Y10's - Enteprise Project

Nearly there Y10's!!!

• Make sure you have organised the logistics for the day:
• Make sure you remember who is bringing the equipment in for the day
• See me if you are planning on selling to Primary during P4 in order to get permission!

Can't wait!

Update on the Y10 Enterprise projects

The Y10's have been working hard on their projects - with only a week to go!

The Business Plan you are creating should have:

The Business Idea

Objectives

Market Research (Primary/Secondary Research) - including graphs!

Marketing mix (Promotion - use pictures from the day as well!!)

Finance - costs/revenues/profit made as well as cash flow forecast!

Keep going and well done on the hard work so far.

Mrs Oates.

Y10 - Enterprise Project - Lesson 2

Today Y10 have been carrying out primary research for their enterprise projects!

Why is primary research important?

Y10 Enterprise projects - who will win!

The Y10's started their enterprise project today and started to develop their business ideas through the process of 'blue skies' thinking. You need to know the definition of 'blue skies' thinking: Blue skies thinking: This is a kind of brainstorming in which the thinking process allows no limits in what is suggested and no preconceptions about what the answer might be. Blue skies thinking encourages contributors to throw in as many ideas as possible. Only when the flow of ideas has stopped does the process go on to consider which ideas might have commercial potential.

You also need to know other ways that entrepreneurs come up with business ideas:

Lateral thinking Originally created by Edward De Bono, lateral thinking is about reasoning that is not immediately obvious and about ideas that may not be obtainable by using only traditional step-by-step logic. Lateral thinking is sometimes called “thinking outside the box” – it tries to come up with new and unexpected ideas.

Six thinking hats Another approach to creative thinking from De Bono - this is a thinking tool for group discussion and individual thinking. The approach identifies six types of styles of thinking which can be used to come up with ideas and focus the group on good ideas.

Well done Y10's and next lesson will be focused on market research!

This article explains the different kinds of businesses, such as sole traders, partnerships and limited companies. It also explains which may be the best for your business by pointing out the advantages and disadvantages of each. Take a look!


http://www.guardian.co.uk/small-business-network/2012/jun/21/sole-trader-partnership-company-structures

Top 20 Young entrepreneurs

These are the top 20 young entrepreneurs in the world, i think this is amazing how young they are and how much money they are making at their age! Check it out!

http://yourhiddenpotential.co.uk/2012/01/30/top-20-young-entrepreneurs-to-watch-in-2012/

- Seb

This is a fairly long article but it is telling us why and how financing a business is important! Give it a read.


http://www.bizoffice.com/why-financing-is-important-to-your-business/

You've probably heard the term recession thrown around a lot on the news but do you actually know what i means?    http://www.investopedia.com/terms/r/recession.asp#axzz2CfweuIky

This is the website where to find out ^^^^^^^^^^^^

Top 10 tips to being a successful Entrepreneur

Some tips for being successful in the future..
1) Know what your weaknesses are, and always have a back up plan.
2) Know what the purpose is and what you want to achieve.
3) Believe in your work! if you don't people won't take you seriously.
4) have passion for what you are doing, if you don't it wont be up to its best standerd.
5) Take risks to demonstrate courage! this could move your business forward.
6) Have respect for people. Entrepreneurs that treat people badly don't exist!
7) Keep it simple.
8) Work smart instead of hard, being smart can get the job done more efficiently.
9) Enjoy what you are doing and make the most out of your work!
10) surround yourself with supportive people, if you have more people giving you encouragement i your work, you are more likely to do a good job. 

http://www.bbc.co.uk/programmes/b016kgww

These Young Apprentice candidates are amazing! What would drive you to create your own business and how far would you take it in the future( if you won the Young Apprentice of course.)

Y10 are studying finance this week!

Y10 - this week we start adding to your Business Plan you have created for Mrs Oates' cakes and start thinking about finance. Can you tell me why finance is important to a business? Have a look at this revision presentation on profit before tomorrows lesson: http://www.tutor2u.net/blog/index.php/business-studies/comments/what-is-profit-and-why-is-it-important See you tomorrow! Please bring calculators!

Zara Brownless

In 2011 Zara Brownless won the second season off 'Young Apprentice', a show in which Lord Alan Sugar looks for a young entrepreneur who has potential to become a huge success. What qualities might Zara have had that gave her the ability to win?

http://www.bbc.co.uk/programmes/b016kgy4/candidates/zara-brownless

Top 3 Youngest Entrepreneurs in the World!

