Lesson 2

• Major sources of business ideas:

  • Entrepreneurs can source their business ideas from existing product/services
  • Differentiate a product by changing its shapes, size, color, and contents
  • Other entrepreneurs introduce new products due to dissatisfaction with those available in the market
• Business ideas can arise from the process of production and distribution
• When business ideas are sourced from the person, the individual examines his/her interests, hobbies, skills, dreams, and even travels
• Many Filipino-Chinese individuals source their entrepreneurial ideas from families and relatives

  • Friends and classmates can also be sources of business ideas
• Methods for generating or testing new ideas:

  • Statistical analysis involves collecting and analyzing data to identify patterns and trends
  • Market analysis assesses the market size, customer segments, competition, and economic environment
  • SWOT analysis helps analyze project strengths, weaknesses, opportunities, and threats
  • Delphi technique is a process to arrive at a group opinion or decision by surveying a panel of experts
• Generating business ideas through creative thinking:

  • Creative thinking is the process by which individuals come up with new ideas and approaches to business
  • Methods that use creative thinking in identifying business ideas include brainstorming, problem inventory analysis, and free association method
• Techniques of generating business ideas in a creative way:

  • Think like an artist
  • Give your team flexibility
  • Learn from people who aren't like you
• Generating business ideas through trends in the business environment:

  • Addressing systematic methodologies and creative methods of creating business ideas with a focus on the business environment
• Factors that influence creativity:

  • Problem-solving factors
  • Motivational factors
  • Situational factors
  • Organizational factors
• Creativity problem-solving:

  • Creative problem-solving is a procedure of answering a problem with mechanisms and techniques incorporating creativity
  • Scientific method is a procedure in answering a problem with the use of rational thinking
• Parnes-Osborn Model (1950):

  • Dr. Sidney Parnes and Alex Osborn
  • Divergent Thinking: a process of enumerating possible problems, subproblems, issues, and challenges
  • Convergent Thinking: a process that ends up with the selection of the problem
• Steps in creative problem-solving:

  1. Setting the objective

  2. Revisiting the objective

  3. Identifying the problem

  4. Looking for a solution

  5. Selecting a solution

  6. Accepting the solution
• FROMTHEPRODUCT: Entrepreneurs can source their business ideas from existing product/services. -differentiate a product by changing its shapes, size, color, and contents -other entrepreneurs introduce new products because of their dissatisfaction with those available in the market.
• FROM THE PROCESS: BUSINESS IDEAS CAN ARISE FROM THEPROCESS Of PRODUCTION ANDDISTRIBUTION.
• FROM THE RELATIONSHIP:

  MANY FIlIPINO-CHINESE INDIVIDUAlS SOURCED THEIR ENTREPRENEURIAl IDEAS fROM fAMIlIES AND RELATIVES. -fRIENDS AND ClASSMATES CAN AlSO BE SOURCES Of BUSINESS IDEA.
• Brainstorming - Brainstorming blends lateral thinking with a casual, informal approach to problem resolution. It encourages people to come up with ideas and thoughts that may appear a little strange at first. Some of the concept can be developing unique innovative solutions to problems, while the others can create new ones.
• Problem inventory analysis - To develop new product ideas, problem inventory analysis employs individual in a manner similar to focus groups. Instead of coming up with fresh ideas on their own, consumer are given a list of concerns in a broad product area.
• Free association method - The most obvious brainstorming strategy isto be free association. The trick isto think freely while maintaining aconnection to to the subjectwithout evaluating your thoughts.Thinking quickly is an efficientapproach to accomplish this.