Inspire

Below words are the jumbled. Find out what the word is

SUNISEBS

BUSINESS
AGTECNRI

CREATING
INFORMATION

ADEI

OINTIFMAONR IDEA
Creating a
Business Idea
Careful observation and analysis
of what is currently in the
market, new trends, consumer
needs and wants, plus your
passion to create a product you
really want can be the starting
point of a journey to an
entrepreneurial venture.
A business idea
- is a concept that can be used for
financial gain that is usually centered on a
product or service that can be offered for
money.
An idea is the first milestone in the process
of building a successful business
Lesson Objectives:

At the end of this lesson, you

should be able to:
1. cite the different ways to
come up with a business idea;
2. explain the different factors
related to the creation of a
business idea
3. follow the process of
creating a business idea; and
4. create your own business
idea
 Selecting a Business Idea
Business opportunities are for risk-takers, resourceful,
aggressive, innovative, and creative persons determined
to get through difficult times to survive in a competitive
environment.

To be a successful entrepreneur, one must create a

new idea or a new demand for product service
It is about creating and selling a new idea or an innovative
product that will arouse the interest of consumers
 Good business idea does not
depend solely on intuition or
suggestion from others but on
good business analysis that can
Key Concepts in Selecting a
give you a good measure of
Business Idea
confidence for its success,
perhaps not in the short-term
but in the long-term.
The criteria that potential entrepreneurs
should consider in developing a business are
as follows:

Financial requirement

Knowing and Understanding your Business

Environment
Financial requirement

The lifeblood of any business is a sufficient working

capital to finance the business operation.

Entrepreneurs must have the capacity and ability to

have funds to put up business

How much capital is needed to

put up the business?
 Knowing and Understanding your
Business Environment
Where should the business be located?
How big is the demand for the product?
Do many people need this product and will
continue to need it for a long time?
Do you have the background and experiences needed to
run this particular business?
Will the business be legal and not against any
existing or foreseeable government regulation?
Is the business in line with your interest and expertise?
 Market Information

There are specific market information or data that must be

gathered in relation to the intended product and business.
These data are the helpful information for the business:

1.Estimate the supply and demand occurring in the

community
- identify which products, goods or services are in
demand.

2. Analyze important Products

- entrepreneur should be creative, innovative in using
local products or producing substitute products that are
relatively cheap compared to the imported ones
3. Learn from Products
- Many of the items are found in the international
market are made in the Philippines . It means that
products have excellent quality to compete in the export
market.

4. Capitalize on available raw materials

- an entrepreneur should be innovative to
produce diverse kinds of products that utilize different
kinds of raw materials available in the community.
Modern with Technology
- Technology helps in the
production of new products.
It is an aid in the growing
needs of the people in the
community
- it provides many
business opportunities by
providing new ideas on how
to develop in the fastest
possible way.
 1. Examine your own knowledge
and skill to set for a business idea-

Ways to Generate Looking upon your skills and

Business Ideas knowledge is a very good source
of what business idea you can
venture in
2. Improve an Look at existing businesses and the products
already existing and services they offer and determine if
product or service.there is a room to improve those products
or services.

3. Keep up with current events and be ready to take

advantage of business opportunities you can find

help you identify various market trends and

sometimes new ideas that have business
potential. You only need to open your mind to
everything and to any possibilities.
4. Surf the web. Internet surfing can lead to opening
good potential business ideas.
Visiting various sites daily may
trigger an idea or concept.

5. Think to invent a new product or service

Identify a product or a service in the market

that is not yet being developed or things that
are still not in the market that people might
need and want.
6. Tap your interests. Use your personality.
Many entrepreneurs got their success from
their hobbies and turned them into a
business of their own.

7. Research and investigate other markets.

Look at different markets out there, what is

still missing in that particular market, and
what are the things that are abundant in a
specific place that have not been explored.
8. Keep eyes open.
Always give attention to and focus on something that
stimulates your interest, whatever that may be.

9. Get on the bandwagon. Keep an eye on the surge

of products or services in the market because of the
bandwagon effect where most people tend to go and
patronize.
10. Explore within the family. One great source
of information where you might get an idea for a
business is through your family.

11. Stroll the streets.

A good way to get your mind going is by going outside
to stroll around the city- visiting and discovering
different shops, restaurants, markets, vendors, stores,
or various street cultures that can give you a boost to
get that idea you have been looking for
 12. Recognize ideas from your friends and
networks. Do not limit yourself solely on your
ideas, especially when your creative well runs dry.
Recognize someone else's idea

13. Draw from the things that bother and annoy you.
This may sound a little bit odd, but many people get their
business idea from things that bother and annoy them: from
little things that can make a product or a service as a
solution to those things that annoy you. This is a unique
way of getting your mind going into developing a good idea .
14. Travel. Traveling to different places is one of
the best ways to draw inspiration and motivation
into generating that idea you are looking for.

15. Sleep on it. Some people ignore their dreams and

do not realize that these are also a good source to
find what they are looking for.
Activity

Form groups with four members. Choose one

or two of the ways to generate business
ideas, Role-play a scenario depicting these
ways. Write your script for the scenario, and
then rehearse before the presentation. You
will be given 5 to 10 minutes for the
presentation
 Steps in Developing a Business Idea

Step 1. Assess first what kind of knowledge and skills you

possess.-List down all the strengths and weaknesses that you have.
Weigh your strengths and weaknesses in relation to your plan
before moving on with it. Think if you could really follow through
it. You may have a great idea but no realistic way to implement it.

Step 2. Identify a problem within the different existing

industries. Study the industry for any problem you think
requires correction or improvement.
 Step 3. Conduct preliminary research.
This is the key to get to know the market inside and
out, how it all works together, and how each thrives
with one another. Get to know what people value in
the market.
Step 4. List down all your ideas. There are endless
possibilities.
Write down all the possible ideas you have come up
with after studying and learning from the previous
steps. Every idea that comes to mind while thinking
outside the box should be written down on a piece of
paper.
Step 5. Always take breaks and get enough sleep.
The more time you have for your ideas, the better you
can improve and develop it. Letting your brain rest
makes you think more efficiently and effectively

Step 6. Investigate if someone has already

come up with your idea/s.
Make sure to research and investigate
thoroughly if your idea has not been done by
anyone else already
 Step 7. Rank your ideas.
Rank them in the order that you think is the best for
you and which is the least.

Step 8. Choose your best idea.

Make sure to evaluate and weigh carefully to see which
one has a slight edge over the other. If you have finally
chosen the right one, you can start focusing and putting
all of your effort into it.
Step 9. Pitch your idea to family, friends, and colleagues.
It is good to see first what they think of it before going to
the next step. Share to them everything you have to say
about your product or service, its nature, what it is about,
and how it can contribute to the market.
Step 10. Talk to potential customers.
Go to different places near or along your community and
ask people around about your proposed idea. Give them a
brief explanation of your concept to avoid taking much of
their time. Conduct interviews and make surveys for them
to answer quickly
Step 11. Investigate competition (if any) and identify
risks and obstacles.
Looking out for the possible competition in the market is
at must for you to study along with the process of setting
up your idea, especially in determining all the risks and
obstacles you will be encountering

Step 12. Determine if you have a viable plan. Do a cost

analysis of your plan even if there is a good market for your
idea. Think about the financial aspect of your business.
Determine the level of competition
Explain what is Business Idea in your own
words and provide atleast 5 Ways of
Generating Business Idea