FUTURE LEARN

a)starting a bussiness 1
-week 1
S
0:05Before
embarking on this entrepreneurial journey, it's worth setting the context-kor in our words, the entrepreneurial learning cycle. Let's start with entrepreneurial
i
thinking, or the age-old debate, are entrepreneurs born or made? Of course, the
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answer is both. Entrepreneurs are born with certain attributes, have a family
background,
and all through their lives gain experiences and build networks, all of
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owhich contribute to their values. We know that entrepreneurs share certain
characteristics, including the ability to recognise opportunities. They have a need to
0achieve, tend to be over-optimistic, and are prepared to take risks. They like
autonomy,
S and actually feel that they can control things. They're gregarious, and also
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creative.
Not all entrepreneurs have these characteristics or have them in equal
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measure.
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p i
u1:11iEntrepreneurial
thinking is how all these things come together to impact on the entrepreneurial
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process, from
idea generation to opportunity recognition, and exploitation in enterprises. And like
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all
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o the
t more times you do it, the better you get. But how do we know an idea is really a
s things,
o opportunity?
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business
This is a very difficult question to answer. And perhaps the only way to really
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ado this is to start your own business. And this is inherently risky. One way to reduce
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what they are actually describing is their own internal judgement process, borne out

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when
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5 5 raising finance, you will have to produce a very detailed business plan,
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6
including
forecasts. But the business plan has many disadvantages. Its very

structure reduces the opportunity for debate and creativity-- so important in
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entrepreneurial
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In the first activity. un There tu is much debate about whether entrepreneurs discover opportunities like a gap m in the et market or create them using their expertise and knowledge gained over time. and identify the d c s o n d s . business models have emerged as a way of describing business ideas. it’s worth setting the context kS – or. o Dimensions are a simple way of expressing the elements and components of a s n e business idea. One of the ways to do this about. ot i 0:05oHello. d is using the opportunity business model. as an example of how you can share your business idea.ik in our words. or made? Watch the video and share your t k thoughts. a d a for high quality designer satchels. the entrepreneurial learning cycle. and exploitation in a new venture. In i se the boundary between discovery. This helps us to do analysis. Professor Nigel Lockett considers entrepreneurial thinking. or the ageIn this p S old debate – are entrepreneurs born. we are going to consider the dimensions and drivers of an opportunity business model as a way of facilitating a structured debate. s 2 e 8 1:28So c let's start by considering the dimensions of opportunity business models.2:51Over the last decade or so. Going through the entrepreneurial learning cycle will improve your entrepreneurial thinking. The entrepreneurial cycle S Before embarking on this entrepreneurial journey. I'm going to use The Cambridge Satchel Company. opportunity recognition. founded by Julie m o in 2008. Regardless of how opportunities come market 3 n 15 it's important to share your vision with other people. But she also created with Vivienne Westwood. support comparison. known as reality. can be blurred. a famous British designer. and creation. Deane im 0:31ni1Discovering or creating opportunities is a central notion of entrepreneurship. known as causation. pi video. which will help to accelerate the entrepreneurial process from idea generation. p 0 And I'm going to introduce you to opportunity business models as a way of sharing 0 yourt ideas. n s u effectuation. I'm Nigel Lockett and today we're focusing on vision and opportunities. Julie discovered the gap for high quality satchels after a t na reading Harry Potter to her children and not being able to find a satchel just like e dn Harry's. Bear this in mind throughout the activities on this course.

