This document discusses developing business ideas into viable concepts. It defines a business idea as any opportunity one can turn into a business, while a business concept is a well-developed written idea that answers what, why, where, when and how. Ideas can come from internal sources like experiences or brainstorming, or external sources like customer feedback or research. To develop an idea into a concept, one should research the general concept, business potential, costs, expenses, profits and viability. Turning ideas into viable concepts requires thorough planning and research.

1. TOPIC I
Developing ideas and
concepts into viable
enterprises

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?

18. CONCLUSION