product and Service Development processConcept developmentTurning the idea into a product

New Product and Service Development process

Feasibility studyResearching 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 processPrototype developmentProducing a physical product

New Product and Service Development process

Test marketingDetermines the reaction of potential customers

New Product and Service Development process

Launch the productFull-Scale launch on the market

New Product and Service Development process

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