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    Chapter 5. The Search For A Sound of Business Idea

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    Mais De Kape
    There are two main methods for generating business ideas: unanticipated means like hobbies or chance encounters, and deliberate search using questions or idea prompting. Ideas are then screened based on their marketing feasibility like demand strength, technical feasibility, financing feasibility, and financial feasibility to determine profit potential. The final selection process may leave the initial list unchanged, shortened, or empty. An organizational culture that encourages creativity, rewards risks, allows mistakes, and trains employees supports innovation.

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    Chapter 5. The Search For A Sound of Business Idea

    Uploaded by

    Mais De Kape
    90 views3 pages
    There are two main methods for generating business ideas: unanticipated means like hobbies or chance encounters, and deliberate search using questions or idea prompting. Ideas are then screened based on their marketing feasibility like demand strength, technical feasibility, financing feasibility, and financial feasibility to determine profit potential. The final selection process may leave the initial list unchanged, shortened, or empty. An organizational culture that encourages creativity, rewards risks, allows mistakes, and trains employees supports innovation.

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    Chapter 5. the Search for a Sound of Business Idea

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    There are two main methods for generating business ideas: unanticipated means like hobbies or chance encounters, and deliberate search using questions or idea prompting. Ideas are then screened based on their marketing feasibility like demand strength, technical feasibility, financing feasibility, and financial feasibility to determine profit potential. The final selection process may leave the initial list unchanged, shortened, or empty. An organizational culture that encourages creativity, rewards risks, allows mistakes, and trains employees supports innovation.

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    © All Rights Reserved
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    90 views3 pages

    Chapter 5. The Search For A Sound of Business Idea

    Uploaded by

    Mais De Kape
    There are two main methods for generating business ideas: unanticipated means like hobbies or chance encounters, and deliberate search using questions or idea prompting. Ideas are then screened based on their marketing feasibility like demand strength, technical feasibility, financing feasibility, and financial feasibility to determine profit potential. The final selection process may leave the initial list unchanged, shortened, or empty. An organizational culture that encourages creativity, rewards risks, allows mistakes, and trains employees supports innovation.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 3

    CHAPTER 5: THE SEARCH FOR A SOUND OF BUSINESS IDEA

    Subject: GE207 (THE ENTREPRENEURIAL MIND)


    Lesson Title: THE SEARCH FOR A SOUND OF BUSINESS IDEA

    WHAT IS A SOUND BUSINESS IDEA


    An economic opportunity that is accessible to the entrepreneur and will provide him valuable benefits.
    Before investing any money in a business idea, an entrepreneur must assess its viability.

    PROCEDURE IN DETEMINING THE BEST BUSINESS IDEA

    METHODS OF SEARCHING FOR IDEAS

    There are two general methods of generating business ideas


    1. Unanticipated means – when the entrepreneur finds 2. Deliberate Search - In business terms, deliberate
    business ideas without serious effort. search refers to the depth of thinking to make certain
    actions related to the business. It is done for fulfilling
    a.) The person’s work employees some purposes of the organization. It is done
    - Who are in direct contact with the customers are intentionally for careful decision-making.
    sometimes confronted with the demand for products or
    services. a.) Using Search Questions
    - Answers can be obtained if the right questions
    b.) The person’s hobbies are asked. When the questions are used to draw out
    - There are times when a person’s hobby turns out the specific answer.
    to be a business opportunity. A hobby is a useful
    means of developing some skill that could be useful b.) Idea prompting
    later when the hobbyist decides to operate a business. - Encounters with someone else’s idea, a
    customer request, or some other events that may
    c.) Acquaintances provide hints or cues leading to business ideas.

    d.) Chance Event

    SY 2022-2023 | GE207 Chapter 5: The Search for A Sound Of Business Idea


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    CHAPTER 5: THE SEARCH FOR A SOUND OF BUSINESS IDEA

    SCREENING GENERATED IDEAS

    1. Marketing Feasibility
    a.) Stable and sufficient demand
    • A business idea will not last if there is insufficient demand for whatever product or service that is contemplated.
    • Demand that remains constant or shows signs of growth throughout long periods indicates the probability of
    market feasibility, it must also be large enough to justify the investments.
    b.) Competitive Strength
    • The business idea must be such that the venture can effectively compete with current or potential competitors.
    • The competitive strength of the competitors must be determined in terms of product offerings, prices, distribution
    methods, and others.
    2. Technical Feasibility
    • Business ideas oftentimes appear easy to execute, but it is not so when converting them into real products or
    services with the required quality or quantity. Anything can go wrong in the attempt to assemble the needed
    resources. Difficulties may be encountered in the procurement of materials and manpower.
    • Production difficulties could take the form of an unstable supply of materials, unreliable or fluctuating power supply,
    and others. Nevertheless, technical concerns such as those must first be cleared before subjecting the business
    idea to further consideration.
    3. Financing Feasibility
    There must be sufficient funds to finance operations.
    The proposed owners of the venture must have sufficient capital or if sufficient, must be of good credit standing in
    the community.

    4. Financial Feasibility
    Profit is the result of the financial feasibility of the business idea. Financial feasibility may be determined through an
    analysis of the financial prospects of the proposed business idea.

    SY 2022-2023 | GE207 Chapter 5: The Search for A Sound Of Business Idea


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    CHAPTER 5: THE SEARCH FOR A SOUND OF BUSINESS IDEA

    FINAL SELECTION
    • The purpose of screening is to eliminate from the list of generated ideas that did not pass the criteria.
    After screening, the list may appear to be any of the following:
    1. Status quo
    2. Shorter List
    3. Zero Listing

    ORGANIZATIONAL CULTURE ANS CREATIVITY


    Effective innovation assures the continuous survival and growth of the enterprise, but innovation can only
    thrive in a creative organization with culture characterized by the following:
    1. Encouragement of Creative & Risk-taking
    2. Rewards for Creativity
    3. Open communication
    4. Allowance for errors
    5. A climate of participation
    6. Structural mechanisms that aid creativity
    7. Training in the creative process
    8. Flexibility

    SY 2022-2023 | GE207 Chapter 5: The Search for A Sound Of Business Idea


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