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?