Business Studies: Showing Enterprise.

What is enterprise?
1. Enterprise: The skill involved in wanting to start and run a business.
2. Difference between a good and a service:
  1. A good is a physical product such as a burger or car.
  2. A service is a non-physical item like a haircut or legal advice from a solicitor.
3. Key characteristics of enterprise:
  1. Take risks: setting up a new business is risky. Even if the entrepreneur has carefully researched the market there is always a chance that customers may reject the product.
    1. Show initative: and make things happen. Successful entrepreneurs have the drive, determination and energy to overcome hurdles and lauch businesses no matter what.
      1. undertake new ventures: An entrepreneur has the imagination to spot business opportunities and then launch new or improved products that fill gaps in the market.
Thinking Creatively
1. What is creative thinking? Creative thinking is the process by which individuals come up with new ideas or approaches to business which have not been tried before.
2. Explain competitive advantage. A competitive adavantage means being able to offer a product which costumers prefer to rivals because of better quality, appearance, functions or price.
3. Are our creative thinking and competitive advantage linked? Coming up with fresh ideas to make new or better products helps make items stand out in the market place.
4. Give examples of new ideas. New ideas can focus on a new product, e.g the nintendo wii, or a new process that cuts costs or improves quality, for example, the dyson vacuum cleaner.
5. list some creative thinking methods. New ideas can be generated through lateral thinking, deliberate creativity, blue sky thinking and asking the right questions.
6. What is lateral thinking? producing ideas by looking at a problem from many angles.
7. Give an example of lateral thnking. Thinking out side the box can involve breaking down a simple task life serving coffee in a cafe to see if a better production process can be created.
8. Explain deliberate creativity. Deliberate creativity is the intentional creation of new ideas by using a range of thinking techniques e.g blue skies and thinking hats.
9. what is blue skies thinking? Blue skies thinking is when entrepreneurs try to see a problem with 'fresh eyes'. old ways of doing things are ignored. instead a brainstorming session is held where everyone is free to make any suggestions and no idea is rejected out of hand as silly.
10. What is the six thinking hats? Six thinking hats is a tool to create new ideas and approaches.
  1. How do thinking hats work? a group divides up inot sections each taking on a thinking hat...
    1. White hat thinking - asks what are the facts
      1. Red hat thinking - asks about feelings and emotions
      2. Black hat thinking - asks about problems and challenges with the issue being discussed
        Yellow hat thinking - tries to come up with benefits and opportunities.
        Green hat thinking - attempts lateral thinking outside the box eg what if?
        Blue hat thinking - is thinking about thinking and is done by the group leader.
Asking the right questions
1. Why are questions important? Asking questions helps individuals identify issues and options
2. list questions entrepreneurs often ask. Part of the process of thinking creativitely is to ask the right questions for example, why ,why not, how, where, when , what, what if?
3. Give examples of why, why not, etc questions. Hairdresser might ask:
  1. Why do i sell an extensive range of shampoo
    1. Why not open on sunday?
      1. What staff do we need to hire to open for longer hours?
        How am i going to recruit new staff?
        Where will we locate a new branch?
        What if the economy slows down and moves into recession?
4. Why are 'what if' questions particularly important? What if questions help firms look beyond the obvious and consider best and worst case situations and how they might respond.
5. how do entrepreneurs use the questioning process? The questioning process identifies issues and options. By asking the right questions the entrepreneur can identify the costs and benefits of a particular option and come to an informed decision. Do rewards outweigh risks?
Invention and innovation
1. How do new business ideas come about? new ideas can be identified by individuals who:
  1. use existing products and see how items can be improved
    1. design or produce products and can recognise potential developments
      1. working research and development departments
2. Distinguish between invention and innovation
  1. invention discovers new products or new ways of making items
    1. Innovation transforms new ideas into products that canbe sold to customers.
3. How can an entrepreneur protect a business idea? by using the law
4. If a firm registers a patent for an invention it can sue anyone who copies their invention
5. Rivals copying work without permission break copyright law and can be sued
6. Why is legal protection on inventions important?
  1. Invention and innovation are expensive and risky activities. Giving inventors legal protection for original ideas prevents copycats. Legal protection rewards and so encourages innovation and invention.
7. What is a patent?
  1. entrepreneurs register ownership of an invention or new process with the government and are given a patent to stop copying of the idea for say, the next 20 years.
8. Explain copyright. Business ideas are protected by copyrihgt laws. firms can sue anyone ho copies their idea, eg a business name, without permission or payment.
Important enterprise skills
1. List some of the skills entrepreneurs need for success. Typically entrepreneurs are:
  1. Imaginative: they can make connections, see new business opportunities where others do not and spot gaps in the market
    1. Planners who take time to research customer requirements, competitors and market trends to better understand their market place and so minimise the risk of failure.
      1. have the drive and determination to succeed no matter how many hours of unpaid preparation are involved or unforeseen setbacks appear.
2. What is business planning?
  1. An entrepreneur thinks ahead and works out what to do in the future to make and sell products that meet customer needs in a competitive market.

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