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Why bother?
· People who start businesses are called....
­ Entrepreneurs who are people who set up to:
Produce goods or,
Supply services or,
Distribute products or
Create social enterprises…read more

Slide 3

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They want to provide a service -
Social enterprise ­ setup to helps
society rather than make a profit They want to keep all the
profits
Why are They have an
They need a
job
businesses interest or hobby
and this grows
started? into a business
They want to be their own boss and make their own decision…read more

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Sources of business ideas
· A gap identified in an already established market for a particular
product/service
· A totally new product/service
· May have seen the idea working somewhere else
­ The Body shop was originally in the USA
­ Cereals stores where customers mix their own breakfast cereal ­
work here?
· Notice a growing trend in a market a realise there's an opportunity
­ Growth in more environmentally friendly products
· Establish a business by buying someone else's idea
­ E.g. Dominoes Pizza
· May be the entrepreneurs own
­ Is there a way you can check you locked your front door this
morning?…read more

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Looking for a gap in a market
· To help decide if an idea is likely to work or not,
entrepreneurs will want to conduct market
research:
­ Gathering and analysing data in order to
understand:
· Is the market growing?
· What is the main competition?
· How does the new idea differ from what already exists?
· In a there a niche in the market?…read more

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2 Types of Research
Primary Research Secondary Research
· new information that · information collected
you gather yourself for a specific purpose
(not already in by someone else, e.g.
published material), government statistics,
otherwise known as trade publications and
field research. published academic
research. This is known
as desk research.…read more

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Comments

hoosh

My name is Hoosh and I liked it!

hoosh

and so does my friend joosh

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