The Search for Business Opportunity, Ideation, and Creativity - Entrep 2 PDF

THE SEARCH FOR BUSINESS OPPORTUNITY, IDEATION AND CREATIVITY LESSON 2  Discuss various entrepreneurial activities in search for business opportunities. Analyze the steps in Market Research Explain the concept of ideation, Intended...

THE SEARCH FOR BUSINESS OPPORTUNITY, IDEATION AND CREATIVITY LESSON 2  Discuss various entrepreneurial activities in search for business opportunities. Analyze the steps in Market Research Explain the concept of ideation, Intended innovation and creativity. Learning Integrate the methods in searching ideas in establishing Outcomes a sound business idea  In discovering business opportunities, the following The Search factors or resources have to be for Business evaluated: Opportunity 1.Markets 2.Individual Interests 3.Capital 4. Skills 5.Suppliers of inputs 6.Manpower 7.Technology  Other opportunity-seeking The Search processes that can guide a for Business prospective entrepreneur as to what kind of business to Opportunity establish are as follows: 1.Look at other successful businesses/entrepreneurs 2. Respond to a problem area 3.Home-Based business option The best way to evaluate business opportunity which is defined as the study of all problems in marketing a product. h Searc t Marke The steps in Market Research: 1. Defining the problem 2. Making a preliminary investigation 3. Planning the research 4.Gathering the data 5.Analyzing the data 6. Reaching a conclusion 7. Implementation and evaluating the decision Understand the concept of ideation, innovation and creativity Ideation -The beginning of a business endeavor. -The first investment of anyone who seeks to be an entrepreneur. -Ideas that are worth a business should be the one who has a market now and in the future. Creativity -An essential part of innovativeness, the starting point of a process, which is skillfully managed and brings an idea into innovation. -Considered a characteristic that is innate or inherent to every individual, but the social environment can be influence both the level and frequency of creative behavior. Innovation -Doing something different. -Could be introducing either something new or different. -The capacity to create ideas and develop them to usable products and services.  An economic opportunity which is within the reach of the entrepreneur Sound and which will provide him a desirable value. Business Idea An entrepreneur who is well grounded in the concept of sound business idea will be able to save time, effort, and money in pursuing goals.  1.Preparation of the Procedure in list of business Determining ideas the Best 2.Screening Business Idea 3.Final Selection There are two general methods of generating Methods for business ideas. Searching 1.1.Unanticipated means Ideas and; 2. 2.Deliberate search Unanticipated Means: 1.Work Methods for 2.Hobbies Searching 3.Acquaintances Ideas 4.Chance Event Deliberate Search: 1. Using Search Questions Methods for 2. Idea Prompting Searching 1. Someone else’s idea Ideas 2. Customer request 3. Some other event  Not just for a CHANGE but most importantly, for the search of EXCELLENCE. Do not let your ideas follow money, let money follow your IDEAS.