bl-Introtobusinessinformation2022.pdf

Introduction to Business
Information
Presenter: Seema Rampersad
Senior Research & Service Manager
Email: seema.rampersad@bl.uk
Website: https://www.bl.uk/business-and-ip-centre

The British Library is for everyone who wants to do research – entrepreneurs,
academics, commercial, creatives or personal

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Helping you to make
informeddecisions aboutthe
development of your
businessidea, and support
to grow your business
Reader’s Pass
Visiting the British Library
Chat and Online
Introducing the British Library’s
Business & IP Centre
Email
Reference
Team

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What is in it for your business…
• A vital resource for entrepreneurs, innovators and business researchers
• Largest free collection of valuable business and patent information in the UK
• The British Library holds over 150 million items in various formats
• Help from Information Specialists, Subject Experts and Delivery Partners
• In-depth priced research for prior art and business information
• Workshops, Events, Networking, Mentoring
• BIPC Network across the UK – Local and Regional Support

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30+ Business Information access in the
Centre
Business & Management Portal
10,000+ across the British Library - e.g.
BSI, VogueArchive, Newsbank
Online Databases

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14 million Books
Hundreds of Journals
Thousands of Reports andArticles
Hundreds of Start-up Help Books
Patent Information and Archives
Paper and Digital Information

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35+ a month
For start-ups
And existing businesses
Awide range of topics
Across the BIPC Network
Workshops and Webinars

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One-to-One Business or IP Clinics
Information Clinics:
• Book a one hour session with one
of the team for free
Or with
• Our partners or external experts

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Event with successful business
people, founders and entrepreneurs
Jack Dorsey, Levi Roots, Tim
Campbell, Kanya King, Brompton
Bikes, Cyclehoop, Made.com and
many more
Ambassadors – Julie Dean
BIPC Network – Local & Regional
Q&Aand networking opportunities
You Tube – content archived
Events with Entrepreneurs

Questions?
Exercise for you - Tell us a bit about
you...
Briefly share with us about your
business idea or sector

“By failing to prepare, you are preparing to fail.”
Benjamin Franklin

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Too many start-ups fail…

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Too many start-ups fail…

What are the practical
aspects of starting up?
What is the demand for
my product or service?
Who are my competitors? How do I keep up to date?
How do I protect my
business idea?

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What is the demand for my
product or service?
Who are my competitors?
How do I keep up to
date?
How do I protect my
business idea?

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How do I register my
business?
What options do I have
for funding?
What are the regulations I
need to be aware of?
Where can I find help and
advice?
How do I hire staff?
How do I write a business
plan?

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Practical advice and support with Centa

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How do I keep up to
date?
How can I protect my
business idea?

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“My mum / dad / family / friends think it’s
a good idea.”

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Book – ‘The Mom Test’ by Rob Fitzpatrick
Source: http://momtestbook.com/

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• A problem in search of a solution or a solution in search of a problem?
Where do business ideas come from?
• "As a startup, figure out the problem
you are addressing, and the users. Fall
in love with the problem not the
solution, and the rest will follow.“ -
Waze cofounder Uri Levine

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Preservation of foods in tins was patented
around 1810…
…However, the tin opener wasn’t
invented until circa 1855 (GB1577 of
1855)

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Lean Start-Up Approach
• Start learning straightaway
• Learn from success and failure
• Iterate (incorporate learnings into next version)
• Test with customers (again and again)
• Go round the loop again
• Business Development and Innovation

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Lean Start-up Results
Develop a product/service with
features that
customers actually value = GO!
Or
Identify a lack of demand,
before time and
money is wasted, and learn
from it = NO GO!
Source: Wikipedia

Exercise for you:
What information do you think
you need to know for starting and
growing your business?
Tell us in chat.

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Price point?
Are customers happy
with what’s out there?
Niche or specialist
product or service?
Is it the right time?

