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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.

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starting up a business what is enterprise
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
Idea Generation
  • There are three major hurdles to overcome before any idea can come to fruition.
    • Identify a problem
    • Idea generation
    • Idea selection
sources of new product or service ideas
Sources of new product or service ideas
  • 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.
internal sources
Internal sources
  • 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 sources1
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 sources2
Internal Sources
  • Existing products of business
    • Employees may improve or develop new products or services based on existing products of the business.
internal sources3
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
external sources
External 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 sources1
External Sources
  • Competitors
    • Ideas can be found by monitoring competitors to see what products they are developing. E.g. Tablet computers.
external sources2
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.
class task
Class Task
  • 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.
new product and service development process1
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 process2
New Product and Service Development process

Product screening

  • Spotting good ideas, dropping poor ideas
new product and service development process3
New Product and Service Development process

Concept development

  • Turning the idea into a product
new product and service development process4
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 process5
New Product and Service Development process

Prototype development

  • Producing a physical product
new product and service development process6
New Product and Service Development process

Test marketing

  • Determines the reaction of potential customers
new product and service development process7
New Product and Service Development process

Launch the product

  • Full-Scale launch on the market