Business Ideas

you get ideas from your own strenghts and weaknesses

you get ideas from opportunities and threats in the outside market

• 1. skills and hobbies
• 2. experience
• 3. research and development
• 4. customer feedback
• 5. intrapreneurship

• 1. family and friends
• 2. state agencies
• 3. media
• 4. competition
• 5. import substitution

technique used by individuals and businesses to generate ideas.. aim is to encourage creativity and imagination

• 1. idea generation
• 2. product/service screening
• 3. concept development
• 4. feasibility study
• 5. prototype development
• 6. test marketing
• 7. product launch

going through all the ideas and picking out the ones that have the greatest potential for development.. done by conducting a SWOT analysis

involves writing a detailed essay about the product idea.. USP, look like, purpose

investigation into then new product idea to see whether it is actually possible to make the product at a reasonable cost and make a profit... cash flow forecast.. breakeven chart... state agencies provide grants for businesses to carry out feasibility studies into new product ideas

first working model of a new product

sample product made as an experiment to see whether the product idea actually works in practice and whether it would appeal to customers

launching the product on a small segment of the market and evaluating comsumers response to it

full-scale production.. product available for sale in entire market.. company undertakes a marketing campaign