Unit 2: Part 1

Understand why business ideas are successful

Successful ventures: ways to meet customer needs, eg products or services; identifying new customer needs, eg life coach, social networking websites; methods of meeting established customer needs, eg online, healthcare services, leisure products, DIY products, leisure services; the ideas and actions of creative young business men and women such as Tanya Budd, Rose Grimond, Sergey Brin, Mark Zukerberg; importance of the vision

Measures of success: eg financial, social, customer satisfaction; meeting identified customer needs; finding innovative solutions to meet customer needs.
 

Learner outcomes - Part1:

• The learner should question real entrepreneurs about how their ideas were developed and about the ideas that were discarded.
• Learners should explore the stories of entrepreneurs with whom they can identify. A list of young entrepreneurs has been supplied in the content of the unit but this is indicative only and a variety of media and activities are available to carry out the investigation.
• Learners need to think in terms of meeting customers’ needs or aspirations as being the basis for all enterprises and to explore how often new ideas meet established needs in an innovative way.
• Learners are required to become adept at identifying the difference between the features of a product or service and the perceived benefits to the consumer. For example, the features of training shoes are that they are made of lightweight material and have thick soles, and the benefits are that they bring comfort and make the wearer feel like an athlete.
• New social enterprises could form part of this research even for those who are not considering developing a social enterprise.