CHAPTER 2GENERATING BUSINESS IDEAS

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

Personal Experiences

Personal Hobby/Interest

Serendipity

Interview Successful

Entrepreneur

Federal Government

Visiting Trade/Business Exhibitions/Expo

Consumer

Distribution Channels

Social Network

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

Combine Two Businesses

Improve Products, Functions , Offer

New Benefits

Recognise A Need In The

Market

Begin With A Problem In

Mind

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

Developing new ways of organising

processes

Be aware of everything and be open to new ideas

Scientific research and development

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.