UNIT 2: ACTIVITIES

ACTIVITY 1
IDENTIFY BUSINESS IDEA/OPPORTUNITY
COME UP WITH A LIST OF 3 INTERESTING PROBLEMS TO SOLVE
Hint:
 What problems are you experiencing in your community?
 What resources are available in your community
 What are the possible solutions for each problems

EVALUATE YOUR 3 BUSINESS IDEAS

After generating ideas ask yourself this questions:
 Has this idea/business been done before, If yes, is there more place in
the market?
 Who would you be your primary competitors be and what would your
competitive advantage be?
 Would competitive advantage be sustainable?
 How would people learn about your product or service
 How would people purchase your product or service?
 Who would be the key members of your management team
 What skills gaps would still need to be addressed?

SELECT THE BEST BUSINESS IDEA

 Does your idea do the following:
 Examine if your business idea really fulfil a customer need and not just a
little need. Is it a solution to the killer problem?
 How will your business stand out? What will be the fasters way to
motivate a person to trade some money for your goods or service?

ACTIVITY 2

 Activity 2.1: Discuss business ideas

• Build off own experience, knowledge, education, skills
 Activity 2.2: My business ideas
• Do you have a market?
• Do you have required skills?
• Do you have required resources?
 Activity 2.3: Compare my business ideas

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 ADDITIONAL NOTES

Identify, analyse and select business opportunities

 Identify business ideas:
 The concept of business ideas is explained:
• Process to start a business: viability study, market research
• Idea and opportunity are different
• Idea: something to satisfy basic human need
• Opportunity: there is a need for the product and people will pay
more than the production cost
• Video: How to find business ideas

Business ideas are identified and listed:

• Start with an idea
• See Mam’Langa, Dudu, Vuyo story
• Think about market
• Look at area, speak to people
• Be patient, be creative
• Ask others for help
 Activity: Discuss business ideas
• Build off own experience, knowledge, education, skills
 Activity: My business ideas
• Do you have a market?
• Do you have required skills?
• Do you have required resources?
 Activity: Compare my business ideas

 Business ideas are discussed and compared:

• Conduct market research; do feasibility study
• Speak to owners of similar businesses:
good source of information; obtain practical
advice; approach non-competitors; be
open, honest; make an appointment
• Do rough financial calculations: write down
all expenses – start up and monthly;
estimate when business will start to make
money
• Do rough market research: talk to possible
customers; consider ‘traffic’; determine
competition; collect statistics
• Do SWOT analysis: e.g. pie shop

2
 Eliminate inappropriate business ideas:

• Use various techniques
 Appropriate screening techniques are identified and selected
 Selected screening techniques are justified and applied:
• Questionnaire technique
 Activity: Assess business idea
• Visa technique:
- Visualize need that exists
- Imagine product / service to satisfy need
- State most important benefits to customer
- Action required

Brainstorming technique:
•
- To generate, evaluate ideas
- 3 – 7 people
- Offer ideas freely, spontaneously
- Filtering funnel to select final ideas
-
 Activity: Brainstorming
• ‘What if’ technique:
- Ask ‘what if’ questions:
… clients unable to pay on time
… someone can produce same product at lower cost
… there is such a big demand that I have to employ staff

ADDITIONAL TECHNIQUES FOR GENERATING A BUSINESS IDEA

• Visa technique:
- Visualize need that exists
- Imagine product / service to satisfy need
- State most important benefits to customer
- Action required

• Brainstorming technique:
- To generate, evaluate ideas
- 3 – 7 people
- Offer ideas freely, spontaneously
- Filtering funnel to select final ideas

• ‘What if’ brainstorming technique:

- Ask ‘what if’ questions:
… clients unable to pay on time
… someone can produce same product at lower cost

3
 … there is such a big demand that I have to employ staff

TOOLS TO MODIFY YOUR ENTREPRENEURIAL BEHAVIOUR & KEEP YOU

GOING
 Find your big “Why” or “Must”
 Build up your entrepreneurial mindset muscle
 Build up your idea muscle
 Changing your perspectives

FIND YOU BIG WHY

What is it that drives me to do this business?:
1. Flexibility: No more 9-5 job.
2. Ability to work from anywhere – online business.
3. Leave legacy business to generate funds for generation to come.
4. Fees for kids @ international schools/universities.
5. Financial Freedom.
6. International business.