social networking. Proposition. How is the enterprise structured? 2:43What are the key processes and relationships that make this business work? How willSthese be enabled and supported over time? Profit. British leather satchels. her mother. We all know that Julie's company is all o about 2 manufacturing very high quality. But can 43 we express that as a proposition in just seven words? m m i in 3:46Produce high quality. a growing online business. Interestingly. Can you do better than n this?u People. the management team. Julie and Freda. Typically. and other stakeholders? How does social capital. a growing management team. The satchel company has to be good at designing and company started in 2008 with just 600 pounds. Process. Place. designer. no doubt lots ut of advisers. The d likeaChina. and financial forecast. designer. two te es in London. Process. one or more of these will impact at any one time. it raised 12 million 4 3 76 pounds 4 by selling equity to a leading venture capital company in Europe. a network of advisers. leather satchels in the UK. The drivers are the underlying forces that impact on a business nd opportunity. Paperchase as national stockist and international stockist. including massive growth in markets a n nd manufacturing leather satchels and marketing and protecting its brand. Three shops in the UK. What are the key performance indicators. 4:47sSo we can see how easy it is to describe a business opportunity and to see what is se distinctive and discuss it with other people. support this business opportunity? Place. But all of ds s . Profit.uniqueness of a business idea. Who are the leaders. Why do it? What are the real S ki profit. But perhaps s more interesting. Where is the market? Who are the customers and competitors? Analyse the market and industry to identify the segments and gaps in the marketplace. But how do we know when an idea is ec co a business opportunity? We now need to focus on what's really driving the really on opportunity. S k of this opportunity? Are they financial? You might want to consider the gross returns willt ownership be structured? And have you thought about an exit? Let's now to consider the satchel company as a case study. ip net profit. and a growing network of designers. suppliers. or p and what capital is required? Is there any social value in this opportunity? How KPIs. What is the core value proposition as perceived by your customers of the business opportunity? Can you express this in just seven words? People. customers.

the new and emerging technologies. and regulatory k requirements typically set by governments or consortiums. Can you think of a successful n entrepreneur and their company? Did they discover or create their opportunity? d s . fashionable. Bean-. such as data protection i p laws or trade association membership rules. e They s know the brand and they seek out the stores. social. China will soon be the largest p economy in the world. political. it no u 6:45One way to demonstrate this new wealth is by buying designer consumer goods. Societal drivers. they develop the ability to spot d opportunities. What are the factors o S k Let'si5 consider a societal driver. The world is changing. both. the global and local commercial and economic factors. But what are these brand td n ceremony with The Queen and James Bond. ed c 7:52And finally. let's think about a m S outside of Julie's control which are driving the extraordinary growth of this company? i commercial driver. the opening a nu contributing to a perceived value of British products. let's not forget the role that the entrepreneur or the entrepreneurial 54o team2n5 play in opportunity recognition. whether that is discovering gaps in a market or creating new ones." Secondly. She says. even Mr. Let us consider the satchel company again. the wider global. such as climate change and ageing populations. Technological drivers.them are beyond the control of the entrepreneur or business. such as 4G mobile communications networks and t nanotechnologies. and even fun. The Olympic games in 2012. Britain really is cool.all of these are e values? Quality. "Customers from China come when they visit London. Julie has developed a clear vision and shared it with c Let's not forget that she raised 12 million pounds in order to double her others. 5:36Commercial drivers. and ss in the e case of Julie Deane. t Julie76 knows this. and with that has emerged a growing middle class who want m to demonstrate their wealth by buying consumer goods. It's important to s3 6 s remember that Julie has done very little to create cool Britannia and certainly nothing to create China as the emerging economic powerhouse in the world. But her company a has snbenefited from these drivers. rules. legislation. Legal drivers. o production and expand into a huge export market. trustworthiness. heritage. Above all. such as local S taxation and the price of oil. and environmental factors which impact on an opportunity.

and introduces the opportunity business model as one way of sharing that vision. many of you will have identified businesses that have had global success with entrepreneurs who are now household names. Have your say: At the end of the video. At this stage. Have your say: Research a business in your locality. focus solely on their vision and the opportunities they have had or made when getting started. Use the comments to share your research. Nigel focuses on the importance of vision and opportunity when starting a business. that have made a huge impact on all our lives. charities and non-profit organisations. Nigel asks you to think of a successful entrepreneur and question whether they discovered or created their business opportunity. please share that along with a paragraph outlining the vision of this business on the Vision & Opportunity Padlet pin-board. Nigel considers whether entrepreneurs discover or create business opportunities. There are also many other businesses from the service industries. Take some time to look at the comments from other learners and respond to their suggestions. Come back later to see how the discussion and pin-board have progressed . Great businesses in your locality We’ve now seen that to start a business you need both vision and opportunity. Please share your thoughts in the comments. You can find details on using a Padlet pin-board here. What is/was its vision? What opportunities were available at the time the business started? Were these opportunities there for the taking or did this business make the opportunity happen? Please share your thoughts and findings. Take the time to read the postings from other learners. he looks at the importance of sharing your vision with other people. Spend some time considering and researching successful businesses in your locality. as well as manufacturing. Your chosen business may be from the past or a business that is still trading. If you have an image of the business.Discovering or creating opportunities In this video. In the last step. Referring to an industry case study.

