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TOPIC I
Developing ideas and
concepts into viable
enterprises
OBJECTIVES
By the end of the topic, the learner shall be able to
 identify an appropriate business idea and describe the
business concept.
 Turn the identified ideas into viable business concepts
Business Ideas
A business Idea is any opportunity
that person can turn into a business
All businesses were once ideas
Ideas, on their own, just remain ideas.
They must be turned into concepts and
then action is taken to implement them
BUSINESS CONCEPT
 A business concept is an idea that is well
developed in writing.
It should fundamentally answer the following
questions:
 What
 Why
 Where
 When
 How
Sources of Business Ideas
1. Internal Sources
Your own experiences
Other peoples experiences
Brainstorming meetings
Research on upcoming issues
Wishful thinking – “how I wish
something could happen…”
2. External Sources
 Feedback received from customers
 Meetings, exhibitions, government
websites and publications
 Sector-wise Youthet research (e.g. Latest
business in bottled water I-pad retail, etc)
PRACTICES IN GENERATING BUSINESS
IDEAS
 Always be alert to business opportunities
 In any discussion, issue or matter, especially
complaints: Ask
 What is being said?
 What is the problem?
 Where did it start from?
What are the immediate or short
term solutions?
What is the long term solution?
Where can the solution be sourced?
How can it be done?
How much will it cost?
How many people have the same
problem?
How much will you sell it for?
Are the people with the problem
prepared to pay for its price?
Is it a profitable business?
How long will the problem last?
CONCEPTUALIZING YOUR
BUSINESS IDEA
 If it is a good business idea, take time to
develop it into a concept
 Conduct research on;
1. General concept research
 What exactly is the business
opportunity?
 Who else is in this line of business?
 How are they doing their business?
 What is the process for turning
inputs into outputs?
 Is it an accessible process or
technology?
 How much does it cost?
 What are its potential profit
margins?
BUSINESS POTENTIAL RESEARCH
 Who are the potential buyers of the
product?
 Why would they be interested in
buying?
 What is the minimum quantity they
will buy before their needs are
satisfied?
 How many are they?
 Where are they usually found?
 How much will it cost you to get the
product to the market?
 What will it cost you to make the
customers aware of your presence?
 How much will it cost you to deliver
the product to the customer?
 How much will you pay for recurring
costs
E.G. rent for premises,
wages and salaries,
power and lighting,
transport, etc
 What are your total expenses and
how much will be left after you have
paid for all the expenses?
 Are your net profits enough to cover
your living expenses, loan
repayments and other incidentals?
CONCLUSION
Developing ideas and concepts
Developing ideas and concepts

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Developing ideas and concepts

  • 1. TOPIC I Developing ideas and concepts into viable enterprises
  • 2.
  • 3. OBJECTIVES By the end of the topic, the learner shall be able to  identify an appropriate business idea and describe the business concept.  Turn the identified ideas into viable business concepts
  • 4. Business Ideas A business Idea is any opportunity that person can turn into a business All businesses were once ideas Ideas, on their own, just remain ideas. They must be turned into concepts and then action is taken to implement them
  • 5. BUSINESS CONCEPT  A business concept is an idea that is well developed in writing. It should fundamentally answer the following questions:  What  Why  Where  When  How
  • 6. Sources of Business Ideas 1. Internal Sources Your own experiences Other peoples experiences Brainstorming meetings Research on upcoming issues Wishful thinking – “how I wish something could happen…”
  • 7. 2. External Sources  Feedback received from customers  Meetings, exhibitions, government websites and publications  Sector-wise Youthet research (e.g. Latest business in bottled water I-pad retail, etc)
  • 8. PRACTICES IN GENERATING BUSINESS IDEAS  Always be alert to business opportunities  In any discussion, issue or matter, especially complaints: Ask  What is being said?  What is the problem?  Where did it start from?
  • 9. What are the immediate or short term solutions? What is the long term solution? Where can the solution be sourced?
  • 10. How can it be done? How much will it cost? How many people have the same problem?
  • 11. How much will you sell it for? Are the people with the problem prepared to pay for its price? Is it a profitable business? How long will the problem last?
  • 12. CONCEPTUALIZING YOUR BUSINESS IDEA  If it is a good business idea, take time to develop it into a concept  Conduct research on; 1. General concept research  What exactly is the business opportunity?  Who else is in this line of business?  How are they doing their business?
  • 13.  What is the process for turning inputs into outputs?  Is it an accessible process or technology?  How much does it cost?  What are its potential profit margins?
  • 14. BUSINESS POTENTIAL RESEARCH  Who are the potential buyers of the product?  Why would they be interested in buying?  What is the minimum quantity they will buy before their needs are satisfied?  How many are they?
  • 15.  Where are they usually found?  How much will it cost you to get the product to the market?  What will it cost you to make the customers aware of your presence?  How much will it cost you to deliver the product to the customer?
  • 16.  How much will you pay for recurring costs E.G. rent for premises, wages and salaries, power and lighting, transport, etc
  • 17.  What are your total expenses and how much will be left after you have paid for all the expenses?  Are your net profits enough to cover your living expenses, loan repayments and other incidentals?