Creating & developing business ideas

What is the business enterprise unit about?

The business enterprise unit is an opportunity for students to create and run a real business venture. Students will conduct market research, create financial & marketing plans, and pitch their ideas to obtain financing. The pitch will follow a similar format to that used on Dragon’s Den, a TV programme where entrepreneurs present their ideas to prospective investors.

How did Steve Jobs do?
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Kiva is a charity that works with micro-finance organisations. These organisations provide finance to people that would otherwise find it difficult to raise the money they need e.g. to buy equipment for their business. The G10 business enterprise unit raises money for an NIS Kiva account. Money is lent to entrepreneurs through this account.

What do businesses do?

The Purpose of Business Activity

For 2018 the key themes are Added Value and Sustainability

Added value means that the price at which a product sells is greater than the cost of producing it. All successful businesses add value.

Sustainability means that both the production and consumption of the product do not reduce the quality of life for future generations, including the ability to produce and consume products. Sustainable products will have a limited effect on the environment. They require fewer inputs, enable recycling, and produce less waste than other types of product.

Generating Ideas – What business will I create? Who will I create it with?

1. Decide who you will be working with (on your own, in a pair or a group of three).
2. Work through the thinking routine: Generate – Sort – Connect – Elaborate
  • Using stickies to generate ideas
  • Sort your ideas by placing them on a large piece of paper with the most important in the centre
  • Connect ideas together where possible
  • Choose the best idea and elaborate – how can we make this work?

Once you have closed in on three or four ideas, you need to know whether people are interested in, and would like to buy, your product(s). It is time to conduct some Market Research.

Assessment 1: Market Research Investigation

Can you create a business idea, turn it into a product, and then make a profit selling it to satisfied customers?
Read here to see what a 17 year old student in the UK has managed to do with his idea.
Your task is to answer the research question “Is there a market for my business?”

Example research proposal and written report

Sample B – G10 Market Research investigation
APA citation – Ashwin, A., Merrills, S., Thompson, R., & Machin, D. (2008). AS Business Studies. London: Collins.