Excessive Generation of Ideas That Can Forever: Generating Ideas For Business

GENERATING IDEAS FOR BUSINESS
The process of developing and generating a business

idea is not a simple process.
Some people come up with a bunch of business ideas
that are not really feasible.
There are two problems that arise:

excessive generation of ideas that can forever
remain as a dreaming stage

when they don’t have ideas and don’t want to
become entrepreneurs.
Important Considerations in generating possible ideas for business

1. Examine existing goods and service
2. Examine the present and future needs.
3. Examine how the needs are being satisfied.
4. Examine the available resources.
5. Read magazines, news articles, and other
publications on new products and techniques
or advances in technology.

1. Examine existing goods and service
Are you satisfied with the product?
What do other people who use the product say about it?
How can it be improved?
Packaging
Materials used in crafting the product
Introduce new ways of using the product
* Innovation is the way of improving or enhancing the product


2. Examine the present and future needs.
Present Needs
- Already obvious and identify right away
Look and listen to what the customers, institutions, and communities are missing in terms of goods and services.
Future Needs
- Not that obvious , can only be identified later on
Example: A province will have electrification facility next six months. Only by that time will the entrepreneur
could think of electrically powered or generated business such as copying, computer service, digital printing etc.

3. Examine how the needs are being satisfied.
Market demand – are needs for the products and services
To satisfy these needs is to supply the products and
services that meet the demands of the market
Businesses or industries in the locality also have needs for goods and services.
Their needs for raw materials, maintenance, and other services such as selling and
distribution are good sources of ideas for business.

Observe what materials or skills are available in
abundance in your area.
A business can be started out of available raw materials by selling them in raw
form and by processing and manufacturing them into finished products.
Example: Coconut husks and shells
coco rags or dormats and charcoal bricks


Business ideas can come from your own skills.
The work and experience you may have in
agricultural arts, home economics,
industrial arts, ICT classes
will provide you with business opportunities to acquire the needed skills which
will earn you extra income should you decide to engage in income-generating
activities.

Read magazines, news articles, and other

Newsweek,

Reader’s
 Digest,
Business Magazines,

“Go Negosyo”,

Know About Business (KAB) materials, and


Small-Industry Journal.


Read magazines, news articles, and other

Internet

library
 where you may browse and surf on possible businesses.
guide you on how to put the right product in the right place, at the right price, and at the

right time.
Key Concepts of Selecting a Business Idea
Once you have identified business opportunities, you will eventually see that there are many possibilities available for you.
Select the most promising one among hundreds of ideas.

It will be good to do this in stages.
1st stage : screen your ideas to narrow them down to
about few choices.
2nd stage: trim down the choices to two options
3rd stage: Final stage: choose between the two and decide which
business idea is worth pursuing.
In screening your ideas, examine each one in terms of the following guide questions:
1. How much capital is needed to put up the business?

2.Where should the business be located?
3. How big is the demand for the product? Do many people need
this product and will continue to need it for a long time?
4. How is the demand met? Who are processing the products to
meet the needs (competition or demand)? How much of the
need is now being met (supply)?
In screening your ideas, examine each one in terms of the following guide questions:
5. Do you have the background and experiences needed to run

this particular business?
6. Will the business be legal and not against any existing or
foreseeable government regulation?
7. Is the business in line with your interest and expertise?
Your answers to these questions will be helpful in screening which

ones among your many ideas are worth examining further and
worth pursuing.
Branding
Branding is a marketing practice of creating a name, a symbol or design that identifies and differentiates product or services from the rest.
It is also a promise to your customers.
It tells them what they can expect from your product or service and it differentiates your offerings from other competitors.
Your brand is derived from who you are, who you want to be and what people perceive you to be.
Branding is one of the most important aspects in any business.
An effective brand strategy gives you a major edge in increasingly competitive markets.
Branding
A good product can:
- deliver message clearly,

- confirm credibility,
- connect to target prospect,
- motivate buyers, and
- concretize user loyalty.
Branding
Here are simple tips to publicize your brand:
 Develop a tagline.
Write a statement that is meaningful, impressive, and easy
to remember to capture the essence of your brand.
 Design a logo.
Create a logo symbolic of your business and consistent with
your tagline and displace it strategically.
 Write a brand message.
Select a key message to communicate about your brand.
 Sustain a brand quality.
Deliver a promise of quality through your brand.
 Practice consistency.
Be reliable and consistent to what your brand means in your
business.
In generating a business idea,
 Identify the type of business suited to your business idea.

