Enterprise - Lecture 2 (Ideas and opportunities)

The battle of the brains - Perfectly formed and individually owned... the human brain is overpowering the traditional methods of production, raw materials hard labour and capital.

Ideas dont mean anything, they have to be backed up with hard evidence. 

what is the difference between an idea and an opportunity

anyone can have an idea while doing the most stupid task, you need to be able to find out if its just hair brained scheme or a real opportunity. this lecture will help us find out if these are an opportunity or a waste of time.

two types of idea. 

for an idea to become a opportunity you need to think of the background checks on everything to do with it all, for example if the idea was "lets run a fund raising event in millennium square in Leeds"

straight away there are some problems that come with this, these being...

who's permission do we need
how much will it cost

what other events are on that night or will compete with it

what time of year

whats the weather

what kind of utilities will it be

will we have toilets

will we have electricity 
supply and demand 

all of these then need to be answered so that you can see how much of an opportunity this really is, or is it more of a weak idea which really wont take off. this can then be answered by the PEST theory.

PEST stands for... 

Politics

Economics

Sociological Factors

Technology

Politics - who owns this space and what permission do we need

Economics - how much will it cost and what kind of price will people pay or should it be free

Sociological Factors - what kind of facilities can we offer, what do we need to offer for people to come, they will probably want, good weather, good music, toilet facilities and be able to park. 

Technology - what utilities will be available and what electrical can be received and what lighting will be available.

you can apply a PEST analysis to any project that you do, the best way in which you can do this is to apply the PEST analysis to a customers or B2B supply and demand. To be able to do this you need to find out 

Which other company's are supplying this service, then you are able to judge if you are able to to do this for a better price and which other services you can provide to make your demand become higher and thus creating a better service for the general public.