What makes a good idea for Business? Igor Roitburg
Market Research Analysis •
Analyse your market research data.
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For each question you asked come to a conclusion.
• Eg. People aged 16-19 did not want to buy our product, but those aged 12-15 did want to buy our product. Therefore this is our target market.
• Discuss in groups what you found easy and hard about carrying out market research.
Aims and Objec?ves Aim:
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Understand why and how people generate and protect ideas.
Objectives:
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Recap on entrepreneurship.
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Describe how ideas are generated.
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Analyse the different methods of protecting ideas.
Entrepreneurial Skills Explain two personal characteris1cs that enables entrepreneurs to succeed such as Richard Branson. (3 Marks)
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Passion and focus
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Ability to spot a gap in the market
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Good range of entrepreneurial skills, including marketing, vision, creativity, innovation.
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Confidence
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Flexibility – after failure of Virgin Coke for example.
Why protect your ideas? •
Attract more customers because no substitute (alternative) products.
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Be able to charge more as customers won’t be able to switch to something similar.
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Be able to earn money if you let another business use your idea. E.g. Franchising
Patents •
New invention, have innovative features & be capable of being made in industry.
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Legal protection for up to 20 years.
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Other businesses must have the right to use the product if they wish.
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If no permission, can sue, and get compensation
Trademarks • Protects any sign or symbol that distinguishes what you offer from your competitors.
• Name, slogan, logo, shape etc
Trademarks must be:
❑ Distinctive
❑ Not deceptive, illegal, immoral
❑ Renewed every ten years
Copyright •
Protects creative or artistic works.
❑ Literature
❑ Art
❑ Music
❑ Website content
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Other must pay for the right to use.
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Radio stations pay to play songs!
What makes a good idea? •
Do you have the facilities and expertise to provide such a service efficiently?
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Is there demand for the product?
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Can you benefit from providing it?
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Ability to protect the idea.
Thank You