Topics you will cover in this module

Entrepreneurs Creativity Mind maps Asking the right questions Taking Risks Innovation and Invention 6 thinking hats

Key Words

Name: _____________________________________

Form: ________

Unit 1.2

Showing Enterpri

se

Enterprise

Goods

Services

Entrepreneur

Mind Map

Risk

Innovation

Invention

Goods

Services

Opportunity

Market

Questions

Reward

Measure

Success

Calculated

Failure

Copyright

Patent

Trademark

Lesson 1

Objectives

To understand what it takes to be a successful entrepreneur To understand how entrepreneurs must overcome mistakes and problems to be successful

Outcomes

All students will understand the meaning of the word ‘entrepreneur’

Most students will be able to discuss the skills and qualities which make an entrepreneur successful.

Some students will be able to discuss how entrepreneurs overcome problems

Starter Activity

Key Word DefinitionEntrepreneur

Enterprise

Enterprising

Risk

What are Entrepreneurs’ all about?

An entrepreneur can be defined as an individual with the ideas, skill, commitment, risk taking abilities and passion to establish and maintain a successful business.

What is more important?

Rank the following entrepreneurial features from the most important to the least by rewriting the list in the column on the right.

Feature Ranking of importance (Most to Least)Obtaining finance

Risk

Being clever

Having good ideas

Determination

Enthusiasm

Energy

Drive

Spotting a niche market

Leadership

Having a good education

Having lots of money

Having good contacts

Having a totally original idea

Business understanding

Business knowledge

Having a qualification in business

Duncan Bannatyne

Mark Zuckerberg

Richard Branson

Extension:

1. Explain some of the main problems faced by entrepreneurs when setting up in business.____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________2. Which tactics did these entrepreneurs use to overcome the problems?____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Entrepreneur …it’s a tricky word to spellCreate your own rhyme or poem to remember how to spell the word Entrepreneur. E.g. Because = Big Elephants Can’t Always Use Small Exits

ENTREPRENEUR

Lesson 2:

Objectives

• To understand how mind maps can be used by entrepreneurs to spot opportunities.

• To be able to identify key questions that entrepreneurs ask

Outcomes

All students will create a mind map of their own strengths and weaknesses

Most students will ask valid questions to improve business knowledge

Some students will justify why some questions are more important than others

Task 1: Use the space below to create a mind map showing your own strengths and weaknesses. Think outside the box!

Asking Questions

Think about the types of questions you might ask yourself when you are setting up a new business

E.g How will I advertise?

E.g What will I sell?

Where?

How?

What?

When?

What if?

Eg. Who will buy my product?

Who?

Exam question:

Which do you think are the two most important questions that Ling Tan should be asking herself? Justify your answer. (6)

Lesson 3:

Objectives

To understand the role of creative thinking in business enterprise. To apply creative thinking to aid problem solving

Outcomes

All students will complete think laterally to complete puzzlesMost students will use blue skies thinking to develop new ideas. Some students will successfully solve the dingbat puzzles

Which side of your brain do you think on?

1. When you walk into a cinema or theatre, which side of the room do you prefer to sit on?a) Leftb) Right

2. When taking a test, which stype of questions do you prefer?a) Objective, true/false, multiple choice b) Subjective, essays, discussion

3. Do you have a place for everything, and keep everything in its place?a) Yes b) No

4. When you are learning a dance step is it easier for you toa) Learn by memorising the sequence of movement b) Learn by imitation from the teacher, and getting a feel for the music

5. Do you like to move your bedroom around several times a year, or do you prefer to keep it in the same place?a) Keep b) Move

6. Can you tell approximately how much time has passed without a watch?a) Yes b) No

7. Is it easier for you to remember names or faces?a) Names b) Faces

8. When speaking, do you use hand gestures?a) No b) Yes

9. Your bed room isa) Tidy b) Messy

10. Do you dream and recall them, or don’t dream at all?a) Don’t dream b) Dream

Number of As: ___________Number of Bs: ___________

I think on the _________ side of my brain.This means that ______________________________________________________________________________________________________________________________________________________

Puzzle 4:There are six eggs in the basket. Six people each take one of the eggs. How can it be that one egg is left in the basket?

Key word:

Lateral thinking means ________________________________________________________

___________________________________________________________________________

Lateral thinking puzzles

Thinking Laterally!

In pairs, try and solve the following lateral thinking puzzles.

Puzzle 1: You are driving down the road in your car on a wild, stormy night, when you pass by a bus stop and you see three people waiting for the bus:

1. An old lady who looks as if she is about to die.

2. An old friend who once saved your life.

3. The perfect partner you have been dreaming about.

Knowing that there can only be one passenger in your car, whom would you choose?

