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Coming Up With Business Ideas

This document discusses business ideas and how to come up with them. It explains that a business idea is a solution to serve customers and make a profit. There are three principles for idea creation: meeting customer needs, using one's own interests/talents, and innovating. Ideas can be formed based on location, season, events, personal interests, or vocations. The document provides examples for each type of idea formation.

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salwa siddiqui
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28 views14 pages

Coming Up With Business Ideas

This document discusses business ideas and how to come up with them. It explains that a business idea is a solution to serve customers and make a profit. There are three principles for idea creation: meeting customer needs, using one's own interests/talents, and innovating. Ideas can be formed based on location, season, events, personal interests, or vocations. The document provides examples for each type of idea formation.

Uploaded by

salwa siddiqui
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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COMING UP WITH

BUSINESS IDEAS
Presentation made by: Suhana Mannan
WHAT IS A BUSINESS IDEA ?

 A business idea is a solution that an entrepreneur thinks


of, to serve the customer. An idea determines what
business activity an entrepreneur would take up to make
financial gains. An idea can be product-service- based or
a hybrid model.
PRINCIPLES OF IDEA CREATION
 There are three principles to keep in mind while coming
up with an idea:

 Customer’s need
 Entrepreneur’s own interest or talent

 Innovative
CUSTOMER’S NEED
 An idea should serve the customer’s need or demand. A
business idea can come from an existing demand in the
market or through a desire to make what is available in
the market, better. A product or service, which is either
not meeting customer’s needs, or is partially meeting
needs is available, so there is a demand to fill in the gap.
Hence, an entrepreneur thinks of starting a business to
meet this demand.
ENTREPRENEUR’S OWN INTEREST OR TALENT

 An entrepreneur often works with an idea that she or he


is passionate about. Not all entrepreneurs start with just
what is in demand or what the market needs. Some
entrepreneurs start with using their own interest or talent
to serve the customer. Knowing one’s interest or talent is
in fact important for an entrepreneur as it leads to self-
confidence and even others believing and trusting in
their capabilities.
INNOVATIVE
 Innovative means new methods or original ideas. A
business can be innovative in its idea or the way it is
done. The chances of a business growing increases if the
idea is innovative and the way it is implemented is also
innovative.
FORM A BUSINESS IDEA
 Most ideas come from either needs of
customer or inspiration from what others
are doing. There are many ways in which
one can come up with innovative, yet
practical ideas for a business.
 Location-based Ideas: An entrepreneur can come up
with idea to serve needs of customer at a specific
location.

 Seasonal Ideas: During summers, people want to


drink cold, healthy drinks in big cities, while in winters,
they like warm beverages. An entrepreneur can come up
with the ideas based on the season.
 Events-based Ideas: Another way to come-up with a
business idea is to think of ways to serve the people at
events.
Interest-driven Ideas: An entrepreneur can come-up with
business ideas based
on self-interest.

Vocation-driven Ideas: Many people start a business


based on what they are interested in and what they have
studied.
QUESTIONNAIRE
1. Define the meaning of a business idea.

2. What are the three principles of idea creation?

3. What are different ways of coming up with an idea?


State different ways with an example.
ANSWERS
1.A business idea is a solution that an entrepreneur thinks
of, to serve the customer. An idea determines what business
activity an entrepreneur would take up to make financial
gains. An idea can be product-service- based or a hybrid
model.

2.
 Customer’s need
 Entrepreneur’s own interest or talent
 Innovative
ANSWERS
 3. Location-based Ideas: An entrepreneur can come up with
idea to serve needs of customer at a specific location.
 Example: Setting up an ice cream stand on a popular beach during
the summer months.

 Seasonal Ideas: During summers, people want to drink cold,


healthy drinks in big cities, while in winters, they like warm
beverages. An entrepreneur can come up with the ideas based on the
season.

 Events-based Ideas: Another way to come-up with a business


idea is to think of ways to serve the people at events.
 Example:Specialize in catering services for weddings, parties, and
corporate events
ANSWERS
 3.
 Interest-driven Ideas: An entrepreneur can come-up
with business ideas based on self-interest.
 Example : An entrepreneur who enjoys making candles as a
hobby turns their passion into a business by selling
homemade candles.

 Vocation-driven Ideas: Many people start a business


based on what they are interested in and what they have
studied.
 Example : A graphic design graduate uses their education
and skills to work as a freelance graphic designer, taking on

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