Objectives To understand the 4 key categories of business idea To identify your own examples of these To understand what is meant by ‘franchising’ and the advantages and drawbacks of such an approach

Generating Business Ideas 1. Spotting Trends Innocent drinks driven by a social drive for a healthier lifestyle 2. Identifying Market Niche Spotting a gap in the market like Red Letter Days – something for executives who have everything (although they have now gone bust!

Generating Business Ideas 3. Copying ideas from other countries Starbucks introduction of expresso to US Car sharing from Germany 4. Scientific James Dyson’s bagless vacuum cleaner

Although we read in the news of people making £20m over night – lots of hard work goes into the development of the businesses “5% inspiration, 95% perspiration”

http://uk.youtube.com/watch?v=p_Li4dxe1mc

Spotting social trends Finding a niche market Come up with at least one more real example of a business for each of the four areas: Spotting social trends Finding a niche market Finding ideas from overseas Taking a scientific approach

How did you do? Spotting trends : Street Car/ ZipCar A Market Niche : Worthenshaws Ideas from overseas : Red Bull A scientific approach : The Magic Wand Co.

What is a Franchise? Franchising Industry turnover £10.8bn No of 33,900 Employment 371,000 Ave investment £50,500

Using the hand outs argue for or against starting a Franchise Using the hand outs argue for or against starting a Franchise... You have £50,500 and want to start a Pizza restaurant argue whether it should be a Macs Pizzas or a Pizza Hut.