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What do all of these have in common?

What do all of these have in common?. Karen Brady. Richard Branson. Deborah Meaden. Theo Paphitis. Duncan Bannatyne. Martha Lane-Fox. Levi Roots. Lord Alan Sugar. Michelle Mone. Peter Jones. Successful Business Ideas. Lesson Objectives. Today you will learn:

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What do all of these have in common?

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  1. What do all of these have in common? Karen Brady Richard Branson Deborah Meaden Theo Paphitis Duncan Bannatyne Martha Lane-Fox Levi Roots Lord Alan Sugar Michelle Mone Peter Jones

  2. Successful Business Ideas

  3. Lesson Objectives Today you will learn: • Features of successful businesses. You will be successful if you can: • Find examples of successful businesses • Identify features of successful businesses • Describe features of successful businesses

  4. Reasons why some ideas are so successful • Finds an innovative solution • This means that it might solve a problem e.g. James Dyson found a solution to prevent vacuum cleaners from getting blocked up and to do away with using vacuum bags. Dyson vacuum cleaner • Meets customer needs • This is where a product of service is provided at the right price that people want. It might be that one business can offer something that a competitor does not e.g. Play.com with free delivery on everything within UK. • Identifying new needs • This is where a business might focus on a new or growing area e.g. Samsung’s bendy phone

  5. And there’s more… • Continues to meet establish customer needs • This is where some customer needs are standard, but there are still opportunities within the market e.g. Blue line taxi company offering executive chauffeur driven vehicles or toiletry companies offering luxury versions of products • Being entrepreneurial • This is usually down to an individual taking a risk, having a good idea and being determined e.g. Richard Branson wanted to run his own company and started with a student magazine then moved onto selling records etc. • Importance of having a strong vision and seeing it through • This is where the company has a strong idea of what it wants to do and strives to achieve it e.g. Tesco wanting to be the leading supermarket. Sometimes this can be down to the owner such as the late Steve Jobs with Apple “Our goal is to make the best devices in the world, not to be the biggest”

  6. Task: Time for you to do some research. Find your own example for each feature included in this powerpoint. Complete the table

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