Puzzle 2: Acting on an anonymous phone call, the police raid a house to arrest a suspected murderer. They don't know what he looks like but they know his name is John and that he is inside the house. The police bust in on a carpenter, a lorry driver, a mechanic and a fireman all playing poker. Without hesitation or communication of any kind, they immediately arrest the fireman. How do they know they've got their man?

Puzzle 3: A man and his son are in a car crash. The father is killed and the child is taken to hospital gravely injured. When he gets there, the surgeon says, 'I can't operate on this boy - for he is my son!!!' How can this possibly be?

Puzzle 5: There was once a recluse who never left his home. The only time anyone ever visited him was when his food and supplies were delivered, but they never came inside. Then, one stormy winter night when an icy gale was blowing, he had a nervous breakdown. He went upstairs, turned off all the lights and went to bed. Next morning, he had caused the deaths of several hundred people. How?

Puzzle 6: A man holidaying abroad fell off a yacht into deep water. He could not swim and he was not wearing anything to keep him afloat. It took 30 minutes for the people on the yacht to realize someone was missing. The missing man was rescued two hours later. Why didn't he drown?

Puzzle 7: A police officer saw a truck driver clearly going the wrong way down a one-way street, but did not try to stop him. Why not?

Key word:

Blue skies thinking means ______________________________________________________

___________________________________________________________________________

Blue Skies Thinking

Use the space below to explore the features of your chocolate bar.

As a group, we decided the feature with the best scope for development is _____________________

My 4 ideas for developing this feature are:

1:

2:

3:

4:

Puzzle 8:A woman has incontrovertible proof in court that her husband was murdered by her sister. The judge declares, "This is the strangest case I've ever seen. Though it's a cut-and-dried case, this woman cannot be punished.“ Why?

Puzzle 9

A man marries twenty women in his village but isn't charged with polygamy. How come?

Puzzle 10: Bruce wins the race, but he gets no trophy. Why not?

Lesson 4:

Objectives

To understand the 6 thinking hats theory. To apply appropriate creating thinking techniques to solve problems

Outcomes

All students will identify the key features of each thinking hatMost students will understand how creative thinking techniques can be used to solve problemsSome students will use creative thinking techniques to successfully solve problems

Hat Colour Name/Point of view Questions that they might ask

List 3 benefits of businesses using the 6 thinking hat’s technique to enable creative thinking

1:

2:

3:

Enterprise Activity – You will need to get in to pairs / groups of three

Scenario

Imagine you are stranded on a desert island. The only items available to you are below:

Bed sheet 5 metres of rope

Pile of stones bucket

Ladder masking tape

Music Player Scissors

You have been stuck on the Island for a couple of days and no one has come to the rescue yet. You need to think of a way to:

a) let people know you are there,b) try and escape c) Survive the next few days.

Use the following page to plan out your ideas!

We will let people know we are here by…

What enterprising skills did you show in the last task?

Which creative thinking techniques did you use? Was this the best way of coming up with a creative solution or should you have done something differently?

6 Thinking Hats recap - Match the phrase to the hat

Blue Wonder if people working different hours would solve problems caused

We will escape by…

We will survive the next few days by…

by staff off sickBlack Consider all ideas about a new product and decide if it is worth going

aheadGreen Find out that 25% of people In the area are over the age of 50

White Worry that in two years time a machine would be out of date with little or no resale valye

Yellow Have a gut feeling that a new product could take off even before market research

Red Think a new clothes range would appeal to young people and profits would increase

Lesson 5

Objectives To understand what Invention and Innovation are, and the difference between them.

OutcomesAll students will analyse an existing product and suggest improvementsMost students will create innovative solutionsSome students will be able to provide reasoned justifications for their innovative design choices

Invention is _______________________________________________________________________

_________________________________________________________________________________

Innovation is ______________________________________________________________________

_________________________________________________________________________________

Innovation Challenge

Choose ONE of the products above and complete this table. The more detail you include, the easier it will be to identify an area to innovate

CostHow much does it cost? Is it value for money?AestheticsDoes it look good? Why, what makes it so?FunctionWhat does it do? How does it work?

ErgonomicsHow easy is it to use? How comfortable is it to use?QualityIs it well built? What materials are used?UserWho is it for? Is it appropriate for their needs? Is there a real need for it?EnvironmentWhat is the effect of the manufacture? What is the effect of its use? What is the effect of its disposal?

My New Innovation

My new product will be called ________________________________________- it is a new innovation of the ________________________.

It will look like this. Annotate your design to make features clear

New features (include cost, materials, marketing, packaging etc)

Reason

Lesson 6

Objectives To understand the steps that an entrepreneur can take to protect ideas and products.

