Module 5: Entrepreneurial training

Lesson Title

Business Idea Generation

 

Introduction

Which approaches exist to develop a business idea?

 

Lesson time foreseen

1 hours for reading the lesson
1 hours for implementation

 

Lesson Content

Options for business idea generation:
 
1. Innovation
Innovations normally base on a long-lasting and cost-intensive research and development process. They require expertise and in-depth knowledge to ensure the marketability of the product/ service, to find appropriate investors and to identify suitable supply channels.
 
2. Improve or extend existing services or products
Further developing or optimizing a service or product is nearly always possible. The majority of business ideas base on existing business concepts.
 
3. Copy an existing business idea
It is also possible to adapt a business concept which elsewhere is already running successfully. Because of the concepts` success it is necessary to observe the market carefully and to evaluate the competition realistically.
 
4. Franchising
A business owner (the franchisor) rents an existing and successful business concept to the franchisee securing the expertise, supply and marketing strategies of the concept. However, the entrepreneurial independence in case of franchising is limited.
 
 

Sources:

- Trainer explains and give examples of 4 options
- Learners can develop an example of an own business idea based on internet research

Test d'évaluation:

http://ej.uz/IMMCs_evaluation_form