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please request permission from
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Business Idea
Recognition
Taster Workshop
Presented by Bernard Curren
Knowledge and Innovation
Manager
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Knight (1921) suggested that entrepreneurs
were concerned with the ‘efficiency’ in
economic factors by continually reducing
waste, increasing savings and thereby
creating value, implicitly understanding the
opportunity-risk-reward relationship
Alertness
Discovery
Entrepreneurs
Judgement
Action
Drucker (1974) attributed to
entrepreneurs a sense to ‘foresee’ market
trends and make a timely response
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Creativity, Invention,
Opportunity and
Entrepreneurship
Entrepreneurial
Environment
Invention
Ability to
be creative
Innovation
Success
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Ability to spot
opportunities
Drucker’s Five Stage to
Innovation
Analyse opportunities, internal and external.
Innovate for NOW - timing is everything
Innovation is conceptual and perceptual, so look at
financial implications and analyse whether it meets
the opportunity
Keep innovation simple - KISS!
Start small, take an incremental approach
Aim at leadership and dominate the competition as
soon as possible
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Why do we go into
Self Employment / Business
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Why do we go into
Self Employment?
For
Money
Working hours
Flexibility
Choice
Independence
Achievement
Power
Control
Status
Against
Failure
Long hours 24/7
Greater responsibility
Stress
Insecurity
Hard work
Lonely
Risk
Money
Relationships
Lack of Business
knowledge
Nothing else exists
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What it Takes to
Run a Business…
Skill and
Vision
Knowledge
Experience
Luck, Drive
and
Enthusiasm
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Right Place
at the Right
Time
Sense of
Humour
Is there a Business
out there?
Who said?
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Small Business Start-up Flow Chart
The 3 C’s
Customers
Product/Services
Competitors
Environment
Capabilities
Marketing Mix
Context
Niche Target
Potential
Price
Feasibility
Distribution
Promotion
Financial Plan
Cash On-hand
Cash Flow Protection
Operations
Do
Investors
Tools
Check
Loans
Suppliers Training
Act
Work Incentives
Contingencies
Breakeven Analysis
Production Plan
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Best Idea/Product or Service in the
World
No Customers
No Sales
No Business
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Key Questions to Consider…
What is the business idea, exactly?
How will the product/service be produced/bought
and sold?
How will the business be resourced?
How will the product/service be marketed?
How will the business be organised?
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Market Research
Finding out whether there is a gap in the market
and what demand there might be?
Will you be able to sell the product/service you are
offering and who will buy?
Market research will provide you with basic
information to make informed decisions
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Business Idea SWOT analysis
Strengths
Weaknesses
Opportunities
Threats
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To find out more about the Business Ideas
Challenge 2009/10 or to view the video
recording of this presentation visit
www.plymouth.ac.uk/bpchallenge
or if you have an enquiry please contact
ideaschallenge@plymouth.ac.uk
www.plymouth.ac.uk/bpchallenge
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