p 0:04Hi. I realised that 0 I had quite a lot of experience and a big passion for English. I always loved writing. everything to do with the crazy media.Emma's business challenge In this case study. I used to just submit my creative stories in the hopes that they'd get published. S S k Have your say: k i What do you think Emma should do? Share your thoughts in the comments i p explaining why you have come to your decision. the entrepreneur has a challenge – Emma is considering the opportunities available for her business.ete So then I decided to have a look at more like creating magazines. and I really wanted more of a relaxed income so I was a lot more o o flexible with my studies. I decided that I needed to bring all of my skills together. Then I decided that I'd push that to the side for a while and go bring o on and ndnget some worthwhile experience. I decided that I needed to get some practical work experience. So when I looked back. Emma has identified a number of options for taking her business forward. up u 0:34Itt didn't really want to be a journalist. and beauty world. but I thought maybe there's something in that. and she is asking you to consider these options and discuss your thoughts with your fellow learners. And then obviously I did quite a lot s s7 of writing for magazines. n dm d media i world. This is kind of c my love for creativity really came out.0 I needed to work out what my skills were. Then I realised that there were a lot of girls asking me for beauty advice and n34fashion advice. and Sm all of my teachers always said that I was good at creative writing. ts ese e 1:07But I felt like there were so many different skills together I didn't know how to c ca them together. I used to create paper magazines and just distribute them to my friends and 1aafamilies. Obviously. I did some experience working with some d d independent TV companies and radio companies. but through this. I'm Emma. designing. I remember my m i ki English teacher actually said to me that she could imagine me having my own ni n column in a magazine. where o n d s . And when I os wassyounger. But first. publishing. I got to a point where I just decided that I didn't like my part-time t t job anymore. I didn't get any money for this or anything. s so I eentered a competition to be a blogger at the Olympic games. So I kind of realised maybe I should do something to do with this 4u n I realised that I really loved creating. fashion.

People could contact me and access it blog. you do need quite good equipment. n e td 2:41osThere were so many options available to me. This would increase my brand's awareness. Now that you have listened to all of the options. This means that a lot s ed of income could be made through advertising. and this was an i o p absolutely incredible experience and really did make me realise that I needed and recording. Even though I had no presenting skills whatsoever and kno filming skills. 41 nc instantly. Another option could be to open an online store. So then I realised that I had a problem. These costs include firstly opening the store. I need your help. and started i p S presentation. and discuss it in the forum below before c making your decision o n d s . to start a YouTube channel. e s c o 3:11However. But umthe problem was that actually I had quite a lot of skills. I set up a tripod. I wanted to bring all of these creative things together and make a business out i u of itpat and make my own income out of these things that I loved so much. This d would s give me a continual revenue stream. t o m 2:16I was actually giving away my skills for free. and this a n doesnd cost quite a lot of money. and thirdly marketing the store and actually finding customers to buying buy my products. I didn't want to give up t S i photography. The next option could be to 16 uo create tn a YouTube channel. YouTube videos are seen worldwide. and then I decided that I had to 4 the right one that was going to give me the best income. and I wasn't making an income i from2n it. but it d be very costly to produce and publish. The first option choose a 3 would n be to create a magazine. secondly 1 the stock. I realised that there must be a way to make an income from all of these skills.1:43I basically had to make an amateur video of me presenting at a local event. so I wentS to the Leeds Half Marathon. I didn't want to give up fashion or ke n beauty. The other option is that I could start a would s m ie This would create a community online. but there are a lot of costs to consider when 1 opening an online store. I actually got through to the final stage. This meant that I got to spend my whole k t summer at the Olympic games reporting live from the Olympics. I then had to do another wanted 1 to do something in the media world. I didn't want to give up filming. s Listen e to what the advisers have to say. and I ended up winning. but the blogging market is highly saturated. stood in the middle of everyone.

