EDE Practical no, 3

The document outlines a practical exercise for generating business ideas through brainstorming, emphasizing the importance of identifying problems, researching competition, and creating a business plan. It details steps for transforming ideas into viable businesses, including finding a market, building a team, and securing investors. The exercise culminated in a group activity where students selected 'Starting the all required Government Document service providing agency' as their top business idea.

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EDE Practical no, 3

Uploaded by

Sonawane Tanuja

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K. K.

Wagh Polytechnic, Nashik

Name :- Sonawane Tejaswini Kiran

Subject :- EDE Class :- TYCH
Subject code :- 22032 Roll No. :- 29
Practical No. 3 :- Generate business ideas (product/service) for entrepreneurial and intrapreneurial
Opportunities through brainstorming.

Theory: Brainstorming allows people to think freely, without fear of more judgment. Brainstorming
encourages open and ongoing collaboration to solve problems and generate innovative ideas.
Brainstorming helps teams generate a large number of ideas quickly, which can be refined and
merged to create the ideal solution.

Action Steps to Transform a Bright Idea into a Successful Business

 Figure out a problem that your idea solves.
It is normal to be subjective and emotional toward your precious idea. Desire is part of the process,
but you need sales to keep you in business. Instead of honing in on the great solution at first, work on
identifying a common problem your product will solve.

 Research the competition.

You may have never heard of your idea or see anyone around doing it, but take it step further. Do
your homework to see if similar products or services exist. That could save you the headache of
entering a saturated market or help you enter from a different angle. Similar products or services
could use your idea and what you can do to improve them.

 See a business consultant.

A professional can guide you through completing each step on your way to structuring your idea into
a viable business. They can act as a mentor to help you talk through if the idea makes sense to pursue.
Business consultants have an abundance of networks and could help you connect with the right
business funding too.

 Find a market for your idea.

Even if everyone wants your product, not all of them need it, can afford it or will buy it. The objective
is to up your chances of reaching buyers. Market research is an important step to have a solid
marketing plan and promote to people who will convert into customers. Consider demographic
information such as age group, residence, income, a line of work and hobbies.

 Find support and build your team.

Business partners and a team who want to see you succeed could speed up the process. Bringing the
best of what each of you has to the table with a team around you increases your chances of longevity
in the business. Big business names like Google, Apple, Twitter, Proctor and Gamble and Ben &
Jerry's can attribute their lengthy business success to fusing good qualities within their partnership.
 Create your business plan.
This foundation for success breaks down every component of your business. Creating a business plan
will put all the concepts swarming around in your head in one place on a document. It helps you
narrow down critical projections for at least the first five years. Most investors require some form of a
business plan to consider placing their trust in your idea or company. Focus on these areas:
 Executive summary,
 Market analysis.
 Execution.
 Company and team information.
 Product or service.
 Financial plan.
 Find investors for your idea.
Start with options that have the least amount of risk in the early stages. Friends and loved ones,
personal savings and crowd funding pose the least risk to your credit and are easier for a startup to
obtain. With more experience, pitching to a venture capitalist or angel investor could yield more funds
in exchange for company equity.

 Solidify your brand and promote your business.

Influencers control a large portion of market activity, so that means you need to be the face of your
brand. Work on building a loyal following on social media before your business idea launches. Build
email lists, submit press releases and create anticipation for your upcoming product or service.

Helpful Tips to Remember During the Process

 Pursue what you love to do.
All the work you put in has to be about more than money. Passion will be the driving force behind
your idea. It is invigorating to work toward a business doing what you love. Without that enthusiasm,
it feels more like work that you will not want to continue.

 Think about how your idea will serve society.

The world needs your ideas to transition to useful products and services. They need convenience,
fresh solutions and relief from things that cause physical pain, or that are just a pain in the rear.
Aspiring entrepreneurs need inspiration and motivations from seeing you win. Your brilliant idea can
do great things for the community, or even the nation.

 Build relationships and reach out when you need to.

Networking still works in this century, and evolutions have expanded the ways we can reach out.
Social media groups, meet-ups and mixers make it easy to make business friends close to home or
abroad. Forming these bonds will make your journey less lonely and give you resources to nurture
ideas. Connect with entrepreneurs of all levels and types to learn how they are propelling their idea.

 Keep an open mind.

Seasoned business owners, business partners or mentors may be eager to critique your idea or
challenge different areas of it. Be open to learning and trying new business strategies. You may have
to release what you had your heart set on and opt for what makes sense from a marketing or financial
perspective.
 Be ready for growth.
You will grow personally and professionally as you devote a chunk of your time to building your
business. As the business grows, you will also have learning curves that will expand your mind and
the business. Scalable growth is essential in the early days to make sure your demand does not exceed
your supply and your workforce does not outweigh your working capital.

 Prepare for delayed gratification.

Bringing your business idea to life will require sacrifice. To nurture your "baby." you will work a lot
of hours with little immediate return. Delaying your social life, income and sleep are common in the
startup phase, but you will reap your reward when the business takes off.

 Don't let fear hold you back.

Some call it False Evidence Appearing Real. You create fictitious circumstances in your mind of what
could happen based on previous experiences or witnessing others' experiences. Don't get stuck in fear.
Move forward with a plan and action backing your idea. Feed positivity to your mind by cancelling
self-limiting beliefs and infusing affirmative thoughts.

How to do the exercise: -

1. Make a group of 2 students.
2. Choose a facilitator.
3. Facilitator put an idea about any business.
4. Everybody can write your own ideas on a paper within 5 minutes.
5. Out of different ideas you put on paper choose 5 best ideas without sharing anyone member of your
group.
6. Facilitator collects the ideas from everyone and shows to all without any discussion
7. Give 3 minutes to all to think over it and vote the ideas without any discussion.
8. Facilitator then arranges the voted ideas in order of priorities.
9. Finally put one final best idea which their group is found.

Actual Procedure Followed:-

1. A group of 2 students was formed by our ma'am, as well as sir selected one member as a facilitator.
2. Then we all wrote our business idea on notebook, each member lists at least 5 idea.
3. Then our facilitator combined all the ideas on a single page.
4. Then we did voting to select one idea. Facilitator told everyone to select at least 5 ideas out of total
and the first idea which we would select will have the highest priority.
5.The idea "Starting the all required Government Document service providing agency." got the
highest voting hence it was our best idea.
6. Then we discussed on the various aspects like how can idea be implemented in real, what resource
we will require, what can be the turnover (income), the worker population we required, etc.
7. We presented our work in front of sir.

Conclusion:
Generated business ideas various business ideas and among them top 5 are:
1) EdTech Startup
2) Digital Marketing.
3) Robot Delivery Startup
4) Live Chat Services
5) Cloud-Based Services