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Unit 5
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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.
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There are three major hurdles to overcome before any idea can come to fruition. 1.Identify a problem 2.Idea generation 3.Idea selection
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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.
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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.
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Employees ◦ Idea generation and development techniques can be encouraged by rewarding employees who come up with ideas. ◦ E.g. Google X GroupGoogle X Group
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Existing products of business ◦ Employees may improve or develop new products or services based on existing products of the business.
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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
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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.
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Competitors ◦ Ideas can be found by monitoring competitors to see what products they are developing. E.g. Tablet computers.
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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.
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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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Idea generation ◦ A systematic approach to generating ideas. E.g. brainstorming. Can come from internal or external sources
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Product screening ◦ Spotting good ideas, dropping poor ideas
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Concept development ◦ Turning the idea into a product
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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
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Prototype development ◦ Producing a physical product
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Test marketing ◦ Determines the reaction of potential customers
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Launch the product ◦ Full-Scale launch on the market
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