Generating Ideas For Business

Generating Ideas for Business
The process of developing and generating

business idea is not a simple undertaking. Some
people just come up to a number of business ideas
but are not really feasible. There are two problems
that arise first is the excessive generation of ideas
that can forever remain as dreaming stage and the
second is when they do not have ideas and do not
want to become entrepreneurs.
1. Examine existing goods and services.
 Are you satisfied with the product/s?
 What do other people who use the products say about
it/them? How can it/they be improved?
 Thereare many ways of improving a product from the
way it is made to the way it is packed and sold.
 You can also improve the materials used in crafting
the product. In addition, you can introduce new ways
of using the product, making it more useful and
adaptable to the customers’ many needs.
2. Examine the present and future needs.
Look and listen to what the customers,

institutions, and communities are missing
in terms of goods and services.
Sometimes, these needs are already very
obvious.
3. Examine how the needs are being satisfied.
 Needsfor the products and services are referred to as market
demand.
 To satisfy these needs is to supply the products and services that meet
the demands of the market.
 The term market refers to whoever will use or buy the
products/services.
 These may be people or institutions such as other businesses,
establishments, organizations, or government agencies.
 Inshort, there is a very good business opportunity when there is
absolutely no supply to a pressing market demand.
4. Examine the available resources around you.
 Observe what materials or skills are available in abundance in
your area.
 A business can be started out of available raw materials by
selling them in raw form and by processing and manufacturing
them into finished products.
 Forexample, in a copra-producing town, there are many
coconut husks and shells available as “waste” products.
 Thesecan be collected and made into coco rags or doormat and
charcoal bricks and sold profitably outside the community.
5. Read magazines, news articles, and other publications on new
products and techniques or advances in technology.
You can pick up new business ideas from magazines

such as Newsweek, Reader’s Digest, Business
Magazines, “Go Negosyo”, Know About Business
(KAB) materials, and Small Industry Journal.
The Internet also serves as a library where you may
browse and surf on possible businesses. It will also
guide you on how to put the right product in the right
place, at the right price, at the right time.
Key Concepts in Selecting a Business Idea
Once you have embarked on identifying

business opportunities, you will eventually
see that there are many possibilities that are
available for you. It is very unlikely that
you will have enough resources to pursue
all of them at once.
In screening your ideas, examine each one in terms of these guide
questions:
 How much capital is needed to put up the business?
 How big is the demand for the product? Do many people need this product
and continue to need it for a long time?
 How is the demand met? Who are processing the products to meet the needs
(competition or demand)? How much of the need is now being met (supply)?
 Do you have the background and experiences needed to run this particular
business?
 Willthe business be legal and does not go against any existing or foreseeable
government regulation?
 Is the business in line with your interest and expertise?
Your answers to these questions will
be helpful in screening which ones
among your many ideas are worth
examining and worth pursuing further.
Branding
Branding is a marketing practice of creating
name, symbol or design that identify and
differentiate them from other products/ services.
It is also a promise to your customers. It tells
them what they can expect from your
products/services. Your brand is derived
from who you are, who you want to be and what
people perceive you to be.
Branding
one of the most important aspects in
any business. An effective brand
strategy gives you a major edge in
increasingly competitive markets.
The features of a good product brand are as
follows:
deliversthe message clearly;
confirms your credibility;
connects your target prospects
emotionally;
motivates the buyer; and
concretizes user loyalty
Here are some simple tips to publicize your brand:
Develop a tagline. Write a meaningful,

unforgettable, and easy statement that captures the
essence of your brand.
Get a great logo. Create a logo suitable to your
business and is consistent with your tagline. Place
it in any strategic location visible to the possible
consumers.
Here are some simple tips to publicize your brand:
Write down your brand messaging. Select key

messages you want to communicate about your brand
with the consumers.
Be true to your brand. Deliver your brand promise.

Be consistent. Be reliable and consistent every time.
In generating business ideas, you should first
identify the type of business suited to your business
idea. You should analyze and scan the potential
environment, study the marketing practices and
strategies of your competitors, and analyze the
strengths, weaknesses, opportunities, and the threats
in your environment. This is to ensure that the
products or services you are planning to offer will
be patronized within the easy reach of your target
markets/consumers.
Task 1: Making My Own Logo
 Using the example below, draw a logo that you will use in your business, likewise, provide
tagline to describe your logo and its relevance to your proposed business.
PC Technician at
your service…

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Generating Ideas for Business

The process of developing and generating

Look and listen to what the customers,

products and techniques or advances in technology.

You can pick up new business ideas from magazines

Once you have embarked on identifying

Develop a tagline. Write a meaningful,

Write down your brand messaging. Select key

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