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TLE-generating Business Ideas

This document provides guidance on generating business ideas. It discusses examining existing goods and services, present and future needs, how needs are being satisfied, available resources, and reading publications for new ideas. Key considerations for selecting an idea include capital needs, demand size and longevity, competition, required experience, legality, and interests. Branding delivers a clear message, confirms credibility, connects emotionally, motivates buyers, and builds loyalty. A SWOT analysis should be specific, realistic, competitive, and guide strategy development. Further tasks involve extra readings on selecting ideas and branding, as well as developing a logo.

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Mike Reyes
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156 views32 pages

TLE-generating Business Ideas

This document provides guidance on generating business ideas. It discusses examining existing goods and services, present and future needs, how needs are being satisfied, available resources, and reading publications for new ideas. Key considerations for selecting an idea include capital needs, demand size and longevity, competition, required experience, legality, and interests. Branding delivers a clear message, confirms credibility, connects emotionally, motivates buyers, and builds loyalty. A SWOT analysis should be specific, realistic, competitive, and guide strategy development. Further tasks involve extra readings on selecting ideas and branding, as well as developing a logo.

Uploaded by

Mike Reyes
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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TLE 10

With
Teacher Thess
Lesson 3

Generating Business Idea


Generating Ideas for Business
The process of developing and generating
business idea is not a simple process. Some
people just come with a bunch of business ideas
but are not really feasible. There are two
problems that arise; first is the excessive
generation of ideas that can forever remain in
the dreaming stage and the second is when they
don‘t have ideas and don‘t want to become
entrepreneurs
Here are some basic yet very important considerations
that may be used to generate possible ideas for
business:
1. Examine existing goods and services.
 There are many ways of improving a product from
the way it is made to the way it is packed and sold.
 You can also improve the materials used in crafting
the product.
 you can introduce new ways of using the product,
making it more useful and adaptable to the
customers‘ many needs.
 When you are improving the product or enhancing it,
you are doing an innovation.
 You can also do an invention by introducing an
entirely new product to replace the old one.
Business ideas may also be generated by
examining what goods and services are sold
outside of the community. Very often, these
products are sold in a form that can still be
enhanced or improved.
2. Examine the present and future needs.
 Look and listen to what the customers,
institutions, and communities are missing in
terms of goods and services.
 Sometimes, these needs are already obvious
and felt at the moment.
 Other needs are not that obvious because
they can only be felt in the future, in the event
of certain developments in the community. or
generated business such as photo copier,
computer service, digital printing, etc.
3. Examine how the needs are being satisfied.

 Needs for the products and services are


referred to as market demand.
 To satisfy these needs is to supply the
products and services that meet the demands
of the market.
 The term market refers to whoever will use or
buy the products or services, and these may
be people or institutions such as other
businesses, establishments, organizations, or
government agencies.
There is a very good business opportunity when
there is absolutely no supply to a pressing market
demand.

Businesses or industries in the locality also have


needs for goods and services. Their needs for raw
materials, maintenance, and other services such
as selling and distribution are good sources of
ideas for business.
4. Examine the available resources around you.

 Observe what materials or skills are available


in abundance in your area.
 A business can be started out of available raw
materials by selling them in raw form and by
processing and manufacturing them into
finished products.
A group of people in your neighborhood may
have some special skills that can be harnessed for
business.
Business ideas can come from your own skills.
 The work and experience you may have in
agricultural arts, industrial arts, home
economics, and ICT classes will provide you
with business opportunities to acquire the
needed skills which will give you extra income,
should you decide to engage in income-
generating activities.
 With your skills, you may also tinker around
with various things in your spare time. Many
products were invented this way.
5. Read magazines, news articles, and other
publications on new products and techniques or
advances in technology.
 You can pick up new business ideas from
Newsweek, Reader‘s Digest, Business
Magazines, ―Go Negosyo, KAB materials, and
Small-Industry Journal.
 The Internet also serves as a library where you
may browse and surf on possible businesses. It
will also guide you on how to put the right
product in the right place, at the right price, at
the right time.
Key Concepts of Selecting a Business Idea

Once you have embarked on identifying business


opportunities, you will eventually see that there
are many possibilities that are available for you.

