1. 1.2 Generating and protecting business ideas

2. Candidates should be able to: list sources of business ideas identify a product or market niche explain the differences between copyright, patents and trademarks define franchise give examples of the benefits and pitfalls to franchisors or franchisees

3. Sources of business ideas How do entrepreneurs think of ideas? B______________ Experience – S_____ a gap in the market (niche)

4. Initial research Once an entrepreneur has an ideas they need to carry out small scale research - why?

5. Initial research - methods

6. Protecting business ideas Some business start-ups are from the creation of genuinely new products. New inventions should be protected (p_____________), why?

7. Protecting business ideas Patents in the UK are provided and registered through the Patent Office (although its also vital to protect new inventions internationally) How can ideas be protected? C______________ P__________ T____________

8. Protecting business ideas Copyright – protects “intellectual property” i.e. a___, b_____, p_____, f______, m______, s______ and w________ Businesses wanting to use the copyright have to pay a r_______ or copyright fee. No requirement to register an author’s copyright

9. Protecting business ideas Patents – ______________________ ______________________________; for up to ____ years after it has been registered. To gain a patent the inventor must: Provide full d_______ e.g. drawings Demonstrate it has o_______ features P______ the ideas are ____________

10. Protecting business ideas Benefits of patents/copyright to a firm:

11. Protecting business ideas Benefits of patents/copyright to a consumer:

12. Protecting business ideas Dragon’s Den – Nova Flo case study http://www.youtube.com/watch?v=xu0QifxOGvs What is the new product? What investment is he seeking? What protection does he have on the invention? What customers is he targeting? Who owns the patent? Would you invest? Why?

13. Protecting business ideas Trademarks – protects a b____ n______, l______, slogan, word, image, sound or smell that enables a business to d_________ itself from its competitors

14. Examples In the US, around ______ of all retail sales are franchised shops.

15. Franchises A franchise is an agreement under which the franchisee buys the right to sell an existing product, whether goods or services, using an existing trademark and business methods. These are supplied by the franchisor. There are about ______ types of franchise in the UK.

16. Franchises – Indian restaurant http://news.bbc.co.uk/1/hi/business/7357083.stm Define the term “franchise” List five food and drink franchises that are found on the UK high street What is the cost of a franchisee investing in a Tiffinbites franchise? How do traditional family-run Indian restaurants normally differentiate their product?

17. Franchises – quiz Franchises quiz http://www.tutor2u.net/business/quiz/franchises/quiz.html