Generating and Protecting Business Ideas AS Business Studies Unit 1

Market Research Analysis Analyse your market research data. For each question you asked come to a conclusion. Eg. People aged did not want to buy our product, but those aged did want to buy our product. Therefore this is our target market. Discuss in groups what you found easy and hard about carrying out market research.

Aims and Objectives Aim: Understand why and how people generate and protect ideas. Objectives: Recap on entrepreneurship. Describe how ideas are generated. Analyse the different methods of protecting ideas.

Entrepreneurial Skills Explain two personal characteristics that enables entrepreneurs to succeed such as Richard Branson. (3 Marks)

Passion and focus Ability to spot a gap in the market Good range of entrepreneurial skills, including marketing, vision, creativity, innovation. Confidence Flexibility – after failure of Virgin Coke for example.

Why protect your ideas? Attract more customers because no substitute (alternative) products. Be able to charge more as customers won’t be able to switch to something similar. Be able to earn money if you let another business use your idea. E.g. Franchising

HOW TO PROTECT IDEAS

Patents New invention, have innovative features & be capable of being made in industry. Legal protection for up to 20 years. Other businesses must have the right to use the product if they wish. If no permission, can sue, and get compensation

Trademarks Protects any sign or symbol that distinguishes what you offer from your competitors. Name, slogan, logo, shape etc Trademarks must be:  Distinctive  Not deceptive, illegal, immoral  Renewed every ten years

Copyright Protects creative or artistic works.  Literature  Art  Music  Website content Other must pay for the right to use. Radio stations pay to play songs!

What makes a good idea? Do you have the facilities and expertise to provide such a service efficiently? Is there demand for the product? Can you benefit from providing it? Ability to protect the idea.

Post-it Notes Case Study ‘ From one idea to another’

Patent Case Study Exam Question