It is very unlikely that you will have enough


resources to pursue all of them at once.
You have to select the most promising one
among hundreds of ideas. It will be good to do
this in stages.
 In the first stage, you screen your ideas to
narrow them down to about few choices.
 In the next stage, trim down the choices to
two options.
 In the final stage, choose between the two
and decide which business idea is worth
pursuing.
In screening your ideas, examine each one in
terms of the following factors:
1. How much capital is needed to put up the
business?
2. How big is the demand for the product? Do
many people need this product and will continue
to need it for a long time?
3. How is the demand met? Who are processing
the products to meet the needs (competition or
demand)? How much of the need is now being
met (supply)?
4. Do you have the background and experiences
needed to run this particular business?
5. Will the business be legal, not going against any
existing or foreseeable government regulation?
6. Is the business in line with your interest and
expertise?
Your answers to these questions will be helpful
in screening which ones among your many ideas
are worth examining further and worth pursuing.
Branding
 Branding is a marketing practice of creating name, symbol or
designs that identifies and differentiates product or services
from the rest.
 It is also a promise to your customers.
 It tells them what they can expect from your product or
service and it differentiates your offerings from other
competitors.
 Your brand is derived from who you are, who you want to be
and what people perceive you to be.

Branding is one of the most important aspects of


any business. An effective brand strategy gives
you a major edge in increasingly competitive
markets.
The features of a good product brand are as
follows:
- Delivers the message clearly
- Confirms your credibility
- Connects your target prospects emotionally
- Motivates the buyer
- Concretizes user loyalty
Here are some simple tips to publicize your
brand:

 Develop a tagline.
 Get a great logo.
 Write down your brand messaging.
 Be true to your brand.
 Be consistent.
In generating business idea,
 first identify what type of business is suited to your
business idea.
 analyze and scan the potential environment, study the
marketing practices and strategies of your competitors,
 analyze the strengths, weaknesses, opportunities, and
the threats in your environment to ensure that the
products or services you are planning to offer will be
patronized within the easy reach by your target
consumers.
Bear in mind these simple rules for successful
SWOT Analysis:

• Be realistic about the strengths and


weaknesses of your business when conducting
SWOT Analysis.

• SWOT Analysis should distinguish between


where your business is today, and where it could
be in the future.
• SWOT Analysis should always be specific. Avoid
any grey area.

• Always apply SWOT Analysis in relation to your


competition‘ i.e. better than or worse than your
competitions.

• Keep your SWOT Analysis short and simple.


Avoid complexity and over analysis.

• SWOT Analysis is subjective.


Task 6: SWOT Analysis

Directions: Utilize the SWOT Analysis table below


to list up all your observations. Be guided by the
strategies in analyzing and formulating realistic
and attainable activities. Write down the
activities on the available spaces provided to
create the best business idea.
Strengths (S) Weaknesses (W)
- -
- -
- -
- -
- -
Opportunities (O) Threats (T)
- -
- -
- -
- -
- -

Strategies:
SW - Maximize on the strengths to overcome the internal weakness.
OW - Capitalize on the opportunities to eliminate the internal weakness.
ST - Maximize on your strengths to eliminate the external threats.
OT - Take advantage of the available opportunities to eliminate the external threats.
Analysis:

_______________________________________
_______________________________________
_______________________________________
_______________________________________
_______________________________________
Activities:

_______________________________________
_______________________________________
_______________________________________
_______________________________________
_______________________________________
_______________________________________
My Best Business Idea:

_______________________________________
_______________________________________
_______________________________________
_______________________________________
_______________________________________
In order to deepen your understanding of the
topics previously discussed, you will be asked to
perform the following activities:
Task 7: Extra Readings and Video Viewing
Reading books and watching videos have been
considered as one of the most effective educational
activities that can help learners deepen their
understanding on a certain topic. In this particular
task, you will be asked to conduct extra readings and
video viewings in the Internet on the following topics:
A. Steps in Selecting Business Idea
B. Criteria of a Viable Business Idea
C. Benefits of a Good Brand
D. Ways on Developing a Brand
Task 9: Making My Own Logo
Direction: Generate a clear and appealing
product brand with a logo and a tagline.

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