1. David Buckingham -Custom Alaskan Outhouses

David Buckingham is one of the youngest entrepreneurs in the world. He took an idea and ran with it at only 16 years old. David came up with an innovative concept that he wanted to bring alive; custom made outhouses in Alaska. He created them to be an aesthetic appeal as well as having a rustic feel to a home. He may not be making millions but everyone has to start off somewhere.

2. Jake Lunn, Founder of Nautical Napkins

Jake, at 11 years old, created a company that made custom napkins to be used on ships and yachts, especially. He really loved boats so it proves that if you have enough passion and interest in something, you can make your dreams come true. He is one of the youngest entrepreneurs and the founder of Nautical Napkins. He has good entrepreneurial skills too, take a look at the name of his company, catchy eh?

3. Aaron Swartz, creator of RSS 1.0, Co-Founder of Reddit

Aaron Swartz is still finding success in 2012. As a child, he was incredibly clever & got into the internet game and namely a program for blogs. At the age of 14 (our age!), Aaron had already co-founded the RSS 1.0 and then later went onto co-founding the social media site, Reddit. Aaron seems to have a successful future ahead of him!

The Business Types

I thought this might help!
http://www.businesstrainingcollege.com/business/different-types-of-businesses.htm

What qualities have made this entrepreneur successful?

http://www.guardian.co.uk/small-business-network/2012/oct/29/bouncing-back-from-bankruptcy

Welcome back!

Welcome back Y10's Hope you had a fantastic break. Have a read of the article below http://www.guardian.co.uk/small-business-network/2012/oct/29/bouncing-back-from-bankruptcy It is a case-study to illustrate how an entrepreneur had to stick at developing her business. What qualities do you think she illustrates?

Place and the Marketing Mix

So over the weekend Mr Oates and I were shopping in Dubai Mall and came across a cool pop up shop:

Why do you think this a good 'place' for Jack Wills to locate a pop up shop? What other 'P's do you think we can relate to this image? Blog away Y10's!

Take a look at this, its pretty inspiring!   http://www.incomediary.com/inspiration-from-20-of-the-worlds-top-online-entrepreneurs

A business has to be involving, it has to be fun, and it has to exercise your creative instincts. – Richard Branson

Interesting to find out how celebrities broke into the world of entrepreneurs and became even more rich than they are now! Here are the top ten who became uber rich through a product.

http://www.businessinsider.com/10-super-successful-celebrity-entrepreneurs-2009-12?op=1

They have endorsed products such as Dr. Dre Beats or record companies in Jay-Z's case.

     

Red Bull and Promotion

Morning Y10! Take a look at this for promotion:

You need to have a go at this exam question and post your answers - Remember your exam technique! To what extent is promotion the most important 'P' for Redbull? [6 Marks]

Just found this helpful song on Youtube for GCSE business studies.
http://www.youtube.com/watch?v=zFENz_nnrq8

Rich Entrepreneurs

This is a link on the top 10 richest Entrepreneurs in the world.
http://www.letitflow.com/top-10-richest-entrepreneurs-in-the-world/

Check it out and tell em wht you think.

OMG look at these crazy new products. PRETTY AMAZINGGGGG!!  http://www.businessnewsdaily.com/1738-crazy-products-inventions.html

Top 10 Rich Entrepreneurs

I have just looked at this page with the top 10 richest entrepreneurs. I think this could help people because it could teach and tell them how they got rich and how they started in their business. I really thought it was amazing how rich these people got from it.

http://www.letitflow.com/top-10-richest-entrepreneurs-in-the-world/

Check it out and tell me what you think about it!

-Seb 

Marco Giannini - Entrepreneur

Marco Giannini

Entrepreneur & Owner and CEO of Dogswell

I picked to blog about Marco Giannini because he started out in his parents' home like us and is now a millionaire. The reason to why he's a millionaire is because he was inventive and creative about what he wanted to do. He didn't aspire to be an entrepreneur, it just came to him in 2003 when his dog was sick with hip dysphasia. His dog wouldn't have its medicine therefore Marco came up with an idea, that would be worth millions, the idea of Dogswell. He started to put the medicine in dog treats in order for his dog to take the medicine. And it worked. 

