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GCSE Unit 1.2 Revision
Transcript of GCSE Unit 1.2 Revision
E.Shone @ Quarrydale
7. What is enterprise
8. Thinking creatively
9. Questions to be asked.
10. Invention and innovation
11. Taking a calculated risk
12. Important enterprise skills
Questions to be asked
Invention and innovation
Taking a calculated risk
Important enterprise skills
Entrepreneur - a person who owns and runs their own business and takes risks.
Enterprises - another word for business.
Enterprise - a willingness by an individual or a business to take risks, show initiative and undertake new ventures.
Risk - the chance of damage or loss occurring as a result of making a decision
Goods - physical, tangible products like a car or a pair of scissors.
Service - non-physical, intangible products like a taxi ride or a hair cut.
Thinking creatively = coming up with new and unique ideas
Competitive advantage = an advantage a business has that enables it to perform better than its rivals in the market and which is both distinctive and defensible.
Deliberate creativity = the intentional creation of new ideas through recognised and accepted techniques.
Invention = the discovery of new processes and potential new products, typically after a period of research.
Innovation = the process of transforming inventions into products that can be sold to customers.
Patent = right of ownership of an invention or process when it is registered with the government.
Copyright =legal ownership of material such as books, music and films which prevents these being copied by others.
Trademarks = the symbol, sign or other features of a product or business that can be protected in law.
Calculated risk = the probability of a negative event occurring.
Downsides = the disadvantages of a course of action, including what can go wrong.
Upsides = the advantages of a course of action, including what can go right.
Driven = in business being very motivated.
Mindmap = a diagram that is used to record words and ideas connected to a central word or idea.
Is about facts!
When you wear this hat you think about the facts of the problem or issue
Is about emotions and gut feelings.
When you wear this hat you think about how you feel about the idea. So whether your excited, nervous, worried etc.
problems & difficulties.
When you wear this hat you think about things that could go wrong.
E.g. your idea could fail, you could run out of money etc.
Is about the positives!
When you wear this hat you think about the things that can go right!
E.g being your own boss, sales and profits you will make etc.
When you wear this hat you think about how you would solve problems, and how you get around it.
E.g if a supermarket won't stock your product maybe a corner shop will.
Its about thinking about thinking.
When you wear this hat you are thinking about how you are going to organise the thinking process.
You are blue hat thinking at the beginning of the process when you are deciding what you want to achieve.
Why is thinking creatively important in developing both competitive advantage and a new business?
New ideas could result in a new product - for example, a games console.
They could also result in a new process that cuts costs or improves quality - for example, a bagless vacuum cleaner.
Fresh ideas give businesses a competitive advantage and help make their goods or services stand out in the market place.
Deliberate creativity uses a range of techniques to stimulate thinking and production of new ideas.
Deliberate creativity involves the use of different methods of thinking.
Blue skies thinking
Or thinking outside the box. Is a method of thinking logically and using a process in order to come up with ideas. An example of this would be breaking down the steps taken to serve coffee in a café and asking 'why' at each step to see if a better process can be created.
Involves a group of people looking at an opportunity with fresh eyes. As many ideas as possible are generated in an ideas generation session where no ideas are rejected as silly.
The Six thinking hats
This technique of creative thinking enables the user to focus and organise their ideas.
There are different ways to look at problems and the six thinking hats have six different styles of approaching a problem.
The six hats are, white, red, black, yellow, green & blue
Enterprise is a skill.
Willingness to undertake new ventures
Setting up a new business is risky. Even if the entrepreneur has carefully researched the market, there's always a chance that customers may reject the product and that a loss will be made.
Successful entrepreneurs have the drive, determination and energy to overcome hurdles and launch new businesses.
An entrepreneur has to have the imagination to spot business opportunities that will fill gaps in the market.
The difference between a good and a service.
Goods are physical, tangible products.
Services are non-physical, intangible products.
Mobile phone packages
Part of the process of thinking creatively and coming up with a new business idea is to ask the right questions. For example, looking at a successful product and asking - why, why not, how, where, when, what, what if?
It is vitally important for future entrepreneurs to ask themselves questions.
Questions allow them to sort out issues and explore alternatives It helps them to get the best for the business.
It also helps them to see what should stay the same and what should be changed.
What do you want to do?
What do you find interesting?
What are you passionate about?
Why do I want to run my own business?
Why make the change?
How will I earn profit from the business?
How will I research my market?
How will I build up my customer base?
Where will I start the business?
Where can I get help?
When will I set up my business?
What if i'm ill?
What if I run into problems?
What will happen if the economy slows down?
What if my business loses money?
What if my customers don't like the products?
Invention is about making new items, or finding new ways of making items. Innovation involves bringing this new idea to the market, that is, turning an invention into a product.
Invention = new ideas or new ways of improving current products.
Innovation = bringing the idea to market. transforming it from an invention into a product that can be bought by a customer.
With new inventions comes problems - such as other people/businesses stealing or copying anothers new idea. There are ways in which we can protect these ideas.
Given to intellectual property rights such as films, music and books.
Copyright gives the right to produce, control and copy the work to the individual or company that produced the work originally.
Copyright protection lasts longer than a patent. The copyright lasts as long as the individual is alive plus 70 years after they have died.
Inventors can gain protection through patents.
Patents are given for 20 years.
If anyone copies a patented idea they can be taken to court and sued for damages.
Patents are given for products or production processes.
A trademark is the name of a product or a business that cannot be copied.
E.g. Coca-Cola is a registered trademark. They can sue anyone who tries to sell any product under the coca-cola name.
Taking a Calculated Risk
Calculated risk is about putting a numerical value or probability on the risk.
The risk that Lord Sugar took with Dr Leah was much higher than the risk he would have taken with Luisa. This is because Dr Leah was new to business and didn't have any past experience and also her idea was quite risky (BOTOX). However Luisa already had 3 successful businesses that she had set up and wanted to set up another business in selling baking products.
Upsides to taking risks.
Downsides to taking risks.
The advantages of taking a risk.
That the risk could end up paying off!
Lord Sugar could make lots of money from Dr Leah and their business could be really successful.
Disadvantages to taking risks.
You could fail
You could end up in trouble
You could loose all of your money
Lord Sugar & Dr Leah could face failing as a business, a procedure could go wrong and then they might be sued, their reputation could go and then thy might lose everything.
Importance of enterprise skills.
Drive & Determination
Drive & Determination
To be an entrepreneur you need to be able to spot new opportunities to setup new businesses and make money.
You also need to be able to compare these opportunities in order to pick the best one.
Effective planning is vital to businesses! With little or no planning a business might start well but get into difficulties as soon as something went wrong.
As an entrepreneur you need to be able to think ahead so that you can be a step ahead. You need to be able to think ahead to where your business might be in the future and what you can do to ensure success.
Drive and Determination is very important in an entrepreneur as it isn't easy. There is lots of hard work needed in order to be successful. You need to be determined as there are always set backs and one business could fail but your next one could be successful. In order to succeed you have to overcome the obstacles put in your way.