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Unit 5.  Review: ◦ Enterprise is about taking risks, being creative and innovative and using your initiative. ◦ An Entrepreneur is someone who organises.

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Presentation on theme: "Unit 5.  Review: ◦ Enterprise is about taking risks, being creative and innovative and using your initiative. ◦ An Entrepreneur is someone who organises."— Presentation transcript:

1 Unit 5

2  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.

3  There are three major hurdles to overcome before any idea can come to fruition. 1.Identify a problem 2.Idea generation 3.Idea selection

4  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.

5  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.

6  Employees ◦ Idea generation and development techniques can be encouraged by rewarding employees who come up with ideas. ◦ E.g. Google X GroupGoogle X Group

7  Existing products of business ◦ Employees may improve or develop new products or services based on existing products of the business.

8  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

9  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.

10  Competitors ◦ Ideas can be found by monitoring competitors to see what products they are developing. E.g. Tablet computers.

11  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.

12  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.

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14 Idea generation ◦ A systematic approach to generating ideas. E.g. brainstorming. Can come from internal or external sources

15 Product screening ◦ Spotting good ideas, dropping poor ideas

16 Concept development ◦ Turning the idea into a product

17 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

18 Prototype development ◦ Producing a physical product

19 Test marketing ◦ Determines the reaction of potential customers

20 Launch the product ◦ Full-Scale launch on the market


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