START YOUR OWN ENTERPRISE – SESSION 1 WELCOME!! Your tutor today is:

COURSE ARRANGEMENTS 4.00 finish 1.00 - 1.45 11.15 and 2.45 Off or silent Handouts provided

WHAT ARE WE AIMING TO ACHIEVE TODAY? Enrolment Course induction/personal development Group introductions Business definitions Presentation of various business ideas Introduction to the ‘3M’ business model Homework briefing/Review

ENROLMENT

GROUP INTRODUCTIONS/ THE ICEBREAKER!!

INDUCTION/INITIAL ASSESSMENT: HEALTH AND SAFETY BRIEFING SELF-MANAGEMENT TOOLS SUPPORT/FEELING SAFE ABOUT YOUR BUSINESS YOUR INDIVIDUAL BUSINESS STAGES PERSONAL CONFIDENCE RATINGS

COURSE OVERVIEW Week 1 Understanding Business, 3Ms Model Week 2 Target market, Key resources and Business Planning Week 3 Customer relations, networks, selling, and pricing Week 4 Marketing, USP, Benefits & features/Social media/Sales approaches/Presentation skills Week 5 Raising finance and revenue streams/variable and fixed costs Week 6 Managing money & generating revenue/Cashflow forecast/Legal & cost structures Week 7 Key partners/Managing people & partners/Leaderships styles/Negotiation Skills Week 8 Selling/Business Plan Completion/Nuts & bolts/Next steps

GROUP AGREEMENT FOR SUCCESSFUL LEARNING – some ideas Be on time Attend every week If running late, let us know If leaving early (or not attending) make arrangements with class-mate to collect homework and handouts Take part Complete homework tasks Respect others Eat outside of classroom, except during lunch break Tidy up Observe health and safety

QUOTE OF THE WEEK: “When you feel like quitting, think about why you started.” - Anon

YOUR RIGHTS & RESPONSIBILITIES

YOUR BUSINESS IDEAS

YOUR INDIVIDUAL LEARNING PLAN

YOUR VEHICLE DRAWING To represent how your customers think about you when your business is very successful in 2-3 years time

UNDERSTANDING BUSINESS

“The continuous or regular production or distribution 'BUSINESS DEFINITION' “The continuous or regular production or distribution of goods and/or services for money to satisfy human wants.”

DO I HAVE A 'BUSINESS' IDEA? Is it a regular/continuous venture? Am I making, doing or distributing something to trade for money? Does it satisfy a want for a significant group of people? Will someone be willing to pay for it? Will they pay enough to cover my costs and/or make a profit? Can I sustain it? (See first point again.)

HOW TO CHOOSE A BUSINESS IDEA Start with what you have and what you like doing What needs are not being met? Improve what is already available Consider your lifestyle and motivation How much money do you have to invest? Talk to trusted, knowledgeable people about your idea Research the experiences of others who have tried your idea Test trade

THE 3M BUSINESS MODEL

THE 3M© BUSINESS MODEL Motivation – our vision and personal driver Market – our customers Mechanics – what and how we deliver to our customers

PRODUCT-DRIVEN FLOW OF BUSINESS ‘If we build it they will come’

MOTIVATION MARKET MECHANICS MARKET-DRIVEN FLOW OF BUSINESS ‘Who is my customer and what do they need?’ MOTIVATION MARKET MECHANICS

TARGET MARKET “A specific group of consumers at which a business aims its products/services and its marketing efforts.”

HOMEWORK Target market: Who is my typical target customer HOMEWORK Target market: Who is my typical target customer? think about gender/age/social type Will they buy from me? Why? How can they be reached?

FOCUS FOR NEXT WEEK Introduction to Business Planning Target Market Business Mechanics, e.g. key resources needed to run a business

REVIEW OF DAY/ EVALUATIONS