they If you i are available from the See also section below. or maybe that's the wrong word. especially e tp production costs are so high. iS u Anything in print seems to be really old-fashioned. The first one in m n relation to the magazine is that everybody these days seems to be moving online. But then she could become a thought leader in relation to s of the product testing things and review side that she was looking at. ithere's several thoughts that I've had in relation to them all. considering she may not have a readership.The advisers' views Each adviser has provided their thoughts on how Emma should progress with her business ideas. So it's quite complicated to set up unless you go through an existing su e et publisher. I think the easiest. And c o n d s . but it sounds like she's talking about a st printed a magazine. really 2 different in order to get out there and get enough people actually checking in with the 3 blog regularly and reading. p t o16 comments tV oi 0 e w 0:030So. she'd have to be really. on 0:38aAnd I think the startup costs. is if you have advertising revenue covered before you start the m 8 3i magazine. I was interested in that. you then have to wonder about how do you actually sell that ns magazine. maybe lowest risk at c ce the moment would be to develop a blog. If I was to rule one out. I'd rule out the magazine. when s e An online magazine could be a good route. i k p would like to watch the full response from one or more of the advisers. a d 3 physical magazine. The only way that I would push for a magazine. a bit about film. ways na d dn s 1:23sdSo she could do a bit with photography. The blog. I think that that would be the wrong move for her. I think that would give her lots of different o o n to do all of the things she loves. are d n1 probably going to be quite high. And also. And that some e business idea is quite scalable. She might be able to get advertising in the future. S The video above provides a consolidated response featuring key points from each k S adviser. m having looked at Emma's case study and analysed what her various options are. and for such a young market and nk t young ui target audience. In terms of the market saturation.

but I think that you can do a really good job m m withSi some medium equipment rather than having to go out and buy 25 grands worth ki n immediately. 5 making sure that you had distributors and supplier agreements in place. YouTube is my favourite o option. if she didn't sell products that she'd already purchased. The s marketing e is probably more straightforward with a YouTube channel. c o o was the online store.a but that could be a good sideline to developing the blog. But you've still e sc got those issues to think about. I was really worried that. and I would principally go with that. was the one I really liked. And you can partner with fashion magazines and borrow t t content o from them and link it to your YouTube channel. again. but I'll come back to that a bit more in a second. D. If I was to give Emma a good S k k advice. I think it's probably. d m kind3n of earning income and getting exposure she might need to stand out in a tough i 13 3 3:18n8The YouTube channel is rather like the magazine. Also things like postage. 2:03The question is again. of all the options. And you can always launch and link the blog to your YouTube critical p channel. I would probably continue with the blog and make sure that you get a some i i p following. that sd would s be quite a significant amount of hard work in terms of setting up a supply chain. I don't think that's necessarily the makes so case. and she would be able to use t t that eto buy her equipment. did she have s a sale or return agreement? Because obviously she could be significantly out of e pocket c if those didn't sell. 32 2 2:37I know the equipment is expensive. how do you actually monetise a blog? So I think the blog is S idea. So the final option. 7 3:57For example. I also think that she should approach the Prince's Trust and of stuff in u up potentially get a grant in order to set up her business. People love video. it does sound like she's got the ability to stand out in a crowd. an additional way of a n d marketplace. she et s a good point about expensive equipment. In relation to that. I think option C. which was the YouTube channel. It's a little bit about the cost for 7 u setting ts it up and then how you actually monetise it and make money from it.although she does comment that the blogging world is quite a saturated market. how would she go about doing o n d s . the easiest way to which na n startdndmonetising her skill set.

