inspiration for starting a business
TRANSCRIPT
Inspiration for Starting a Business
Creating New Ideas and Spotting Business Opportunities
Week 2 – 29 January 2008
Review Session 1
• Recognise the relationship between business ideas and business opportunities
• Identify ways to generate a new business idea• Develop a basic idea into a business concept• Carry out market research activities to determine
the viability of your idea
Losing current income 37%
Complexity of regulations 33%
Losing security 32%
Economic climate 29%
Lack of knowledge 22%
Lacking business skills 21%
Loss of current prospects 17%
Lack of an idea 12%
Hard work involved 12%
Family commitments 2%
Lack of premises 1%
Barriers to startup
Fear of debt 51% Securing finance 50% Fear of Failure 47%
Better position in society 58%
Make an idea happen 52%
Make a lot of money 51%
Dissatisfied in previous job 44%
Lead and motivate others 43%
Get more respect 40%
Develop a hobby 39%
Be at forefront of technology 29%
Follow example of mentor 29%
Continue family tradition 20%
Been made redundant 19%
Been out of work 19%
Household Survey of Entrepreneurs 2001, Small Business Service
Motives to start-up
Make more money 74%
Freedom in approach to work 89%
Be own boss 73%
Self challenge 73%
In groups of four consider one or more of your business ideas and conduct a SWOT analysis
Spotting opportunities
Working in groups of 4 look at your business Idea and your SWOT opportunities – discuss these to assess if they are realistic and whether there are others.
What makes a business idea memorable?
What makes a business memorable?
Product offering and USP?
Anita Roddick: Body Shop
Richard Branson: Virgin Empire
James Dyson: Dyson Vacuum
Peter Jones: Phones International
Donald Trump: Trump Empire
Vera Wang: Fashion House
Mark Zuckerberger: Facebook
Mohammed Al-Fayed: Harrods
Larry Page & Sergey Brin: Google
Richard Reed: Innocent
Howard Schultz: Starbucks
Pierre Omidyar: Ebay
Ben Cohen & Jerry Springfeld: Ben & Jerry
• Generating & refining ideas
• If someone’s passion is cycling then potential business ideas could be
• Cycle repair shop• Cycle design
consultancy• Rent-a-cycle• Cycling road skills
• Rules of brainstorming
• Suspend making judgements• Record every idea no matter
how wild• Keep up the pace• Don’t discuss ideas until all
ideas have come out
• Other ways to generate business ideas
• Opportunities for innovation through social, political, environmental, economic, regulatory or technological change
• Problem solving• Spotting a gap
• FEASIBILITY check
• Can the idea be done?• Can you do it?• What opportunity exists i.e.
what can you do with the idea? Who will want it? Can you sell it?
• Find out whether your business is an ideas led business or market led business idea
• Assess needs and demands
• Evaluate key factors
• Market research
• Who• What• Where• When• Why• How
• Useful OPEN
questions begin with
SMART objectives are:
• Specific• Measurable• Achievable• Realistic• Timed
I will carry out market research to see if my product/service has a
market.
VERSUS
By the 24th November I will have put together a market research questionnaire and tested it with
10 potential customers in Preston Town Centre to make sure the
questions work.
• Summary of Business Plan
• Business Aims And Objectives
• Personal Details
• Market Research – Customers
• Market Research – Competitors
• Marketing Plan
• Product or Service Description
• Sales
• Finance – Survival Budget
• Finance – Start Up Costs
• Finance – Projected 1st year Sales Forecast
• Finance – Projected 1st year Cashflow
• Finance – Projected 1st year Profit and Loss
• Risk Analysis
• Legal Issues
Getting Your Business Off The Ground
• Analyse findings from market research• Consider forms of business ownership• Identify legal issues relevant to your business• Identify actions and associated costs to start up
the business• Generate initial financial forecasts