Caroline McHaleCaroline McHaleNovember2009November2009

Enterprise: Starting your own Business

““Business opportunities Business opportunities are like buses, there’s are like buses, there’s

always another one always another one coming.”coming.”

Richard Branson, Founder, Virgin EnterprisesRichard Branson, Founder, Virgin Enterprises

Idea GenerationIdea Generation

Where do I begin?

Idea Generation

Fun

95% perspiration and 5% inspiration

Idea GenerationIdea Generation

Logical Intuitive

Components Random

Sequences Images

Reading Colour

Writing Music

Listening Creativity

Left Brain / Right Brain

Idea Generation

Both

5% of adults over the age of 20 years consider themselves to be ‘Creative’.

95% of children between the ages of 5 and 10 years exhibit a strong tendency towards creativity.

Idea Generation

Creative Thinking

Imagination is the fuel for creativity.

Thinking ‘Outside the Box’ Thinking ‘Outside the Box’ ‘ Inside the Box’ ‘ Inside the Box’

Try this exercise.

What is half of 10?

Idea Generation

Both

Try this exercise.

Ideas NotebookIdeas Notebook

Record unusual or interesting ideas.

Camera/folders/etc

Ideas NotebookIdeas Notebook Always carry an ideas notebook.

Words/Pictures/Photographs

Date ideas

Re-visit and examine

Encourage an ‘idea a week/month’

www.northconnaughtidea.ie

Paperclip ChallengePaperclip Challenge

How many uses for a paperclip?

Individual

Group

The ability to generate ideas comes from intuition, but is amplified by experience!

Exercise your imagination

Create a false crisis!!!!

Idea Generation

Everyone can search for and find Everyone can search for and find ideas.ideas.

The bicycle tyre - Vet

The Frisbee - Baker

Cornflakes - Farmer

There is no magical formula….There is no magical formula….

Think in new ways……..Associate things that don’t have an obvious link…..Find new uses for old things…….Analyse why something is not working……Find solutions for consumer problems……Identify a niche market……..

There is no magical formula….There is no magical formula….

Recognise changes in consumer tastes…….

Analyse the failures of others…..

Apply new technologies in new ways…

Try something different…Food

Watch a TV show you don’t normally watch….

StrategiesStrategies

BrainstormingBrain writingMatrix/ Scamper/ PEPMind MapsProblem SolvingLateral / Creative thinking

BrainstormingBrainstormingA poorly planned brainstorming session could cause more A poorly planned brainstorming session could cause more

harm than good.harm than good.

Sharpen the FocusStrict rulesStart with a numberStages for a facilitator Start- middle- endSpace for ideasStretch your mental musclesShow and tell

Idea Generation

Brain writingBrain writingIdeas are written

Individual

Pair work

Group work

Variations.

Idea Generation

Idea Generation

Substitute

Combine

Adapt

Modify

Put to other uses

Eliminate

Reverse

Scamper - Product

MatrixMatrixFeatures: Colour Size GiftMarkets: Babies Communion Religious Elderly Homeowners

Idea Generation

Matrix Matrix Idea Generation

features

markets

colour size gift personal

infants

elderly

Christmas

other

PEP approachPEP approachPre - Experience

Experience

Post - Experience

What could make life easier for people when brushing their teeth?

Idea Generation

Mind MapMind Map

Slate

Mind MapMind Map

Slate

Problem SolvingProblem Solving

Problems mean opportunities

Many a good idea has come from finding a solution to a problem.

What causes the Problem?

•Think Backwards•Think Bigger•Think smaller

Steps in Problem SolvingSteps in Problem Solving

Check the factsWhat is causing the Problem?Identify SolutionsPrioritise the Ideal solutionImplementEvaluate

Problem SolvingProblem Solving

Shift focus

Make it unnecessary

Reduce the problem

Substitute

Idea Generation

Traffic Congestion

Problem SolvingProblem SolvingStain Remover

Burglar Alarm

Shopping trolley

Spray Starch

Fast Food

Idea Generation

Lateral Thinking…….Lateral Thinking…….

Encourage students to

Be adventurous

- Take new paths ….not the logical / obvious choice

Idea Generation

Lateral Thinking…….Lateral Thinking…….

Garages

Billboards

Crisps

Organic food

Idea Generation

Scarf………….

Develop a new idea

Copy an idea

Alter an idea

Buy a business

Idea Generation

Product Life Cycle Product Life Cycle

Introduction

Growth

Maturity

Saturation

Decline

Idea Generation

Product Life Cycle Product Life Cycle Idea Generation

Introduction Growth maturity Saturation Decline

T I M E

S

A

L

E

S

0

The trick is to provide something that enough people want.

Look around…………

Can you identify needs?

Idea Generation

Needs and Wants

Other ideas……..Other ideas……..

