Chapter 2 Business Idea Class 11 (HSEB/NEB)

                                                                CHAPTER 2

BUSINESS IDEA

Creativity

Creativity is the mental ability of a person which brings newness In the idea person and service

 

Innovation

Developing and producing new products and services by applying appropriate ideas knowledge and skill to serve the potential demand of customers is Innovation.

 

The basis of creative behavior

Creative behavior is the ability of action of a person to carry out innovative and creative functions. Some of the basis of creative behavior are;

1.     imagination and originality
2.     Flexibility and risk-taking
3.   Self-expression
4.     Collaboration
5.     Accepting the challenge
6.     Open communication
7.     Involvement in research and employment

 

imagination and originality

Imagination is the power to create new and vivid ideas by visualizing things that don't exist yet, while originality involves being unique and avoiding simply copying what others have already done.

 

Flexibility and risk-taking

Flexibility means being open to different perspectives and willing to adapt or change your approach when faced with challenges or new information, while risk-taking involves being willing to step outside of your comfort zone, try new things, and accept the possibility of failure or uncertainty.

 

Self-expression

Self-expression is the act of conveying your thoughts, feelings, and ideas in a way that reflects your true self, allowing you to communicate your individuality and unique perspective to others.

 

 

Collaboration

Collaboration is the process of working together with others to achieve a common goal or create something new, combining the strengths, skills, and ideas of each team member to foster innovation and produce more impactful results.

 

Accepting challenge

Accepting challenges means being open and willing to face difficult or demanding situations, viewing them as opportunities for growth and learning rather than avoiding or shying away from them. It involves embracing the chance to push yourself, overcome obstacles, and develop new skills or perspectives.

 

Open communication

Open communication refers to fostering an environment where individuals feel comfortable expressing their thoughts, ideas, and concerns freely, promoting honest and transparent dialogue to facilitate creativity and collaboration.

 

 Involvement in research and experimentation

Involvement in research and experimentation entails actively seeking out new knowledge, exploring different methods, and engaging in systematic investigation or exploration to expand understanding and discover innovative solutions in various fields of interest or employment.

 

 

Sources of business idea

1.     Existing product

2.     government policies

3.     research and deployment

4.     business actors' network

·        buyers

·        suppliers

·         consultants

·        channel member

 

1. Existing products: Identifying opportunities to improve or innovate upon existing products or services can be a valuable source of business ideas. By examining customer needs, market trends, and gaps in the current offerings, entrepreneurs can develop unique value propositions and differentiate their businesses.

 

2. Government policies: Government policies and regulations can create new business opportunities. Changes in legislation, tax incentives, or industry-specific regulations may open doors for entrepreneurs to address emerging needs or cater to specific market segments.

 

3. Research and development: Engaging in research and development activities can lead to new business ideas. By staying abreast of technological advancements, scientific discoveries, and emerging trends, entrepreneurs can identify potential applications or gaps in the market that can be turned into viable business ventures.

 

4. Business actors network:

 

- Buyers: Engaging with potential customers or target markets can provide valuable insights and opportunities for business ideas. Understanding their needs, preferences, and pain points can help entrepreneurs develop products or services that address specific customer demands.

 

- Suppliers: Collaborating with suppliers can also lead to business ideas. Building relationships with suppliers can help entrepreneurs identify untapped resources, unique materials, or innovative manufacturing processes that can be leveraged to create new products or improve existing ones.

 

- Consultants: Seeking advice or partnering with consultants who specialize in specific industries or areas can provide entrepreneurs with fresh perspectives and expertise. Consultants can offer insights into market trends, industry best practices, and potential business opportunities.

 

- Channel members: Collaborating with channel members such as distributors, retailers, or wholesalers can open up new channels to reach customers. Leveraging their distribution networks and relationships can help entrepreneurs identify gaps in the market or new avenues for product placement.

 

Tools and techniques to generate new business ideas

1.     Brainstorming

2.     Export opinion

3.     SCAMPER

 

1. Brainstorming: Brainstorming involves generating a large number of ideas in a free-flowing and non-judgmental manner. It encourages participants to think creatively, build upon each other's ideas, and explore new possibilities. By allowing for diverse perspectives and generating a range of ideas, brainstorming can lead to innovative business concepts.

 

2. Expert Opinion: Seeking input and insights from industry experts, mentors, or experienced professionals can provide valuable guidance and spark new business ideas. Their knowledge and expertise can offer fresh perspectives, identify emerging trends, and highlight potential opportunities that may not be immediately apparent.

 

3. SCAMPER

SCAMPER is a creative thinking technique that involves considering various dimensions for generating new ideas

1. Substitute: Consider substituting traditional materials used in smartphone construction with more sustainable and eco-friendly alternatives, such as replacing plastic components with biodegradable materials.

 

2. Combine: Explore the possibility of combining smartphone features with other devices, like integrating a projector or a high-quality camera module into the smartphone design.

 

3. Adapt: Modify smartphone designs to cater to specific target markets or user needs. For example, creating a rugged smartphone variant with enhanced durability and waterproof capabilities for outdoor enthusiasts.

 

4. Maximize: Maximize the battery life of the smartphone by implementing advanced power-saving technologies or utilizing more efficient battery cells to provide extended usage time.

 

5. Minimize: Minimize the thickness and weight of the smartphone by utilizing lightweight materials and adopting compact designs without compromising functionality and performance.

 

6. Put to other use: Repurpose smartphone technology for other applications, such as integrating smartphone features into wearable devices or developing smartphone-based medical monitoring systems.

 

7. Eliminate: Streamline the user interface by eliminating unnecessary or complex menus and options, providing a simplified and intuitive user experience.

 

8. Reverse: Challenge the conventional design by implementing a reversible display technology that allows the smartphone screen to be used from both sides.

 

Factor affecting the implementation of new business idea

1.    Planning, program, and policy

2.    management system

3.    organizational structure

4.    organizational resources

5.    role of leadership

6.    technological factor

7.    conflict management

8.    label of competition

9.    law rules and regulation

1. Planning, Program, and Policy: The effectiveness of planning, program development, and the alignment of policies with the new business idea can significantly impact its successful implementation.

 

2. Management System: The efficiency and effectiveness of the management system, including decision-making processes, communication channels, and resource allocation, can influence how well the new business idea is executed.

 

3. Organizational Structure: The structure and design of the organization can either facilitate or hinder the implementation of the new business idea. A flexible and adaptable organizational structure can support innovation and change.

 

4. Organizational Resources: Sufficient availability and allocation of resources, such as financial capital, human resources, technology, and infrastructure, are essential for implementing a new business idea successfully.

 

5. Role of Leadership: Strong leadership, including vision, motivation, and effective communication, is crucial for guiding and inspiring the organization during the implementation process.

 

6. Technological Factors: The adoption and integration of relevant technologies can significantly impact the implementation of a new business idea, as technological advancements can enhance efficiency, productivity, and competitive advantage.

 

7. Conflict Management: The ability to manage conflicts and resolve issues that may arise during the implementation process is important for minimizing disruptions and ensuring smooth progress.

 

8. Level of Competition: The competitive landscape and market conditions can affect the implementation of a new business idea. Understanding competitors and devising strategies to differentiate and position the idea effectively is essential.

 

9. Laws, Rules, and Regulations: Compliance with legal requirements, industry regulations, and governmental policies is critical for the successful implementation of a new business idea.