ILO
a) Creating and setting up a business
b) Running and expanding/developing a business
c) Innovation within a business (entrepreneurship)
d) Barriers to entrepreneurship
e) Anticipating risk and uncertainty in the business
environment
a) Creating and setting up a business
b) Running and expanding/developing a business
c) Innovation within a business (entrepreneurship)
d) Barriers to entrepreneurship
e) Anticipating risk and uncertainty in the business
environment
Starter
Who is this?
1.Set up a school magazine
2.Set up a mail order record retailer-1970
3.Opened a record shop
4.Recording studio opened- 1972
5.Many big name artists sign to record label, (Sex pistols) – 1977
The Group has now expanded into leisure, travel, tourism, mobile, broadband, TV, radio, music festivals, finance and health and are investing in renewable energy
Who is this?
1.Set up a school magazine
2.Set up a mail order record retailer-1970
3.Opened a record shop
4.Recording studio opened- 1972
5.Many big name artists sign to record label, (Sex pistols) – 1977
The Group has now expanded into leisure, travel, tourism, mobile, broadband, TV, radio, music festivals, finance and health and are investing in renewable energy
a) Creating and setting up a business
How do the two following business differ in the way they were started?
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What are the main sources of business ideas?
Apart from new technology, what other ways are there to spot new business opportunities?
b) Running and expanding/developing a business
When setting up a new business, what issues might an entrepreneur face?
When setting up a new business, what issues might an entrepreneur face?
Running a successful business?
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Thinking about the industry and what people expect from a hotel, what do you think these types of business owners need to be able to do to run a successful business?
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c) Innovation within a business (intrapreneurship)
What is intrapreneurship?
http://www.inc.com/murray-newlands/10-things-entrepreneurs-need-to-know-about-intrapreneurship.html
http://www.inc.com/murray-newlands/10-things-entrepreneurs-need-to-know-about-intrapreneurship.html
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What types of companies might encourage intrapreneurship within their organisations?
Gmail (Google)Employees at Google are allowed time for personal projects. Some of Google’s best projects come out of their 20 percent time policy. One of these was Gmail, launched on 1 April 2004.
PlayStation (Sony)Ken Kutaragi, a relatively junior Sony Employee, spent hours tinkering with his daughters Nintendo to make it more powerful and user friendly. What came from his work turned into one of the world’s most recognisable brands - the Sony PlayStation
PlayStation (Sony)Ken Kutaragi, a relatively junior Sony Employee, spent hours tinkering with his daughters Nintendo to make it more powerful and user friendly. What came from his work turned into one of the world’s most recognisable brands - the Sony PlayStation
How will leadership effect this style?
What do you feel is the main advantage and disadvantage of encouraging intrepeneurship within an organisation?
d) Barriers to entrepreneurship
Personal
Financial
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Economic
Political
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e) Anticipating risk and uncertainty in the business environment
•Some things in your future you can predict: + You will go to school + You will sleep late on Saturday + You will eat lunch every day this week |
•Some things you cannot predict: - If you will win the lottery - If you will win a school prize - If you will be late to school because of a traffic jam - Who you will marry |
Risk or Uncertainty
http://www.theguardian.com/business/2014/nov/11/new-look-quits-russia-ukraine-expanding-china-poland
Entrepreneurs are willing to take risks - though calculated ones, naturally. Risks present the greatest potential for failure and, at the same time, possible success.
http://www.theguardian.com/football/blog/2011/aug/31/premier-league-clubs-transfer-spending
http://www.espnfc.co.uk/blog/espn-fc-united-blog/68/post/2141845/english-premier-league-big-spending-teams-run-risk-of-repeating-serie-a-mistakes
http://www.espnfc.co.uk/blog/espn-fc-united-blog/68/post/2141845/english-premier-league-big-spending-teams-run-risk-of-repeating-serie-a-mistakes
Uncertainty
Unlike risk, uncertainty is caused by unexpected, often external, factors outside of the entrepreneur's control even though they are sometimes predictable.
http://www.bbc.co.uk/news/business-30000705
http://www.bbc.co.uk/news/business-30000705
Sample question
Assess TWO possible disadvantages to Burts of selling its crisps in overseas markets (8 Marks)
Notice – entrepreneur not mentioned its implied in the case, you are looking for innovation and risk
Assess TWO possible disadvantages to Burts of selling its crisps in overseas markets (8 Marks)
Notice – entrepreneur not mentioned its implied in the case, you are looking for innovation and risk