EventsCraft FairCar boot salesBuy and sellLocal MarketsLifestylesFood

Idea Generation

Idea Generation

Come to a road block ensure to take a detour

Idea Generation

Thank You

Any Interesting Ideas!

www.sligoenterprise.ie www.startingabusinessinireland.com

www.basis.ie

www.eoy.tv

www.cro.ie

Exploring EnterpriseExploring EnterpriseA teaching and learning A teaching and learning

resource resource

A Typical LessonA Typical Lesson

1. Engage the learner

2. Teach for understanding

3. Stimulate Recall

Methodologies & Methodologies & ResourcesResources

• Individual Work• Pair Work• Group Work• Discussion• Brainstorming• Case Studies• Project Work• Presentations• Using ICT• CD ROMS• Review & Evaluation

Strategies • Questioning

• Worksheets• Matching Exercises• Photos• Newspapers• Magazines• DVD• Resource Packs• Textbooks• Wall Charts/Posters• Mind maps

What do you understand What do you understand by the term by the term

‘Entrepreneur’?‘Entrepreneur’?

Are these people enterprising?Are these people enterprising?

Enterprising Skills & QualitiesEnterprising Skills & QualitiesSkills• Planning & Goal Setting

• Innovation

• Decision Making

• Communication

• Human Relations Management

• Delegation

• Motivation

• Leadership

• Assessing and Managing Risk

• Time Management

• Stress Management

• Reality Perception

• Networking

Qualities• Decisive• Good Leader• Highly motivated• Independent• Energetic• Good communicator• Flexible• Positive self image• Self – confident• Opportunistic• Innovative & Creative• Persistent• Determined• Hard working• Seeks challenge

The Business PlanThe Business Plan

Business

Plan

““A failed business did not plan A failed business did not plan to fail – it failed to plan”to fail – it failed to plan”

Business Planning

Elements of a Business Elements of a Business PlanPlan

• Business Description• Personnel• Marketing• Production• Advertising • Finance

Business

Plan

What is a Business Plan?What is a Business Plan?

It is a written document which sets out the following:

• Who is setting up the enterprise• What is the product/service• How it is going to be produced and

promoted• Where it is going to be sold• Where the finance will come from

Business Plans – Why?Business Plans – Why? It states the goals and objectives of the business

and how these are to be achieved

It helps an entrepreneur think through their ideas and anticipate possible challenges and how to overcome them

It is required by financial institutions, county enterprise boards etc

It sets targets against which to measure the actual performance of the business

Market Research – Why?Market Research – Why?• To determine if there is a “gap” or “niche” in the market• To establish customer needs and to help produce

goods/services that meet that need• To reduce the risk of failure and loss of money• To identify the type of people likely to buy the

product/service• To determine the strengths and weaknesses of the

competition• To test consumer reaction to a new product/service • To provide management with information which is

needed to make important marketing and production decisions

Types of Market ResearchTypes of Market Research

Desk Research

Central Statistics OfficeGovernment DepartmentsChambers of Commerce

InternetTrade Journals

MagazinesNewspapers

Golden PagesCounty Enterprise Boards

Field Research

QuestionnairesPersonal Interviews

SamplingObservation

Consumer PanelsFocus GroupsRetail Audits

QuestionnairesQuestionnaires

• What is a questionnaire?

• Designing a questionnaire

• Types of questions

• Resources for compiling questionnaires

Designing a questionnaireDesigning a questionnaire• Select only the most relevant questions• Questions should be worded carefully. Keep the

language clear and simple• Take the length of the questionnaire into consideration

(10 questions? 15?)• Questions should be easy to complete• Use a mix of different questions• Test the questionnaire with a small group• Administer the questionnaire• Gather and collate the results• Analyse the results• Make decisions

Types of QuestionsTypes of Questions• Closed Question• Multiple Choice Question• Open Ended Question

What is the Marketing What is the Marketing Mix?Mix?

The Marketing Mix is ensuring the 4p’s .product, price, place

and promotion (packaging) correct in order to successfully

sell the product or service

The Marketing Mix is a blend of different ingredients. Each

ingredient in the mix does not remain separate, but blends

with the others

The Marketing MixThe Marketing Mix• Product• Price• Place• Promotion• Packaging

AdvertisingAdvertising

“Of all our inventions for mass communication, pictures still speak the most universally understood language.”

Walt Disney

Being in business without advertising your presence is like winking in the dark – you know what you’re doing, but nobody else

does”

Brody Sweeney, O’ Brien’s Sandwich Bar

Do you know the jingle?

Celebrity Factor - BrandingCelebrity Factor - Branding

Unique Selling Point (USP)Unique Selling Point (USP)

“In order to be irreplaceable, one must always be different.”

Coco Chanel

• Make sure your product/service will appeal to the customer. Your product /service must be different to that of your rivals.

WHAT IS YOUR USP?

Thank you for your observations and contribution

during the day.

Please complete and return the evaluation forms being

distributed.

Caroline

Thank you