OutcomesAll students investigate copyright, patents and trademarksMost students will complete exam style questionsSome students will score 10+/15

Trademarks

A trademark is _____________________________________________________________________

__________________________________________________________________________________

A J SB K TC L UD M VE N WF O XG P YH Q ZI R

Copyright

Copyright is ________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

Patent

A patent is ________________________________________________________________________

__________________________________________________________________________________

__________________________________________________________________________________

Famous cases regarding protecting business ideas

Which companies were involved?

What was the dispute about?

How was it settled/Who won?

What were the implications?

Quick Quiz

How should these people prevent their ideas from being copied/used by someone else?

1. Mark has written a book 2. Yasmin has invented a portable coffee machine 3. Jasvir has created a logo for his brand of clothing

Exam question

Matthew and Claire Wyon own and run Flyte Ltd, a company which designs, assembles, markets and sells dance shoes, clothing and accessories. Matthew Wyon is a lecturer at Wolverhampton University in the School of Sport, Performing Arts and Leisure. Thanks to him, the university is now a major contributor to dance science research in the UK.

His company has used this research, and advances in the sports shoe industry, to develop a new type of ballet shoe. The shoe lasts longer than traditional ballet shoes. It improves the balance of the dancer. It also provides much better shock absorption when a dancer is jumping. Matthew and Claire have designed the shoe with the aim of reducing the number of foot and ankle injuries that are so common amongst ballet dancers.

The company has received over £100,000 in funding from investors to bring the new ballet shoe to market.

1. Using Flyte Ltd as an example, explain what is meant by (a) invention and (b) innovation. (6 marks)

2. Define the term patent and explain how it can help Flyte Ltd protect its new ballet shoe. Explain your reasons. (3 marks)

3. Innovation is very expensive. Do you think that Flyte Ltd should continue to innovate? Justify your answer. (6 marks)

Lesson 7

Objectives

• Understand the principle of taking a calculated risk• Understand the importance of weighing up the risks and the rewards of a new business idea• Appreciate that seeing mistakes is part of the process of learning to succeed

OutcomesALL students will attempt the risk analysisMOST students will complete the risk analysisSOME students will complete the extension exercise

Are you a risk taker?Circle the answer you would choose

1- An entrepreneurial friend of yours offers you an exciting job in a new venture of his, but it willmean giving up your secure, but rather boring job in the civil service. Do you:a- Turn the offer down straightaway.b- Spend several days thinking about the pros and cons.c- Say yes without much hesitation.

2- Its Saturday night. You and a friend are walking along the street with nowhere special to go.Some interesting, but rather unusual people who you met briefly at a party last weekend drive upin their car. They invite you to another party about thirty miles away. Do you:a- Refuse politely and walk off.b- Take the address of the party, and find out if your friend thinks you should go.c- Jump into their car straightaway, dragging along your unwilling friend.

3- Some friends of yours have got together to buy you a special birthday present. A 200 meterbungee jump! How do you respond?a- Angrily – why have they wasted money on something they know you won't do?b- You agree to do it, but spend the weeks before the jump felling terrified.c- Enthusiastically – is sounds like a great challenge!

4-You want to go away for a holiday, but your budget is limited. Which of the following optionsmost appeals to you?a- Stay at home instead – you can always save and go next year. b- Spending a few days somewhere close by, where you can use public transport to keep costs down.c- Spending a few weeks further away, camping and hitch-hiking to keep costs down.

5- Mark the situations a b c according to how you view the activities:a- foolish / dangerous / irresponsibleb- not something I would usually do myself, but okay for other peoplec- normal / good fun1. motorcar racing2. driving at very high speeds3. mountaineering4. going on a blind date5. going on safari

6. playing poker7. boxing8. walking around alone late at night9. eating McDonalds every day10. sunbathing

Add up the number of A’s _______ B’s ________ C’s _________

ACTIVITY WHAT IS THE POTENTIAL RISK WHAT IS THE POTENTIAL REWARD Does the RISK outweigh the REWARD

How can you reduce the RISK?

1. Launching a new product

2. Get Luis Suarez to advertise your product

3. Launch an only internet business

4. Copy another product that has been patented and try to sell “my” own version5. Raise the price of our products

6. Lower the price of our products

7. Use lower quality raw materials in our product

8. Trying to sell our products in a new country

9. Reducing the number of people that work in the business and using more machines to do their jobs10. Create a social networking site to rival Facebook or Twitter

Dylan runs a restaurant. Which of the following would be an example of a calculated risk for his business?

A. There is a 50% chance that he would lose over 10% of his customers if he put up his prices by a half

B. There is a 10% chance that he would lose over 10% of his customers if her put up his prices by an 8th.

Explain which risk you would take, and why

End of topic test

Total score:

My score:

Percentage:

Areas to work on: