Follow Your Passion:

Choose an idea that aligns with your interests, strengths, and values.
Passion fuels commitment and resilience during challenging times.

Choose an Edge that Is Difficult to Replicate:

Avoid highly competitive markets dominated by well-funded players.

Seek a unique selling proposition (USP) that sets your business apart.

Consider the Future of the Business:

Evaluate long-term sustainability.

Avoid industries with declining demand or environmental concerns.

Understand the Business Model:

Study revenue streams, cost structures, and profit potential.

A solid business model ensures viability and scalability.

Target a Large Market:

Identify a sizable customer base.

Ensure there’s demand for your product or service.

Focus on Scalability:

Choose an idea that can grow without significant resource constraints.

Scalability allows for expansion and increased profits.

Examine Similar Business Ideas and Their Performance:

Research existing businesses in your niche.

Learn from their successes and failures.

Brainstorm Thoroughly:

Generate multiple ideas.

Evaluate each idea against the criteria mentioned above.
Remember, there’s no one-size-fits-all approach. Consider your unique
circumstances, resources, and goals when selecting a business idea. Good luck! 🌟
Criteria and Techniques in
Selecting a Business Idea
Steps in Selecting Business Idea
What are the various criteria and steps in selecting a business
idea?

Before a business idea is arrived at, there are several steps

and criteria used at reaching a conclusion on the type of
business to be started.

This article sheds light on these criteria and techniques in

selecting a business idea. The criteria and techniques that
follow provide a better understanding of the requirements
needed for concluding the type of business to be engaged in.

The following are the criteria and techniques used in

selecting a business idea;

Contents

METHODS AND KEY CONCEPTS IN

SELECTING A BUSINESS OPPORTUNITY

Follow Your Passion

Passion is one of the most important criteria and techniques
in choosing a business idea.

Without passion, the business idea selected will not stand the
test of time, as it will certainly show during trying times for the
business.

Going with your passion increases the chances of establishing

a well-run business which eliminates effort, but engenders
love for the work, thereby increasing the commitment level for
the business.

This is the first consideration to be made when selecting a

business idea. There are a lot of niches with varying interest
levels for entrepreneurs. Therefore, gravitating towards your
most preferred niche is an important criterion for starting a
successful business.

Following your passion is not enough, as it also requires

carefully testing the idea to ensure it is implementable/viable.

Choosing an Edge that is Difficult to

Replicate
There are a lot of businesses that are well funded and have
the capacity to be in the game for a very long time too.

These businesses are the major players in different industries

where they operate.

When selecting a business idea, it is necessary to take this

into serious consideration. Investing in businesses where your
competitors have a large financial chest may prove
detrimental to your business.

Starting a business where there is lower competitiveness is

advisable. Here, your difficult-to-copy edge will place your
business in the forefront of the pack, as it will attract
patronage which sets the business apart from its competition.

The Future of the Business

In selecting a business idea, it is imperative to consider the
future of the business. Many businesses function/operate in
sectors where sustainability is low. An example of this is
the coal mining business.

With a growing awareness of the dangers of global warming

caused mainly by carbon fuels, developing a business
idea in this direction will not be wise. This is because the use
of fossil fuels is increasingly discouraged.

This, therefore, casts a shadow on the sustainability of

the business idea.

Thorough understanding of the Business Model

To build a sustainable and thriving business, having a good
understanding of the business model is important.

Hence, this criteria/technique is a necessary precondition of

selecting a business idea. There are too many businesses that
go under (fail) due to this very problem (lack of understanding
of the business model).

Understanding is not enough, as it also requires

implementable skills. Using this criterion as a yardstick in
selecting a business idea guides the business from failing in
its infancy.

Target a Large Market

This is one of the criteria and techniques in selecting a
business idea. When formulating the business idea, critical
thought should be given to the market size and the
people/clients the business will serve.

Selecting a business idea with a limited client base will result

in a business that does not make a real impact on sales.
Business ideas targeting larger markets easily get access to
funding/loans.

This is because investors or borrowers see the potential of the

business growing into a major player, thereby protecting their
investments and interests.

An Easily Scalable Business Idea

Every business idea possesses features of easy scalability.
Hence developing a business idea any further, critical
questions should be answered on the scalability of the
business idea.

Selecting a business idea that does not meet this criterion is

risky and unhealthy for the business. A restricted business
eliminates the possibility of growth; therefore, the business
from the on-set has less likelihood for growth.

