Scribd Logo
Upload

Welcome to Scribd!

  • 16 views

    IBM Unit 1 Notes

    Uploaded by

    prayagfireservices786
    IBM notes

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    IBM Unit 1 Notes

    Uploaded by

    prayagfireservices786
    16 views27 pages
    IBM notes

    Copyright

    © © All Rights Reserved

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    IBM notes

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    16 views27 pages

    IBM Unit 1 Notes

    Uploaded by

    prayagfireservices786
    IBM notes

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 27

    KCE-055

    IDEA TO BUSINESS MODEL


    UNIT -1

    Introduction
    Topic: Search for a business idea-
    How to choose an idea

    (CO1)
    This course can motivate students to
    have an overall idea how to start and
    sustain a business enterprise.

    SIXTH SEMESTER
    SESSION 2023-24
    UNIT-1
    INTRODUCTION

    • Search for a business idea

    • How to choose an idea

    • Product idea

    • Selection of product

    • The adoption process

    • Product innovation

    • Production, planning and development strategy

    • New product idea DR. REETIKA SEHGAL


    IDEA TO BUSINESS MODEL (KOE-060)
    2
    What is Business?

    DR. REETIKA SEHGAL


    3
    IDEA TO BUSINESS MODEL (KOE-060)
    Business
    • A business is an organization or entity that sells goods or
    services for a profit.
    • Means a business is something that operates in order to
    make a profit.
    • Not all businesses actually are successful enough make a
    profit, but their main purpose is to generate profits.

    DR. REETIKA SEHGAL


    4
    IDEA TO BUSINESS MODEL (KOE-060)
    DR. REETIKA SEHGAL
    5
    IDEA TO BUSINESS MODEL (KOE-060)
    What is an Idea?
    • A thought or suggestion as to a possible course of
    action.
    OR
    • Any conception existing in the mind as a result of
    mental understanding, awareness, or activity. a thought,
    conception, or notion.
    • It is a good approach to do some research before you go
    for any idea.

    DR. REETIKA SEHGAL


    6
    IDEA TO BUSINESS MODEL (KOE-060)
    What is Business Idea?

    DR. REETIKA SEHGAL


    7
    IDEA TO BUSINESS MODEL (KOE-060)
    Business Idea

    • Every new business, new product or service and new


    marketing approach has started with an idea.
    • Generating new ideas can be a very burdensome task.
    Putting them into practice can be much harder.

    DR. REETIKA SEHGAL


    8
    IDEA TO BUSINESS MODEL (KOE-060)
    Business Idea
    • Generating new ideas can be a very burdensome task.
    Putting them into practice can be much harder.

    • A good idea is nothing more than a tool in the hands


    of an entrepreneur.

    DR. REETIKA SEHGAL


    9
    IDEA TO BUSINESS MODEL (KOE-060)
    Finding a good idea is the first step in the
    task of converting an entrepreneur’s
    creativity into an opportunity.

    DR. REETIKA SEHGAL


    10
    IDEA TO BUSINESS MODEL (KOE-060)
    An idea is the first milestone in the process
    of building a successful business.

    DR. REETIKA SEHGAL


    11
    IDEA TO BUSINESS MODEL (KOE-060)
    Business Idea – Contd…
    • There are three major hurdles to overcome before any
    idea can come to fruition:

    1) Identify a problem

    2) Idea generation

    3) Idea selection

    DR. REETIKA SEHGAL


    12
    IDEA TO BUSINESS MODEL (KOE-060)
    DR. REETIKA SEHGAL
    13
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Generation
    The systematic search for new-product ideas

    DR. REETIKA SEHGAL


    14
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Generation OR
    Search for a new business Idea
    • Idea generation stage is the first step in any
    entrepreneurial activity.

    • As many as new product ideas are developed in idea


    stage. Impractical ideas are dropped.

    • Ideas which employ the maximum of available resources


    be taken up for further evaluation

    DR. REETIKA SEHGAL


    15
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Generation OR
    Search for a new business Idea – Contd…
    • The ideas should take care of customer requirements:-
    Type of need
    Timing of need
    Competitive way to satisfy the need
    Perceived benefits and risks
    Price versus performance
    Market size and potential
    Payment capacities of customer
    How you meet the competition from existing or
    substitute products?
    DR. REETIKA SEHGAL
    16
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Generation OR
    Search for a new business Idea – Contd…
    • The following steps are involved in searching and
    selecting business idea:

    1) Creating business ideas.


    2) Study and process the ideas.
    3) Select the best idea.

    DR. REETIKA SEHGAL


    17
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Generation OR
    Search for a new business Idea – Contd…
    • One of the best ways to generate a consistent flow of
    new ideas is to approach it from as many different angles
    it can be thought of.
    • Searching a business idea starts from mastering the
    process of idea generation itself.
    • There are several ways which can be helpful in
    discovering the business idea.

    DR. REETIKA SEHGAL


    18
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Generation OR
    Search for a new business Idea – Contd…
    • 1) Examine Your Own Skill Set for Business Ideas
    • 2) Identify Underserved Needs
    • 3) Invent a New Product or Service
    • 4) Add Value to an Existing Product
    • 5) Look at your past jobs and analyze what you liked/did
    not like in your role.
    • 6) Investigate Other Markets
    • 7) Ask your friends, family and co-workers

    DR. REETIKA SEHGAL


    19
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea or Product Selection

    DR. REETIKA SEHGAL


    20
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea Selection
    • Choosing the right business idea to start is challenging for
    beginners.
    • When working on your business idea, you must weigh
    various factors during the decision-making process.
    • This decision can have a significant impact on the future
    performance of your organization, and the best option
    depends on several components such as budget, time,
    profitability and scalability.

    DR. REETIKA SEHGAL


    21
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea or Product Selection – Contd…
    • 1. Brainstorm various ideas
    • 2. Make a business plan
    • 3. Look out for funds
    • 4. Analyze market demand
    • 5. Test your business idea
    • 6. Prioritize scalability
    • 7. Consider profitability

    DR. REETIKA SEHGAL


    22
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea or Product Selection – Contd…
    • Whatever business idea you choose to pursue, it’s
    important to prepare a business plan outlining your
    objectives and how you wish to achieve them.
    • A business plan compels you to evaluate the validity of
    your business idea, increasing your chances of success.
    • The nature of your business idea is, in fact, the most
    critical aspect of entrepreneurship.
    • You must take the time necessary to ensure that your
    chosen business idea is the best.

    DR. REETIKA SEHGAL


    23
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea or Product Selection – Contd…
    • Product is a bundle of satisfaction.

    • Product is anything that can be offered to a market for


    attention, acquisition, use or consumption that might
    satisfy a need or want.
    • Service is a activity, benefit or satisfaction offered for sale
    that is essentially intangible.

    DR. REETIKA SEHGAL


    24
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea or Product Selection – Contd…
    • The terms included in product selection:-

    • 1) Material
    • 2) Shape
    • 3) Color
    • 4) Price

    DR. REETIKA SEHGAL


    25
    IDEA TO BUSINESS MODEL (KOE-060)
    Idea or Product Selection – Contd…
    • Criteria for product selection:-

    • 1) Demand & Supply


    • 2) Consumption of Product
    • 3) Nature of use
    • 4) Product Characteristics

    DR. REETIKA SEHGAL


    26
    IDEA TO BUSINESS MODEL (KOE-060)

    You might also like