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Explain on common sources of business
idea
Illustrate techniques for generating new business ideas
Expose students to innovative techniques of generating business ideas
Describe on how analysis can be used to asses new business ideas
Common Sources of Business
Personal Experiences Personal Hobby/Interest Serendipity Federal Government Interview Successful Entrepreneurs Visiting Trade/Business Exhibitions/Expo Consumers Distribution Channels Social Networks
Combine two businesses (or more) into one to create new business
Recognise a hot trend and determine what the customer wants
Improve products, their functions, or offer new benefits
Recognise a need in the market place that is not being served
Begin with a problem in mind
Innovative Thinking To Generate Business Ideas
Inside out List all the possible assumptions
about a product or business and then vary them
Identifying new raw materials or formulating new methods of production
Improve an existing product by level of products
Developing new ways of organising processes
Be aware of everything and be open to new ideas
Scientific research and development
Using analysis to assess new business ideas
Inside Out
Answer Several Question
Assisted By Lecturer/Teacher
To Identify
Uniqueness
Strengths
AreaDiscover
Your
Emerging Skills
Great Strengths
Assumptions Type of Product/Business – Restaurant New Assumptions
Logo Not important and not attractive New logo according to new trends
Time Open 8.00 am – 11.00pm 7.00am – 1.00 pm
Painting Not attractive Make it attractive
Layout Grid layout Free flow layout
Chair Ordinary chairs Unique chairs, multiple types
Table Standard tables Customised tables
Drink Local drinks Malaysian drinks, Western drinks and herbal drinks
Main course Malaysian foods Malaysian foods, Indonesian foods and Western foods
Target market Young people, teenagers All ethnic groups
Possible Assumptions
Identifying New Materials/Methods
/Production
Improves Existing Product By Level
Of Products
Core
Generic
Expected
Augmented
Potential
BrainstormingReverse BrainstormingFocus GroupsBrainwritingLibrary ResearchInternet ResearchBig-dream Approach
Techniques For Generating New Business Ideas
Brainstorming - process for development of ideas through freewheeling
group discussions.
Reverse Brainstorming- tool that solves problems by exploring several factors in
reverse.
Focus Groups- A group of individuals assembled to participate in a
discussion to provide feedback about a service, product, advertisement, political campaign etc.
Brainwriting- technique to generate ideas where during the
process of idea generation individuals will record their ideas and pass them to the next person who will use them as a trigger for their own ideas
Library Research- to do many reading on the creativity of entrepreneurs,
various business ideas and opportunities in business magazines and others periodicals.
Internet Research- Search engines such as Google, Yahoo, and Bing
shown in Figure 2.22 will provide millions of data, facts and information within a second.
Big-dream Approach- new ideas are required and the entrepreneur should
dream about the problems and its solution.
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