BUSS1

What are the four major sources of ideas for entrepreneurs

Taking a scientific approach, copying ideas from other countries, identifying a market niche and spotting trends whilst anticipating their impact.

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What are sources of business ideas

Brainstorming, observation, thinking ahead, changing needs/trends, innovations, new technology, ideas from personal or business experience.

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What is franchising

When a business (franchisor) gives another business (franchisee) the right to supply its product or service.

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What are the benefits of franchising

Less risk, already established brand, easier to finance as banks are more likely to finance franchises, lower marketing costs for franchisee, support and guidance provided to franchisee.

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What are the drawbacks of franchising

Costs may be higher than expected, franchisees could give the franchise a bad name, franchisee has to stick to rules set by the franchiser, franchisees must be approved by the franchisor, if the franchisor goes out of business impact franchisee

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How can you protect a business idea

Through patents, trademark or copyright

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What does a patent protect

It protects a new product or process for a specified period.

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What needs to be considered when patenting an idea

A pantent allows further development to be made, the invention becomes the work of the inventor but the process is expensive and long.

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What does a trademark protect

Signs, logos, symbols or words displayed on products or on it's advertising, including sounds which distinguish a brand

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What does a copyright protect

Copyight protects against copying of authors, composers and artists. For example; books, info leaflets, software or sound recordings.

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What is a business plan

A report describing the marketing strategy, operational issues and finical implications of a business start-up

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What are the contents of a business plan

Details of the business, personal info, objectives, marketing and production plans, fixed assets, finical forecasts, details of finance needed and repayments, collateral offered, long term plan and SWOT analysis

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What are the benefits of a business plan

Help entrepreneurs to clarify their objectives, lets owner know exactly what is to be done, persuades leaders to invest.

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What are the drawbacks of a business plan

Needs to be accurate and realistic, assumptions need to be made from market research, providing realistic finical information.

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Get Revising

BUSS1

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