INITIAL IDEAS
Stages involved in the development of new ideas.
Stage 1: Ideas
1. MULTIFUNCTIONAL BARBERSHOP/ COMMUNITY CENTRE
2. FASHIONABLE
3. INTERNATIONAL BANK LINK
4. FOOTBALL TOURNAMENT HOSTING
5. UNDER 18 DAY CLUBS
Once initial ideas have been chosen it is important that the entrepreneur to conduct back ground research on the ideas that they have chosen and to gather information of the mart which would include the prospective target markets demographic nature in relation to the market.
Step 2: Gathering information as part of life. Importance of ‘watch, look and listen at all times.
An entrepreneur will observe the ways in which people create and use products, customising them for their own needs. Examples would include- the creation of ball point pens whereby, in the past people would not move around with pens this is because a pen would consist of the feather and a pot of inc this made it difficult to move around with, so instead an innovator decided to place the inc inside the pen which brought on a new age in pens now, people can move around with pens. The creation of the bag-less vacuum cleaner and the creation of the vacuum cleaner with a ball instead of four wheels for better maneuverability are all results of identifying a need in the market and developing a product that dose so. This would then because market based production, this is the most common method of developing a good product, sometimes this innovation occur naturally over time and are not just sudden inventions this is because sudden inventions are risky in an existing market and could easily be rejected.
Should look into the market and look at how customers use products and services. The entrepreneurs should be able to identify gaps in the market where they could implement their ideas or innovations. Entrepreneurs are generally idealists which means that they should be able to improve on existing products and services to suite customers needs better, in some cases entrepreneurs can identify the need for a totally new product such as idea number 3 where the financial world is constantly growing and becoming increasingly international, for regular people this is because it is now cheaper to travel internationally, which brings upon a need to service those travelers internationally.
When looking, watching and listening to the market an entrepreneur should consider the alternative from market based production and could consider taking the risk of a product based production, this is when an entrepreneur develops a product that is new to a market and is a new idea in itself hoping to captivate the public using marketing strategies, although even the development of this product would have still been the eventuality of gathered research on how the market or of a preconceived market would respond to it existence or other similar products. For example with the under 18s club idea. An entrepreneur could visit various normal clubs and look for aspects of the club that are negative and positive to implement into the under 18s club and come up with a conclusion on why some clubs are successful and why some are not. The most successful products/services will be those for which there is already a need but it has not yet been met. In my research I have tried to observe that if there is a natural need for the product/service I would like to produce:
Watch/Look-
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Listening-
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Community centre/ barbershop
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Look
at existing community centres in the same market, identify their strengths
and weakness, and make a SWOT analysis on the community centre as well as
barbershops, find out how to link the two in a way that customers like.
Conduct primary research such as questionnaires to see how can react to the
idea of this venue in their area of residence. Look for miss leading
information and critics.
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Listen
to what customers in these markets like and dislike about their community
centres and barbershop and see if you can make a universal facility for the
market, listing to word of mouth and hotspots. Possibly asking and
interviewing customers of those centres informally to gain personal view on
how they feel about the services they have received previously
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Football tournament hosting
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it
is important for the entrepreneur to gain market feel before they consider an
idea like this, they would be able to understand what makes even holding good
and bad and the best way in which they could do so is by being proactive in
certain events, for example attending soccer games and football tournaments
and experiencing the environment in which they are hosted form a first hand
point of view, this would enable them to make better decisions in the
structuring of their own tournaments
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It
is important for an entrepreneur to research how other similar even
operations are carried out; the entrepreneur would need to consider various
things such as general cost for renting risk assessments and time frames, for
organisation. It is import for the entrepreneur to analyse past successful
even and recognise their strengths, the entrepreneur could then implement and
utilise these attributes.
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International bank link
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An
entrepreneur should look at the how work in the financial world operates, the
entrepreneur should look at how firms use banking to their advantage and also
see how banks gain from the use of their services this ay the entrepreneur
can find a viable way of setting up a service that would be welcomes into new
and growing market, looking is not everything but the entrepreneur would not
just but would aims to gain a relatively good understanding of what all this means.
That means the entrepreneur would be required to exercise their analytical
skills.
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It
is important for the entrepreneur to listen to the news and identify how the
market needs the service this would then help the entrepreneur understand how
best to satisfy the needs of the prospective users. Listening to how needy
the customers are in the market and understanding how best to fulfil these
requirements.
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Fashion label
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In
this market it is extremely important for the entrepreneur to be unto date
with the market fashion is always competing against time so it I important
that the entrepreneur conducts primary research in the target market so that
they can understand the buying habits of the customers.
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It
is also important to listen to the HIPHOP music genre because it is important
that they can keep up with the urban street idea. The music reflects to the
design work that the label will be producing so the entrepreneur to so by
listening to the market requests such as music fashion update on events and
activities on the street, the entrepreneur could be innovative and so use
that innovation in conjunction with theses evens to promote the business and
help with the marketing strategy.
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Under 18s day club
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The
under 18 club would need to be organised in a similar manner form the
football tournaments, the entrepreneur would need to go to various clubs
analyse the strength and weaknesses of these clubs from a first hand point of
view then they would be required to input what they have gained form
competitor watching into their firm, I intend to look at various different
clubs online and attend some in person find out what make them successful and
enjoyable and what make the unsuccessful. I will also look at different
marketing strategies and use them to market my firm to the youth
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It would be beneficial
for me the entrepreneur to listen to the music that is on the market and that
is liked by the target market in order to understand what kind will attract
customer it will also be good for the entrepreneur to list to the word or
mouth around to find out what DJ are popular and which artists are popular to
perform on the day club I will be doing this by listening to channel U where
there are frequent up dates on UK celebrity news and where young people get
proactive on the television .
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Step 3:
I now have to think about the market in which my products/ services would most comfortably fit. Would it fit into an existing (old) market, would a new market be created with room for competitors or would the product fit into a small specialist niche market?
As an entrepreneur I would have identify how I will
manage my product/ service in a market Before I do this I will have to consider
the factors of production factors of production for the ideas I have come up
with.
For a company or business to be successful
the owner should manage the four factors of production explicitly. According to
the economic theory there are four factors of production. Factors of production
are the elements that allow goods or services to be produced. These factors of
production would be:
- land
- labour
- capital
- enterprise ( business ideology)
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