So the preferred option for me n would be a mixture of B and D.that and setting those up? So that seemed to be quite a complex option. and starting to get some people s following me and listening to my advice and the things I had to tell them. and then pointing them onto YouTube and principally focusing a a the majority of my effort on YouTube. So I'd probably not go for that option in this t particular instance. In summary. a blog together with an online store. Emma. a blog. n d 13 What 47 would you recommend? Ours entrepreneur needs your help. In the beginning. it’s time for you Having c to vote for the option(s) you think our entrepreneur should choose. There are some potential concerns really that if she 54 using an online store and the product's not good or the service isn't good. So. I would probably recommend that you open the store by using affiliate marketing so you don't have to physically S source every single product. I would suggest you develop a blog and maybe have a o YouTube channel on the side. this starts willmactually go back and reflect on her blog. k i 4:37Ip think she should maintain a focus on the things that she's really good at. . o n Have your say: d s Use the discussion section below to explain and discuss the reasons for your recommendation with other learners. e watched Emma’s case study and the advisers’ views. being very different and unique. which is the blogging and the journalism. Online store doesn't have to be very expensive. But it does give her the potential to i develop her own brand of products alongside her blog. u t 5:14Ie would be going with number two. all four options are applicable. There's a lot of open-source platforms that you can use to create your own online store.

After winning the Cosmopolitan Blog Award. I realised that pi theren was a demand for what I was doing. e1 s as 1:12eA lot of girls used to ask me where could they buy affordable accessories. and I could just use another channel. So I actually did three options. fashion. Online blogs are great. revenue streams are much better through YouTube. It had loads of customers . so I'm going to talk youtthrough those. In my plans e c o n d s I realised that my blog was essentially an empty shop. And my k profile online was really raised when I won the Cosmopolitan Blog Award for the im best newcomer in 2012. I decided to launch my own online shop. videos. Next. beauty. u t4 coming to it but nothing for them to buy. Emma explains which options she chose and why. k 0:04iMy name is Emma Sheldon. and I decided that I'd bring all of my o passions together. too. And all three really well complement each other. And it meant that young 1n girlsd could shop for affordable accessories without a horrible price tag. and p my business is called EmTalks. Emma runs the EmTalks fashion website. writing. So I decided to grasp the opportunity withon both hands and launch my own online store. ot So Iedecided to choose another option as well. because it's a worldwide m a audience. S 0 They're instantly accessible. and nec really dco there was a complete gap in the market. Have your say: In this video. This1s meant that I could talk with my readers. I'm a second-year broadcast journalism student. The first option was to start to blog. and they wanted to get to know me more. I brought all of these together on an online blog. n tu 0:41People kind of wanted more from me. I decided to create a YouTube channel. Emma Sheldon was a second year Broadcast Journalism student at the University of Leeds. to really get my online profile out there.Emma's decision At the time of recording. This meant 2ds that sI could have a continuous revenue stream as well as working on my YouTube and blogs at the same time. and you can make in a lotnd more money through advertising. Obviously. Lvndr. You can make money through advertising. So photography. and general lifestyle. Are you Ssurprised by her choices? Post your thoughts in the comments.

for the future. . I plan on working harder on my blog. doing more YouTube videos. earn more revenue. o We nare one of only 24 UK universities that make up the prestigious researchintensive Russell Group. These modules reinforce the value and interest of d your degree by offering the opportunity to broaden your learning and pursue your own4personal interests. and have access to a first-class academic environment. a Most Leeds undergraduate programmes give you the opportunity to study discovery n modules as part of your degree. please visit our undergraduate course m finder i where you can find out more about the subjects we offer. The1University of Leeds offers a wide range of undergraduate degrees. This means that as an undergraduate student at Leeds you d willsbenefit from research-based learning throughout your degree. If you are interested in pursuing further study with us. and hopefully reach S a much wider audience. critical thinker and will culminate in your final year project. and eruns year-round English language courses to help international students prepare c for study in the UK and continue to develop their English language skills. n Joinu our global community If you t choose the University of Leeds. you’ll be part of our global community of e students from over 140 countries and will have the chance to take part in activities introducing you to a world of new ideas and experiences. k i p Introducing the University of Leeds t We know that many people who take our courses are interested in taking their o learning further after the course has finished. while developing skills that will help prepare you for life after 4 University. and bringing more stock to Lvndr. 1:44This will help me grow my online awareness. we are continually investing in the university campus to ensure you benefit from the latest learning and teaching resources. Your research skills and experiences will help you become an independent. You will have an array of facilities at your fingertips. OursLanguage Centre offers discovery modules in more than 10 foreign languages.

