UNIT III Business Idea

7/28/2019 UNIT III Business Idea

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A PRESENTATION ON

BUSINESS IDEA

(Entrepreneurial development)


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Ideas come from Environment

Basic thing required-

Identifying and Developing Entepreneurial

Potential

Identifying required Competencies..

EDI- Entrepreneurship Development

Institute of INDIA Located at ahmedabad gives standard formats

and requirements.


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Competencies identified by EDI

1. Initiative

3. Persistence

5. Concern on high quality

of work

7. Efficiency orientation

9. Problem-solving

11.Assertiveness

13. Use of influence

strategies

15. Concern for employeewelfare

2. Sees and acts on

Opportunities

4. Knowing

6. Commitment to work

contract

8. Systematic planning

10. Self-Confidence12.Persuasion

14. Monitoring


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BUSINESS IDEA

CHANGE IS ONE OF THE IMPORTANTREASON

Idea can be generated externally or internally.

There are several sources of Idea generation.

Ground thinking is about product/service.

Trainer should help new upcoming

entrepreneur to choose product or service forhis business.

Specific process should be followed


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Source of Idea Generation

SOURCE

INFORMAL FORMAL

PERSONAL

(Family/friends)

OTHERS

(Newspaper/books)

(journals/internet)

EDPs

Trade meets

Banks/Govt agencies


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BUSINESS IDEA GENERATION

PROCESS

Can be done through BRAINSTORMING.

1. Changing needs of people due to constant

change in culture and environment.

2. New usage of Existing Product or service.

3. Identify problem from the product people

face in the given area.


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BRAINSTORMING.

Brainstorming is a group creativity technique

designed to generate a large number ofideas

for the solution of aproblem. In 1953 the

method was popularized by Alex Faickney

Osborn in a book calledApplied Imagination.
http://en.wikipedia.org/wiki/Creativity_techniquehttp://en.wikipedia.org/wiki/Ideashttp://en.wikipedia.org/wiki/Problemhttp://en.wikipedia.org/wiki/Alex_Faickney_Osbornhttp://en.wikipedia.org/wiki/Alex_Faickney_Osbornhttp://en.wikipedia.org/wiki/Alex_Faickney_Osbornhttp://en.wikipedia.org/wiki/Alex_Faickney_Osbornhttp://en.wikipedia.org/wiki/Problemhttp://en.wikipedia.org/wiki/Ideashttp://en.wikipedia.org/wiki/Creativity_technique


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Rules for BRAINSTORMING.

1. All Ideas are suggested and Welcome.

2. No critical judgement is required.

3. Quantity, not quality is important.4. Combination and improvement of Ideas is

sought.


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4 STARTING POINTS ARE.

4 POINTS

SKILLS

AVAILABLE RESOURCES

PRODUCT/SERVICES NOT AVAILABLE

INSTITUTIONAL DEMAND


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Evaluation of idea

Establishing as good entrepreneur depends on

choosing perfect IDEA.

Dont persue on one idea. Find 5 to 10 parallel

arrangements.

Entrepreneur should weigh his intrinsic

capabilities in finalising the Idea.

Suggested ideas need to be screened to

determine the perfection.


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SUMMARY.

Business Idea is the base of good

entrepreneurship. One should have

Brainstorming sessions to come up with good

ideas whether being a product or service.

rules should be followed regarding the

Brainstorming ang it should be focused on its

starting points.


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THANK YOU

Documents

UNIT III Business Idea