This presentation contains a full lecture on business idea.

1. Submitted To:
Ms. Renu Sharma
Assistant Professor
Pratap University
Jaipur
Submitted By:
Kanaram Verma
B.Tech.(ECE)
5th sem.

2.  According to WARREN BUFFER :
“Today’s successful companies live and die
according to the quality of their ideas.”
 We do not have to do different thing to succeed, whereas
have to do the same things in different ways.
 Selecting a business can be done as haphazardly as tossing
a coin or rolling a dice.
 We have to generate a bunch of ideas and evaluate them.

3.  Creativity is all about thinking about new things, while
innovation involves doing new things.
 A creative approach will ultimately lead us to new ideas.
 Peter Drucker says
”Innovation is the specific instrument of
entrepreneurs,the means by which they exploit
change as an opportunity for a different bisiness”

4.  1. Uncover your personal traits
Take a look on your personality to decide which
business is likely to suit you.
 2. Technical knowledge
Your technical skills will be enhanced by actual
experience
 3. Domain knowledge
You should have good knowledge about problems
wchich may generate in our business.
 4. Contacts
Your contacts with peoples and relationships will
have a positive impact on your new business idea.
 5. Goals and aspirations
Think about short-term and long-term goals of
the business.
 6. Knowledge and experience
Experience contributes to and sharpens one’s
knowledge

5.  PAST WORK EXPERIENCE
• What you have learned in your past work will help
you to choose a good business to start.
. Your experience,technical knowledge,contacts etc.
are you huge plus.
 HOBBIES AND INTERESTS
• Your entertainment is a good way to look for
business idea.
• Your hobbies may generate a great idea for
business.
 STRENGTHS AND ABILITIES
• Try to find your strengths
• Try to remove your weaknesses
• Think about your major strengths

6.  FRIENDS AND FAMILY
. Consulting friends and family members may lead
generation of a great idea
. Discuss in group on a specific topic
 DISTIBUTION CHANNELS
. The retailers and the distributers will be able to tell you
which products are doing well in the market.
. Distribution channel members can suggest well for
completely new products
 TRAVEL
. Travel makes you aware of the alternatives
. Travelling of different parts of world gives different
ways of doing things

7.  BOOKS AND MAGAZINES
. They keeps you in touch with the latest trends and
happenings
. We can get a lot of from business publications and
periodicals
 CURRENT TRANDS
. It is important to keep abreast of the current trends
. Keep your eyes and ears open for new trends and fads
 THE WEB
. The internet has so much knowledge literally at your
fingertips
. Use the internet effectively and visit relaventt sides to
thonk about your idea

8. One should be careful in the following key
business areas….
 COST STRUCTURE
. We have to investigate seasonality of raw
material prices,cost and feasibility of
alternatives.
 MARKET STRUCTURE
. Look at trends in the selling price of the
product,who are the dominant players in the
market .
 TECHNOLOGY
. Impliment the recent technology change into
your business idea.

9.  HR ISSUES
• We have to be particularly careful if the work is
hazardous
. Be prepared for dealing with trouble in case
something goes wrong.
 GOVERNMENT REGULATIONS
. There may be some government regulations
that may act as entry barriers in the industry.
. It may take a long time to get a certain
clearance from some government agency.

10.  WHICH IS THE PRODUCT/SERVICE?
. You should be able to clearly state and describe the
product /service you are providing and the benefit it
offers.
 WHAT IS THE BUSINESS MODEL?
. Description of varios aspecgts of business such as
operational processes,marketing programmers and
organizational structures.
 HOW BIG IS YOUR MARKET?
. How many total customers are there?(gives the size of
thr total market)
. How many will buy from you?(gives your share in the
market)
.

11.  HOW CAN YOU PROTECT YOUR
BUSINESS?
. Be careful to protect your business in
competetion
 WHAT ARE YOU GETTING OUT OF IT?
. The business which makes money is the better
business.
. It should be a business you are proud of
running.

12. INDUSTRY
ASSESMENT
BARGAINING
POWER OF
SUPPLIERS AND
CUSTOMERS
THREAT OF NEW
ENTRANTS
THREAT FROM
SUBSTITUTES
COMPETITION
WITHIN INDUSTRY