He went to University of California and got an MBA in entrepreneurial studies. He started out selling the dog treats in little packets out of his car, then sold some to store owners that could sell them in their stores. Gradually, the store owners could not store enough of the treats in their stores, and his company was born. 

The dog treats have been sold in over 7000 pet stores and natural food stores, Dogswell has worked with 45 pet distributors. He started out with only treats then wet dog food. Even though he has a huge business, he still aspires to continue to grow his dog food and treats line. 

He has good entrepreneurial skills because the products are natural and excellent for the health of dogs. Another reason it worked well is because it's a simple product line and it's unique. They express good ingredients and the benefits of it on your dog. He uses a promotional strategy where he gives away 100,000 samples per month. This will get people to try it out and increase the amount of consumers of dogswell. 

What do you think, is there anything else that could have made Marco's company Dogswell such a great success?

This is a prime example of PRICE SKIMMING. With the Iphone 4 previously costing 3300dhs and now costing 1700dhs. THATS A HUGE DIFFERENCE!!! http://store.apple.com/ae/browse/home/shop_iphone/family/iphone/iphone4?afid=p219%7CGOAE&cid=AOS-EMEA-KWG-GO_UAE_iPhone-AE

Entrepreneurs Who Got Rich in 2011.

http://www.inc.com/ss/eric-markowitz/entrepreneurs-got-filthy-rich-2011#0

This link shows a slideshow of entrepreneurs that were very successful with there businesses in 2011. An example of one of the entrepreneurs John Vechey. He works for electronic arts and in 2011 was able to make $750 million for his company. This made him one of the richest entrepreneurs in 2011. 

  Instergram 'Innovation and Entrepreneurs'

I found this article about Instagram which might be useful as we have looked at Innovation! Instagram is a innovative product which has taken photography to a new level!

How would instagram have protected its ideas? Comment here!

http://www.wired.com/business/2012/04/opinion-baio-instagram-trend/

Steve Jobs

Steve Jobs was probably one of the most successful entrepreneurs ever. How did he start off though? How did he manage to take a dying company and transform it into the huge corporation that it is today? This article shows at what points in his life he was able to use the key entrepreneurial skills he was gifted with and how he applied them to the situation to make the most of it. This article will help you to identify key skills needed by an entrepreneur and what steps people take to transform businesses.
What were the key skills he used though...?


http://www.fastcodesign.com/1664863/what-made-steve-jobs-great

                                                              Product Innovation


This link is good, because it tells you how the importance of product innovation and shows also what product innovation is.
http://toolkit.smallbiz.nsw.gov.au/part/14/69/291

This site is explaining the 4 P's of the MARKETING MIX. It may help you study because it includes a video and goes through each process step by step! http://www.mindtools.com/pages/article/newSTR_94.htm

Coco Chanel an entrepreneur

"Success is often achieved by those who don't know that failure is inevitable."- Gabrielle "Coco" Chanel
She is an excellent example of of a great entrepreneur. She is the creator of the Coco Chanel empire which was started in 1913 and till this day is still growing. She was unique and hardworking, starting off with a small hat making business and expanding to full on fashion lines as well as perfumes. Nothing would stop her: not the lack of experience, not even the war that soon exploded. For the rest of her life she would work as both craftsman and businesswoman, implementing her own view of the art of dressing on her ever expanding clientele.   

http://www.youtube.com/watch?v=12lzdEBpW9U

 A link on top tips for entrepreneurs from Richard Branson, this links to our work on enterprise  

Anyone in need for the definition of Innovation and Invention just remember, to innovate is to make better a product and to invent is to create something unique. <--Invention

<--Innovation

Welcome

'If you can't make it good at least make it look good' Bill Gates 1999. 

Welcome to the Y10 Business Studies and Economics student blog

This blog was created especially for the Y10's who are following the new course.

It will have access to course material, exam past papers and links to interesting Business resources!

Exam Materials

The Y10 students follow the Edexcel GCSE Business Studies and Economics course - which will be assessed via two exams (end of Y11) and controlled assessment assessed in the summer term of Y10.

A course specification can be found here: http://www.edexcel.com/migrationdocuments/GCSE%20New%20GCSE/GCSE_Business_Spec_2012.pdf

Students are currently studying Unit 1 which is all about 'starting a new business'.