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Desk Research
and
Field Research
Market Research

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Is there a demand for you
product or service?
Desk Research

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Customers
Competition
Market
Trends and/or Forecasts
Find out from published information about
your:

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How reliable is the source?
Is it fact or opinion?
From whose perspective was it
written? Is it biased?
When was it published?
Desk Research Tip! Ask yourself

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This is where you do Desk Research in the
Business & IP Centre - London

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Reports tend to be general
and countrywide
So…..
Look at the broader market
and think laterally
Desk Research Tip

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BIPC Success Story
Pomegranate Juice by Pomegreat

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Fruit Juice Market
Pomegranate Juice

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What is the demand for my
product or service?
How do I keep up to
date?
How can I protect my
business idea?

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Why Company Research?
Competitors &
Players in the
Market
Sourcing
Products
Financial
Reporting &
Investigative
B2B, B2C
and Partners

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For accounting periods beginning on or after 1 January 2016,
a small company must meet at least 2 of the following
conditions:
• annual turnover must be not more than £10.2 million
• the balance sheet total must be not more than £5.1
million
• the average number of employees must be not more than
50
Source: gov.uk https://www.gov.uk/government/publications/life-of-a-company-annual-requirements/life-of-a-company-part-1-
accounts
Companies can be exempt from filing a profit
and loss account if:

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• Are not obliged to file financial
information.
• And are not required to register
with Companies House
Sole Traders

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• Often have unique information
• Niche, specialist, advocacy and champion
• Covera widerangeof industries
• Thousands on ourshelves or collection
• Trade and IndustryAssociation as last
resource
• Now Otherwise online via personal
subscriptions – not legal deposit
Trade Directories

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How do I keep up to
date?
How do I protect my
business idea?

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If you don’t innovate…

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If you don’t innovate… others will!

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Innovation is the key to survival – unless
your product is iconic…

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Innovation is the key to survival – unless
your product is iconic… but even then…

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• What are the key current issues?
• Cover niche and specialist areas e.g.
Bicycle Business.
• Annual Survey and/or questionnaires
• Can give the perspective of those
within the industry.
• Thought Leadership articles
• Creatives - Passion projects, hobbies,
visuals e.g. Vogue Archive
Trade and business journals and
newspapers

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Newspapers, Magazines, Social Media
Search online.
Factiva has 10,000 newspapers
and magazines in full text.
EBSCO has 11,000 academic
and trade journals.

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Intellectual Property
is for everyone
• We help inventors with
patents.
• We help creatives with
copyright and design
rights.
• We help everyone with
Trade Marks.

It’s a lot of
information
to take in…

Start-Up Books – Small Business Help

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Industry Guides
• 25 Industry Guides
• Available at the Centre and on
our website
• A great introduction to
information available in the
centre with some web sources
• They are all free!

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Business Failure Quiz – Top 10 reasons?
Answers in Chat Please

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1. Lack of cash
2. No plan
3. Starting for the wrong reason
4. Poor management and leadership
5. Expanding too quickly
6. Failure to advertise and market
7. Lack of differentiation
8. Unwillingness to delegate
9. Unprofitable business model
10. Underestimating the competition
Business failure quiz – Top 10 reasons

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Field research: collecting your own information
• Using social media
• Observing
• Talking and listening to
customers
• Conducting experiments
• Collecting Data
• Testing your market and
Customer Discovery

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Field Research
Tip
Think about how
you word your
questions.

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Would you buy a
product that solved
this problem?

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Would you buy a
product that solved
this problem?
X

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How have you dealt
with this problem in
the past?

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How have you dealt
with this problem in
the past?
ü

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How much would you
pay for this
product or service?

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How much would you
pay for this
product or service?
X

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How much has
this problem
cost you?

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How much has
this problem
cost you?
ü

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Should we give up our day job?
Source: https://www.businessinsider.com/unusual-facts-about-innocent-smoothies-
2014-12?r=US&IR=T

How to research and develop
value that sells to customers...

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The Business Model Canvas approach

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Developing your Value Proposition
Canvas

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Subscribe to our BIPC Newsletter
Mentoring
Growth Programmes
Special Events for Entrepreneurs e.g.
sustainability, internet icons
Check our website for up to date information

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Ask for help and support
Libraries can be complicated places to
‘navigate’
And so is business start-up
So please ask us for help

Check website for other complementary
workshops, support and events.
Please fill out our Feedback Forms.
Email for presentation slides:
seema.rampersad@bl.uk

bl-Introtobusinessinformation2022.pdf

bl-Introtobusinessinformation2022.pdf

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