Generating & evaluating business ideas

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Presentation transcript:

Generating & evaluating business ideas Business management 2 B – Chapter 3

The entrepreneurial process Ideas 1 Planning 2 Implementation 3 The entrepreneurial process

creativity The ability to develop new ideas and discover new ways of looking at problems and opportunities Creativity is useful to the entrepreneur in generating business ideas

All opportunities are based on ideas but all ideas do not represent genuine opportunities

What is creativity? A way of thinking An attitude of always trying to improve A habit of questioning

Brainstorming – see page 31 Manipulating existing products or ideas techniques Brainstorming – see page 31 Manipulating existing products or ideas Breaking a routine Attribute analysis

Generating small business ideas The entrepreneurs skills, expertise and aptitude Other sources Common needs Existing problems Everyday activities Generating small business ideas

Evaluating small business ideas Feasibility study Do you want to do it? Is there a market? Can you meet consumer needs? Can you communicate the idea?