 Analyze and scan the potential environment,
 Study the marketing practices and strategies of your competitors,
 Analyze strengths, weaknesses, opportunities, and threats in your environment to ensure that the products or services you are planning to offer will
be patronized and within easy reach of target consumers.
How to conduct SWOT Analysis:

 Be realistic about the strengths and weaknesses of your business when conducting SWOT Analysis.
 SWOT Analysis should distinguish between where your business is today, and where it can be in the future.
 SWOT Analysis should always be specific. Avoid any gray areas.
 Always apply SWOT Analysis in relation to your competition, i.e. better than or worse than your competition.
 Keep your SWOT Analysis short and simple. Avoid complexity and over analysis.
 SWOT Analysis is subjective.

ACTIVITY
 SWOT Analysis
Directions: In your notebook list down all your observations
for your business idea. Categorize your observations according
to strengths, weakness, opportunities and treats.
 After carefully listing them down, use the stated strategies to
come up with a sound analysis, activities and best business
idea.
ACTIVITY
 SWOT Analysis
Strategies:
 SW - Maximize on the Strengths to overcome the internal
Weakness.
 OW - Capitalize on the Opportunities to eliminate the internal
Weakness.
 ST - Maximize on your Strengths to eliminate the external Threats.
 OT - Take advantage of the available Opportunities to eliminate the
external Threats.
ACTIVITY
 SWOT Analysis
HOMEWORK
 Extra Reading and Video Viewing
Reading books and watching videos have been considered as some
of the most effective educational activities that can help learners
broaden their understanding on a certain topic.
In this particular task, you will be asked to conduct extra reading
and video viewing on the Internet with the following topics:
A. Steps in selecting a business idea

B. Criteria of a viable business idea
C. Benefits of a good brand
D. Ways on developing a brand
After successfully performing the assigned task, make a narrative

report about it and share it with the class.
PROJECT
 Designing a Logo (Deadline Aug ust
30, 2019) Draw a logo that you will use in
Directions:
your business. Provide a simple statement
to describe your logo. Submit it on a bond
paper in computerized form meaning not
handwritten.
PROJECT
 Making My Own Vicinity Map
 (Deadline Aug ust 30, 2019)
Draw a vicinity map reflective of potential market in
Computer Hardware Servicing in your province.
Provide a simple statement to describe your map.

Excessive Generation of Ideas That Can Forever: Generating Ideas For Business

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Excessive Generation of Ideas That Can Forever: Generating Ideas For Business

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GENERATING IDEAS FOR BUSINESS

The process of developing and generating a business

There are two problems that arise:

remain as a dreaming stage

Important Considerations in generating possible ideas for business

Important Considerations in generating possible ideas for business

* Innovation is the way of improving or enhancing the product

Important Considerations in generating possible ideas for business

Important Considerations in generating possible ideas for business

Important Considerations in generating possible ideas for business

coco rags or dormats and charcoal bricks

Important Considerations in generating possible ideas for business

Important Considerations in generating possible ideas for business

publications on new products and techniques

Know About Business (KAB) materials, and

Important Considerations in generating possible ideas for business

publications on new products and techniques

Key Concepts of Selecting a Business Idea

Select the most promising one among hundreds of ideas.

Key Concepts of Selecting a Business Idea

1. How much capital is needed to put up the business?

Key Concepts of Selecting a Business Idea

5. Do you have the background and experiences needed to run

Your answers to these questions will be helpful in screening which

A good product can:

- deliver message clearly,

In generating a business idea,

 Identify the type of business suited to your business idea.

How to conduct SWOT Analysis:

 SWOT Analysis should always be specific. Avoid any gray areas.

 SWOT Analysis is subjective.

A. Steps in selecting a business idea

After successfully performing the assigned task, make a narrative

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