1. www.businessideaschallenege.co.uk Please be aware that this workshop is being video recorded for promotional purposes. Copyright University of Plymouth. For permission to distribute or disseminate this information, other than for personal use, please request permission from ideaschallenge@plymouth.ac.uk www.plymouth.ac.uk/bpchallenge

2. www.businessideaschallenege.co.uk www.plymouth.ac.uk/bpchallenge

3. www.businessideaschallenege.co.uk Knight (1921) suggested that entrepreneurs were concerned with the ‘efficiency’ in economic factors by continually reducing waste, increasing savings and thereby creating value, implicitly understanding the opportunity-risk-reward relationship Drucker (1974) attributed to entrepreneurs a sense to ‘foresee’ market trends and make a timely response www.plymouth.ac.uk/bpchallenge AlertnessDiscovery JudgementAction Entrepreneurs

4. www.businessideaschallenege.co.uk www.plymouth.ac.uk/bpchallenge Entrepreneurial Environment Ability to be creative Ability to spot opportunities Invention Innovation Success

5. www.businessideaschallenege.co.uk Analyse opportunities, internal and external. Innovate for NOW - timing is everything Innovation is conceptual and perceptual, so look at financial implications and analyse whether it meets the opportunity Keep innovation simple - KISS!Start small, take an incremental approach Aim at leadership and dominate the competition as soon as possible www.plymouth.ac.uk/bpchallenge

6. www.businessideaschallenege.co.uk www.plymouth.ac.uk/bpchallenge

7. www.businessideaschallenege.co.uk www.plymouth.ac.uk/bpchallenge

8. www.businessideaschallenege.co.uk Skill and Vision KnowledgeExperienceLuck, Drive and Enthusiasm Right Place at the Right Time Sense of Humour www.plymouth.ac.uk/bpchallenge

9. www.businessideaschallenege.co.uk Is there a Business out there? Who said? www.plymouth.ac.uk/bpchallenge

10. www.businessideaschallenege.co.uk www.plymouth.ac.uk/bpchallenge The 3 C’s Customers Competitors Capabilities Marketing Mix Niche Target Price Distribution Promotion Operations Tools Suppliers Training Contingencies Production Plan Financial Plan Cash On-hand Cash Flow Protection Investors Loans Work Incentives Breakeven Analysis Do Check Act Product/Services Environment Context Potential Feasibility

11. www.businessideaschallenege.co.uk No Customers No Sales No Business www.plymouth.ac.uk/bpchallenge

12. www.businessideaschallenege.co.uk What is the business idea, exactly? How will the product/service be produced/bought and sold? How will the business be resourced?How will the product/service be marketed?How will the business be organised? www.plymouth.ac.uk/bpchallenge

13. www.businessideaschallenege.co.uk Finding out whether there is a gap in the market and what demand there might be? Will you be able to sell the product/service you are offering and who will buy? Market research will provide you with basic information to make informed decisions www.plymouth.ac.uk/bpchallenge

14. www.businessideaschallenege.co.uk www.plymouth.ac.uk/bpchallenge StrengthsWeaknessesOpportunitiesThreats

15. www.businessideaschallenege.co.uk To find out more about the Business Ideas Challenge 2009/10 or to view the video recording of this presentation visit www.plymouth.ac.uk/bpchallenge www.plymouth.ac.uk/bpchallenge or if you have an enquiry please contact ideaschallenge@plymouth.ac.uk www.plymouth.ac.uk/bpchallenge