1. Unit 10

2.  Every year millions of new business ideas are developed worldwide. In the past successful business ideas developed by small startup business have included businesses like Coca Cola, Dyson vacuum cleaners, and Nintendo who launched a new product called the Wii in 2006

3.  Appreciate how new business ideas come about,  Understand the difference between invention and innovation,  Understand that innovation means bringing a new product to the market,  Explain the ways an entrepreneur can protect their ideas through patents and copyright.

4.  Invention – the discovery of a new or potentially new product, typically after a period of research.  Innovation – the process of transferring the invention into an actual product,  Patent – the right of ownership of a invention (product or service) when it is registered with the Government.  Copyright – legal ownership of material (books, music, films), prevents copying  Trademark – the symbol, sign or other feature of a business that can be protected in Law

5.  New business ideas can be developed by people who use a product. James Dyson developed the bagless vacuum cleaner after using an ordinary cleaner to clean his house.  Some products are developed by people who have a good understanding of their product already.  Many business ideas are developed by research and development departments in big companies.

6.  Invention is the discovery of potential new products and new ways of making them.  Over the past 100 years there have been a number of important inventions, like TV, and mobile phones. There have also been smaller less significant inventions, like the game of Monopoly or Scrabble.

7.  The process of transforming an invention into a product customers will buy is called invention.  It is the commercial exploitation of an invention, the actual putting of the idea into a product or service

8.  Invention and innovation are very risky. Many inventions never get to the point where they are actually made and sold.  For Example in 1990's 'virtual reality seemed to be an exciting technology, however, this technology never took off because of problems with the headsets!  Forbes Article Forbes Article  http://www.forbes.com/sites/alanhall/2012/06/11/starting-a-company-take-the-risk/

9.  The risk with inventing new products is always that people will try to copy it. There is no point in a business spending money and time developing new products if someone else can just steel the idea and copy them.  To prevent this from happening business can apply for patents and use copyright to protect their inventions and new products.

10.  Put together a fact sheet covering the main point of the Copyright, Designs and Patents Act  When was the Act introduced/updated?  What does it cover?  Who does it apply to?  What are the main points of the Act.

11.  http://www.bbc.co.uk/schools/gcsebitesize/i ct/legal/2copyrightrev1.shtml http://www.bbc.co.uk/schools/gcsebitesize/i ct/legal/2copyrightrev1.shtml  Use this link to help you and note it down for revision.

12.  Register a trademark. A trademark is a symbol or phrase that a company can register with the government to make their company distinctive.  A patent, copyright or trademark grants legal ownership and is only given for original work. http://www.bbc.co.uk/schools/gcsebitesize/bu siness/aims/publicsectorrev3.shtml

13.  Patents must be registered with the Intellectual Property Office, last for 20 years and protect the product or production processes. 

14.  What is invention and innovation?  What Laws cover new products and services?  What is copyright?  What is Patent?  What is a trademark?  Why is it different from a logo?  How do you patents a process/design?  Answer in full sentences, with detail!!

15.  Complete overtu Invention and Innovation

16. Unit 11

17.  Is about putting a numeric value or probability on the risk of the new business or product.  For example – what is the risk of a child getting burned from a baking a cake?  If the child is 2 years old then the risk is high, lets say 50/50 (50%), however if the cooker is in a separate room and the child is supervised then the risk is almost 0

18.  Understand the principles of taking a calculated risk,  Understand that weighing up the risks and the rewards of a new business idea is an important part of the process of deciding if it is a viable option,  Appreciate that seeing mistakes is a part of the process of learning to succeed.

19.  Calculated risk – the probability of a negative/positive event happening.  Downside – the disadvantage of a course of action.  Upside – the advantage of a course of action.

20. http://tutor2u.net/blog/index.php/business-studies/comments/revision-presentation-risks-and-rewards-to-enterprise

21.  Upsides are what can go right in business.  Potential for gain in a business, situation, or transaction.

22.  What can go wrong in a business  Potential for loss in a business, situation, or transaction.

23.  People in Business make mistakes.  The worst thing that can happen is that the mistake is big and the business has to close down,  Smaller mistakes may lead to a loss of profit or,  The business not being a successful as it could be.  The important thing is to learn from the mistakes, not make them over and over again!!

24.  What happens when a business closes down?  Task, find out what happens when a business closes down?  Can you produce a guide to closing a business?

25.  Overtou risk taking

26. Unit 12

27.  Explain the important enterprise skills of planning, thinking ahead, seeing opportunities and having drive and determination.  Appreciate that making contacts is an important part of setting up a business,  Recognise the role that mindmaps play in helping entrepreneurs to collect thoughts and see opportunities.

28.  There are many skills that an entrepreneur needs to be successful. The four will be discussed:-  Seeing Opportunities  Effective Planning  Thinking Ahead  Drive and Determination (in all aspects of life)  Making Connections

29.  Max Holtman is 18 and just finishing his A levels, but does not want to go to college! Whilst at school he has already set up a number of businesses.  On a family trip, passing a busy car valeting business, with a massive long queue, he sees an opportunity of business. What do you think it could be?

30.  Seeing opportunities is an important skill for entrepreneurs, it is about seeing different opportunities to develop a new business or seeing and exploiting a gap in the market.  What opportunities are there about….  Examples … 

31.  Effective planning can make the difference between a successful start up and not making it!  With little or no planning a business may start well but get into difficulties.  What will you need to plan?  Imagine you were starting a new business – produce a mind map to show all the things that you would have to plan before getting going.

32. The business Location Service/ Product Market Marketing strategy Goals and Targets Finance Suppliers Is this all we need to think about?

33.  Entrepreneurs are good at thinking ahead, they can see that there are ‘stepping stones’ along the way. Many successful entrepreneurs have started many businesses along their way, with each business making the ‘start up’ capital for the next.  The next business is usually bigger and better, ALL big business have started from small ones.  In 5 minutes on the internet can you find any?

34.  Any one of ‘The Dragons Den’ members,  McDonalds McDonalds  Marks and Spenser Marks and Spenser  Salomon Skis Salomon Skis  Aston Martin Aston Martin

35.  Are you a ‘driven’ person?  Are you determined to succeed?  Are you competitive?  Do you want to be the best?  There are lots of different things that will get in your way when you want to be successful – do you have the determination, resilience and passion to overcome them?  That’s what it takes to be good at something or successful!!

36.  One technique that is often useful when planning, thinking ahead or seeing opportunities is to use a mind map.  A mindmap is a diagram to records words and ideas to help to plan and look ahead, also identify different business ideas.  A mindmap can have the business at the centre  Task  With the word ‘My Strengths’ in the middle produce a mindmap about you.

38.  You do not need to be great at everything to be a successful entrepreneur, however, knowing your strengths and weaknesses is very helpful, where you have weaknesses you can overcome these by ‘buying help’. So if you are not good with numbers you can hire an accountant, if you are not good at dealing with customers you can hire a salesperson

39.  Overtou – Important Enterprise skills