1. Creativity and Business Idea
For those who believe there are no real “new” ideas out there, we present these 10innovative businesses that are truly thinking outside the box (and, in one case, inside it).Some of these creative products and services make life a little more fun, while others actually save lives. Some involve technology that sounds like it comes from a science fiction movie, while some are based on ideas so simple and yet so brilliant, you’ll be kicking yourself for not thinking of them first.Here are our picks for the 10 most interesting businesses to emerge in the last year.
- Damn Heels
- Embrace Infant Warmer
- Gocycle Electric bike
- Recompute cardboard computer
- samsung Electro-Mechanic’s micro hydrogen generator
- Storage by the box
- Xeros’ low-water washing machine
Refrence: http://www.allbusiness.com/creative-new-business-ideas/15562979-1.html Time: 10:30pm
Synthesis: These are some of the creative products that is unique. Creating new product can help businessto be known .
2.) Legal issues for entrepreneurship
Entrepreneurs face a myriad of legal issues, including those associated with business formation, contract negotiation, intellectual property protection, employment law, and many others. The Legal Issues in Entrepreneurship Course provides an overview of the legal aspects of product design, intellectual property—including patents, trade secrets, trademarks, and copyright, and issues related to licensing and royalties. The course also examines the numerous legal challenges organizations face as they commercialize technology in a global environment. In addition to studying the basic regulatory requirements for intellectual property and patent protection, students gain an understanding of the process of technology and product licensing, royalties, and methods for protection and valuation of intellectual property. Students develop strategies and plans through which they will prepare to form, staff, launch, manage, and protect the intellectual assets of a technology venture.
Synthesis: The legal issue of an entrepreneur provides an overview of the legal aspects of product design, intellectual property—including patents, trade secrets, trademarks, and copyright, and issues related to licensing and royalties.
3.) The Business Plan
– is a document that helps the small business owner determine what resources are needed to achieves the objectives of the firm, and provide a standard against which to evaluate results.
The business plan is a sort of a business blueprint and it keeps the entrepreneur on the right track. It gives a sense of purpose to the business. It also provides guidance, influence , and leadership, as well as communication idea about goals and the means of achieving them to partners, associates, employees and others.
Purpose of a business plan
1) To serve as management’s guide during the lifetime of the business.
2) To fulfill the requirements for securing and investors.
Reference: Roberto G. Medina (2011) Entrepreneurship. Rex Book store. Inc. Entrepreneurship and small Business Management (pg.87)
Synthesis: A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road. It is a written document describing the nature of the business, the sales and marketing strategy, and the financial background, and containing a projected profit and loss statement.
4.) The Marketing Plan
Product specific, market specific, or company-wide plan that describes activities involved in achieving specific marketing objectives within a set timeframe. A market plan begins with the identification (through market research) of specific customer needs and how the firm intends to fulfill them while generating an acceptable level of return. It generally includes analysis of the current market situation (opportunities and trends) and detailed action programs, budgets, sales forecasts, strategies, and projected (proforma) financial statements. See also marketing strategy.
Reference: http://www.businessdictionary.com/definition/marketing-plan.html Time: 11:18pm
Synthesis: It is important in guiding and building a successful business, and it’s important because without one, you can get hopelessly lost and never reach your destination which in this case, is a level of success with your business that makes you happy.
The financial plan translates into monetary terms the various plans you have for the business. From the marketing plan, you get information on sales; from the production and organization plans, you get information on expenses. From these varied data, you can compute whether your business can make money or not.
Reference: Winefreda B. Asor (2009) Entrepreneurship Rex Book store INC. Entrepreneurship in the Philippine setting
Synthesis: Financial planning in any business is very important. A good business plan provides a guide for the overall operation of the business and the way finances will be handled within a business. The importance of financial planning for your business can be seen in how cash flows in and out of the business.
6.) Organization Plan
In Writing the organization plan the first thing to do is describe the form of ownership of your firm. In other words, say if your business will be a sole proprietorship, partnership, corporation, or cooperative .next , prepare the organization structure . Usually , this is done through an organizational chart- usually organized according to the four functional areas: marketing, production, finance, and administration.
The organizational plan also requires you to describe the duties and responsibilities of all those involved in the enterprise , the required qualifications for the tasks , the corresponding salaries and benefits, and the number of personnel required.
Reference : Winefreda B. Asor (2009) Entrepreneurship Rex Book store INC. Entrepreneurship in the Philippine setting
Synthesis: It is also a the process of setting medium and long term objectives for an organization and the developing a strategy to accomplish those goals.