With over 60. an 0:15ndAnd I really enjoyed being in the city. You've just got such a massive student 1 35 community that everyone comes together. 1 s 0:31sA mix of international and British students.000 international students study with us each year. We have links with over 400 institutions worldwide and over 6. This means that you will graduate with a truly global perspective – something highly valued by employers. making it an exciting place to live and learn. . Whatever it is that interests you. Leeds University itself provides so many different a opportunities. Coming to Leeds was the best decision I ever made. there’s a real SSstudent focus. But we also have a really good social life. It's just vibrant. Absolutely the right place to be.000 students living within the city boundaries. For me. It's just mind blowing. It d just makes you feel as though it's your home. The University of Leeds is a creative community. so it's just amazing the amount of see people ecc you meet. It's a lovely place to be. Very specialised lecturers that want s to teach you and are really passionate. visitut our website where you can also request a prospectus te es 0:03sLeeds is just remarkable. S k Theki University of Leeds offers undergraduate degree programmes in the following ip subjects. which are relevant to this course: p  BA Management t t o BSc Biology with Enterprise o 0 BSc Biotechnology with Enterprise 0  BA Music with Enterprise m m i BA Social Policy with Enterprise in For numore information about undergraduate degrees at the University of Leeds. the real seller is the clubs and societies interest on and nnthe sheer diversity of activities that you can be involved in. with a vibrant and distinctive cultural life. We're a Russell dd Group dss university. you will find people of the same coo here. High Fliers Research).We are one of the top 10 universities in the UK for graduate recruitment (The Graduate Market in 2015.

and I love it here. or which gap in the market is your idea trying to fit into?  How does it address the problem you’ve identified? If you don’t have a business idea at the moment. It's just the best S k decision that you'll make in your life. don’t worry – there will be plenty to . i p Leeds is good. [INTERPOSING VOICES] Yeah. you might like to consider the following questions for a business or business idea you may have. m i n u t e a n d 5 s e c o n d s If you have time over the weekend.  What is your business idea? Can you write your idea in less than 200 words?  What problem is your business idea trying to solve. or think about a company which you would like to research. Leeds is amazing t o Preparing for next week Next1 week. Do it. you will explore a framework for defining the vision and opportunities for a business or business idea.1:05I've visited lots of friends at different unis. It's everything I thought my university experience would be. Definitely. and more.

t o Have your say: At the end of the video. ds it's important to share your vision with other people. and introduces the opportunity business model as one way of sharing that vision. Nigel considers whether entrepreneurs discover k or create business opportunities. as an example of how you can share your business idea. effectuation. But she also created with Vivienne Westwood. In 1 the boundary between discovery. 13 comments V i e w Discovering or creating opportunities In this video. s se reading Harry Potter to her children and not being able to find a satchel just like ec co Harry's. Julie discovered the gap for high quality satchels after . known as causation. S Referring to an industry case study.keep you busy next week. t Ande I'm going to introduce you to opportunity business models as a way of sharing yours ideas. founded by Julie Deane in 2008. n u 0:05Hello. I'm going to use The Cambridge Satchel Company. d There is much debate about whether entrepreneurs discover opportunities like a gap in the 35 market or create them using their expertise and knowledge gained over time. and creation. a 0:31nDiscovering or creating opportunities is a central notion of entrepreneurship. can be blurred. a on market for high quality designer satchels. a famous British designer. I'm Nigel Lockett and today we're focusing on vision and opportunities. One of the ways to do this s is using the opportunity business model. Take some time mto look at the comments from other learners and respond to their i suggestions. Regardless of how opportunities come nd about. Nigel asks you to think of a successful 0 entrepreneur and question whether they discovered or created their business opportunity. he looks at the importance of sharing your vision i withp other people. Nigel focuses on the importance of vision and opportunity when starting a business. Please share your thoughts in the comments. known as reality.