Examining Similar Business Ideas and How

They Have Fared
When selecting a business Idea, it will do well to search for
other similar business ideas that have been developed and
examine how these ideas have fared.

What is the success rate? and the cause for the success, or
failure of the selected business idea.

This criteria/technique for selecting a business idea ensures

that the mistakes done in previous business ideas are not
repeated, hence increasing the chances for success. The
same also applies to the success of the business idea.

Successes experienced with previous ideas are easily

replicated.

Thorough Brainstorming
A brainstorming session is one criterion for selecting a sound
business idea. During the brainstorming session, the entire
business idea is scrutinized for any loopholes or areas
needing improvements or modifications.

Most of the steps given above are subsumed under

brainstorming.
 Criteria and techniques in selecting a business idea have
been covered in this article, with the basic constituents of the
criteria and techniques included.

With the information supplied, the entrepreneur is given

reliable tips used in selecting a business idea.

It also exposes the fact that developing a reliable business

idea requires much more than having an interest, as other
very important criteria are used in the process of selecting a
business idea.
Contents
 Steps in Selecting Business Idea
 METHODS AND KEY CONCEPTS IN SELECTING A BUSINESS OPPORTUNITY
 Follow Your Passion
 Choosing an Edge that is Difficult to Replicate
 The Future of the Business
 Thorough understanding of the Business Model
 Target a Large Market
 An Easily Scalable Business Idea
 Examining Similar Business Ideas and How They Have Fared
 Thorough Brainstorming

Criteria for Selecting a Viable

Business Idea
Criteria of a Viable Business Idea
What are the basic criteria for evaluating and screening
business ideas? Starting a business always begin with
innovative ideas that entrepreneurs need to generate to
achieve business success. Have you been working hard and
hard for years?

Oh, you are having difficulties in which ladder of business to

climb?

BUSINESS SELECTION CRITERIA: EVALUATING

STARTUP BUSINESS IDEAS
Well, you never can tell maybe you are almost getting to the
bottom, or even got near the apex top of the ladder. That
doesn’t matter too much but the evaluation criteria for good
business ideas to be discussed will vividly shed more light on
which business ladder you are qualified to climb.

So what are the criteria of a viable business idea?

BEST TECHNIQUES IN SELECTING A BUSINESS IDEA

1. Check the Business Capital

There is no gainsaying the fact that to kick start any sort of

business, be it online or offline, the number one thing to look
out for is the financial status and the available capital to incur
in the business.

This criteria is better by far inherently personal and it depends

on the ambition the entrepreneur is chasing after.

After carrying your feasibility studies on factors such as

equipment to be purchase, hauling, rendering of services or
product delivering, advertisement and HR etc, Check your
pocket to determine if you have the capacity to dwell in such
business.

2. Feasibility

Prior to choosing whether or not an idea is ready to be part of

your strategy, make sure you assess whether it has high
chances of being implemented. Do ask yourself questions like,
how much will it cost to implement? What are the other
resources required? Is there any legal constraints?

Big and good business ideas shouldn’t be ordinary dream,

they must be realistic ideas that will create impact and move
your organization forward.

3. Check the Sales Assessment or Justifiable Business

Model from the Inception
This criteria for a good business idea is trying to project an
ideal idea of having an insight on various way sales have
taken place and the necessary places that might be needed to
improve upon.

This also portray the idea of understanding how the propose

business will earn and generate money. Statistics have
showed and proved that 90% of all sort of businesses do
failed in its first five years.

So, understanding and having a valid and justifiable business

model of a gross and net profit margin from the very start is an
antidote to ruin, hence this made it a criteria for a good
business idea.

4. Usability

To generate a great business idea, check if the idea really

fulfills the practical aspects of it. Look if the business idea is
utilitarian, if it does answer correctly some particular problem
or if it is going to meet some major market demand.

Even if it does, is it that the business idea could find a perfect

market niche? The usability, marketability and practicability of
any idea are crucial. Do take note.

5. Check the Business Market Data and Competition

Why don’t you consider the market data and carry out a
research to check if the business idea to choose is highly
saturated or less patronized. Do consider going for business
where large players don’t fill strong positions.

Also, researching and analyzing the price per points of your

to-be competitors will also aid and give you more insight into
the reason why people might be seriously patronizing a
particular good or service.

Be wary of going into businesses where numerous players are

being funded well or where the present business person has a
certain sustainable advantage. For instance, if a business of
your choice is selling exclusively via independent retailers, if
possible, you might grow a market share by venturing into
mass retailers.

