CHAPTER 2 : BUSINESS IDEAS AND OPPORTUNITIES

  

DEFINITION
Ideas : Thought, notion or impression.

Opportunity : Favourable set of circumstances that creates a need for a new product, service or business.

IDENTIFICATION, EVALUATION AND SELECTION OF BUSINESS OPPORTUNITIES

• Identification of needs and wants of customers
• Environmental assessment, self analysis and community values
• Evaluation of business opportunities
• Selection of business opportunities

Identification of needs and wants of customers

Needs

Wants

Environmental assessment, self analysis and community values

• Population structure, income, trend and preference
• Import and export data
• Industrial linkages
• Development plan by government and private sector
• Analysis of social problem
• Study of government's regulation

 Evaluation of business opportunities

• Preliminary screening
• Evaluate in term of:  Legal consideration, degree of competition, capital requirement, risk involved

Selection of business opportunities

• Select business opportunities which meet the criteria that have been set.
• The selected business opportunities will be further evaluated by developing a business plan.
• Writing-up a business plan is a first step towards the implementation of the business opportunities.

TECHNIQUES FOR GENERATING NEW BUSINESS IDEAS

• Brainstorming
• Focus group
• Surveys
• Day-in-the-life research
•  Customer advisory board
• IDEO Method Cards