What is the core value proposition as perceived by your customers of the business opportunity? Can you express this in just t words? People. The e c4 company started in 2008 with just 600 pounds. it raised 12 million o7 by selling equity to a leading venture capital company in Europe. or profit. pounds n ds 4:47So se we can see how easy it is to describe a business opportunity and to see what is c distinctive and discuss it with other people. no doubt lots ded of advisers. and financial forecast. Why do it? What are the real ke returns i of this opportunity? Are they financial? You might want to consider the gross 32ap net profit. Where is the market? S km the segments and gaps in the marketplace. leather satchels in the UK. Place. How is the enterprise structured? ii pn WhoS are the customers and competitors? Analyse the market and industry to identify 2:43uWhat are the key processes and relationships that make this business work? How tS t willothese be enabled and supported over time? Profit. and a growing network of designers. a growing management team. designer. her mother. customers. n KPIs. and what capital is required? Is there any social value in this opportunity? How m td willioownership be structured? And have you thought about an exit? Let's now n2 consider the satchel company as a case study. a network of seven o advisers. But perhaps 4 more 63a interesting. What are the key performance indicators. Who are the leaders.1:28So let's start by considering the dimensions of opportunity business models. designer. social 1 networking. The satchel company has to be good at designing and sd manufacturing leather satchels and marketing and protecting its brand. and identify the i p uniqueness of a business idea. Can you do better than auo this?ntn People. Process. Julie and Freda. This helps us to do analysis. including massive growth in markets likenChina. We all know that Julie's company is all u48 about t manufacturing very high quality. Process. a growing online business. Profit. and other stakeholders? How does social capital. But can we express that as a proposition in just seven words? se m sie nc 3:46Produce high quality. Paperchase as national stockist and international stockist. support this business opportunity? Place. Three shops in the UK. Proposition. Dimensions are a simple way of expressing the elements and components of a S k business idea. suppliers. support comparison. Interestingly. British leather satchels. the management team. two s in London. But how do we know when an idea is o n d s .

let's think about a They n commercial driver. c5 2o 7:52And finally. and se c case of Julie Deane. "Customers from China come when they visit London. heritage. The drivers are the underlying forces that impact on a business opportunity. But all of them are beyond the control of the entrepreneur or business. both. whether that is discovering gaps in a market or creating new ones. trustworthiness. fashionable.really a business opportunity? We now need to focus on what's really driving the opportunity. even Mr. such S taxation and the price of oil." Secondly. China will soon be the largest nanotechnologies. legislation. Societal drivers. She says. t Juliem e knows this. let's not forget the role that the entrepreneur or the entrepreneurial n team play in opportunity recognition. and with that has emerged a growing middle class who want m t io to demonstrate their wealth by buying consumer goods.all of these are nt de contributing to a perceived value of British products. n u7 6:45One way to demonstrate this new wealth is by buying designer consumer goods. the global and local commercial and economic factors. the wider global. Technological drivers. Above all. What are the factors o economy in the world. It's important to 43 remember that Julie has done very little to create cool Britannia and certainly nothing 56a n to create China as the emerging economic powerhouse in the world. si know the brand and they seek out the stores. and even fun. But what are these brand s values? Quality. one or more of these will impact at any one time. social. The Olympic games in 2012. Legal drivers. Julie has developed a clear vision and shared it with in the o n d s . Bean-. Let us consider the satchel company again. the new and emerging technologies. Typically. rules. Britain really is cool. they develop the ability to spot ds opportunities. the opening au ceremony with The Queen and James Bond. political. and regulatory as local k requirements typically set by governments or consortiums. such as data protection i lawsp or trade association membership rules. and environmental factors which impact on an opportunity. 5:36Commercial drivers. But her company sd has ebenefited from these drivers. such as climate change and ageing populations. such as 4G mobile communications networks and tS ok outside of Julie's control which are driving the extraordinary growth of this company? i Let's65p consider a societal driver. The world is changing.

Let's not forget that she raised 12 million pounds in order to double her production and expand into a huge export market. Can you think of a successful entrepreneur and their company? Did they discover or create their opportunity? .others.