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unit-ii_9_lecture-no.-09-business-idea-their-implementation

The document discusses the concept of business ideas and their implementation, emphasizing the process of ideation and the transformation of ideas into profitable opportunities. It outlines the characteristics of good business opportunities and the steps necessary for converting an idea into a viable business. Key qualities that define a successful business opportunity include market urgency, adequate size, and a sound business model.

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5 views

unit-ii_9_lecture-no.-09-business-idea-their-implementation

The document discusses the concept of business ideas and their implementation, emphasizing the process of ideation and the transformation of ideas into profitable opportunities. It outlines the characteristics of good business opportunities and the steps necessary for converting an idea into a viable business. Key qualities that define a successful business opportunity include market urgency, adequate size, and a sound business model.

Uploaded by

healthybanglatips3
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© © All Rights Reserved
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Unit-II

Lecture No. – 09
Business Ideas and their implementation
Recapitulate

Lecture Outcomes
After this Session students will be able to:
Define the Business Ideas
Write the meaning of generation of idea
Discuss the implementation process of Business Ideas
Describe the good business opportunity
Describe how an idea is being converted into an opportunity
Discuss the Transforming of ideas into Opportunities
Do the assessment of idea and opportunities

Introduction to Business Ideas and their implementation:


Ideation refers to the process of developing and conveying prescriptive ideas to others, typically in a
business setting. It describes the sequence of thoughts, from the original concept to implementation.
Ideations can spring forth from past or present knowledge, external influences, opinions, convictions,
or principles. Ideation can be expressed in graphical, written, or verbal terms.

Most frequently, ideas for new ventures arise when an entrepreneur observe a market gap, indicating
a demand, that is currently not being met.

An idea is sketch, proposal or projected course of action. An idea when it concerns a product or
service may also be seen as an outlook or thought than can be used for monetary benefits.
According to Business Dictionary, an idea is, “a thought or creation of thoughts that generate in
mind”. Business idea to an entrepreneur refers to idea about opportunity or product or service that
he/she can pursue as an enterprise.

According to Gary Hamel, Chairman, strategic (an international management consulting firm), “there
is no way to create wealth without ideas. Most new ideas are created by newcomers. So, anyone who
thinks the world is safe for officials is dead wrong”

A business idea is a concept that can be used for financial gain. It is usually centered on a product or
service that can be offered for money. An idea is the first milestone in the process of building a
successful business.

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According to B.O. Wheeler, "Business is an institution organized and operated to provide goods and
services to society under the incentive of private gain."

Implementation of an idea into opportunity may follow a set of steps so that it could be successfully
converted into profitable unit

A Business opportunity may be defined as a set of favorable circumstances in which an entrepreneur


can exploit a new business idea that has the potential to generate profits.

Note: Thus generation of idea refers to a conscious endeavor to collect ideas from different sources
for the purpose of finding a creative answer to a need or a problem.

What defines a good business opportunity? {Charantimath , PP.-121-22}


An idea is thought or a concept that comes into existence in the mind as a product of mental activity. A
business idea is an idea that can be used for commercial purposes. There can be many sources of
business ideas, including the following
 A resolved problem faced by an actual or potential entrepreneur.
 An unmet customer need discovered by an actual or potential entrepreneur at a place of employment.
 Changes in business environment.
Not all business ideas are found to be good business opportunity. This simple five steps framework helps
screen ideas and find out whether a business idea truly represents a good business opportunity. An opportunity
is characterised by the following:
1. Urgency of market needs
2. Adequate market size
3. Sound business model
4. Potential brand value
5. An able management team

When is an idea an opportunity {Charantimath , PP.-123-24}


Usually business starts with generation of the business idea. When this idea is being filter and shift for
commercial validation and launch for product or service then it will be realized as an opportunity.

Since, a business opportunity is a set of favorable circumstances that create a need for a new product
or service. A business opportunity is a proven concept that commercializes the business idea. A
business idea becomes a good opportunity when it has following five essential qualities:

1. Attractiveness
2. Timeliness
3. Durability
4. Relevant
5. Creative and Innovation

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References/Suggested Readings
1. Charantimath P.M. (2022) Entrepreneurship Development and Small Business Enterprises
(Chapter-06)
2. Gorden E. & Natarajan K. (2018) Entrepreneurship Development
3. Gandhi P. (2018) Entrepreneurship (Chapter-1.4)
4. The manual for Indian Start-ups (Chapter-1)
5. https://egyankosh.ac.in/
6. https://www.investopedia.com/

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