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.

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