6. Defendable

Ability to defend firmly is another criteria of a good business

idea. Will you be able to defend your idea in the marketplace?
Ask yourself: How will your idea stand upright to these
challenges?

How will customers react about the idea? Will there be need to
persuade them? Will the prospect understand the benefits of
the business idea to them? How will the business competitors
react? Ability to proffer solution to these poised questions is
very essential while generating business idea.

7. Profitability

This is usually the bottom line which everyone focuses on.

Competing business ideas are usually ranked in accordance
with the earning they perceived potential. This criterion for
business idea is very imperative and never should it be over
emphasized.

8. Scalability

Check for business that could be systematized, developed

through good marketing with massive target audiences that
would enable the whole exercise to prove that it worth the
effort.

Your scalability means you have glare leverage. You don’t

need to do the work alone and if you do, your efforts will surely
be multiplied significantly.

Easier said than done, having read the above criteria for
business ideas, it is up to you now to plan how to sail through
the market with the brilliant idea you’ve chosen to pursued.
 

What Kind of Business Should I Start?


This is one common question that aspiring entrepreneurs do
ask especially when they don’t know anything about starting a
business.

The best can only be answered by you and only you. Think of
a business that you can start using your talent to generate
money.

Picking a business that you are familiar with is the best choice
of business for you. Don’t make the mistake of meeting a
business consultant to tell you the kind of business you should
start.

You are the entrepreneur who will operate and manage the
business, not the consultant. Start a business that you are
passionate about, have some experience, and do not involve
a huge amount of money to start.

 1. BRANDING Prepared by: EILLEN IVY A. PORTUGUEZ Siari John H.

Romer MNHS
 3. Branding  is a marketing practice of creating name, symbol or designs
that identifies and differentiates product or services from the rest.
 4. Branding is one of the most important aspects of any business. An
effective brand strategy gives you a major edge in increasingly competitive
markets.  Delivers the message clearly  Confirms your credibility 
Connects your target prospects emotionally  Motivates the buyer 
Concretizes user loyalty. The features of a good product brand are as follows:
 5. Here are some simple tips to publicize your brand:  Develop a tagline.
Write meaningful, unforgettable, and easy to remember statement that
captures the essence of your brand.  Get a great logo. Create a logo
suitable to your business and consistent with your tagline and place it
everywhere.  Write down your brand messaging. Select key messages you
want to communicate about your brand.  Be true to your brand. Deliver
your brand promise.  Be consistent. Be reliable and consistent every time.
 6. Sample of Philippine Famous Brand/Logo
 7. Sample of Philippine Famous Brand/Logo
 8. Sample of Philippine Famous Brand/Logo
 9. Sample of Philippine Famous Brand/Logo
 10. Sample of Local Brand/Logo
 11. Sample of Local Brand/Logo
 12. Sample of Local Brand/Logo
 13. Sample of Local Brand/Logo
 14. HOW MUCH DO YOU KNOW…? Group your self into 6 and guess the
famous tagline of the different company logo.
 15. 90.7 Love Radio – “Kailangan pa bang i-memorize ‘yan? Bisyo na to!”
 16. ABS-CBN Network – “In the Service of the Filipino”, “Kapamilya”
 17. Alaska Milk – “Wala paring tatalo sa Alaska.”
 18. Banco de Oro (BDO) – “We find ways.”
 19. Cebu Pacific Air – “It’s time every Juan flies!”
 20. Globe Telecom – “Abot mo ang mundo.”
 21. GMA Channel 7 Network – “Kapuso ng Bawat Pilipino“
 22. LBC – “Hari ng padala.”
 23. Mercury Drug Store – “Nakasisiguro gamot ay laging bago.”
 24. M. Lhuillier – “Numero Uno ng Bayan”
 25. Philippine Airlines (PAL) – “With Us, You’re Always Number 1.”
 26. Red Horse Beer – “Ito and tama.”
 27. Smart Communications – “Simply Amazing”, “The power to lead.”
 28. UFC Banana Catsup – “Tamis Anghang”
 29. Nike: “Just do it”
 30. Nokia: “Connecting people”
 31. Obey your thirst. – Sprite
 32. Think different. – Apple
 33. Intel Inside. – Intel
 34. haplos ng pagmamahal
 35. Jollibee – “Bida ang sarap.”, “Langhap Sarap”
 36. Super Ferry – “Sakay na!”
 37. RUBRICS Scores Points 15-19 10 12-14 8 9-11 6 6-8 4 5 below 2
 38. Individual Task: Create a clear and appealing product brand with a
logo and a tagline.