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Sources of business ideas for small
businesses with limited resources
Formation of businesses
Operation of businesses
Benefits of businesses
Drawbacks of businesses
Protection of business ideas…read more

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Spotting trends & anticipating their impact
> This approach was used by innocent smoothies as the new
millennium (2000) came people wanted to have healthier
Identifying a market niche
> When an individual notices something is missing from the market.…read more

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Another way to start-up a business by
using someone else's original idea;
instead of starting from scratch.
This allows an individual to trade under
an individuals name and gain help and
support.…read more

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Most common type is the "business
format franchise"
This is when the owner of a business of a
business (FRANCHISOR) grants the
individual (FRANCHISEE) the right to sell
its products or services.…read more

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It is still your own business
The investment should be in a tried and tested
format and brand
The franchisee gets advice, support and
It is easier to raise finance - the high street
banks have significant experience of providing
finance to franchises
No industry expertise is required in most cases
The franchisee benefits from the buying power
of the franchisor
Less chance of failure when operating as a
franchise than starting a business with an
original idea.…read more

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Franchises are NOT cheap. The franchisee has to
pay initial fees & ongoing royalties & commission.
He/she may also have to buy goods directly from
the franchisor at a mark-up price.
There are RESTRICTIONS on marketing activities
(e.g.…read more

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Page 10

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Legal protection against copying for
authors, composers and artists.
> E.g. books; films & magazines etc.
> Lasts 70 years after the death of the inventor
> Law on copyright is governed by the
copyright, designs & patents act 1988
> Indicated by the © symbol.…read more


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