Business Idea Generation
Which approaches exist to develop a business idea?
Lesson time foreseen
1 hours for reading the lesson
1 hours for implementation
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.
Further developing or optimizing a service or product is nearly always possible. The majority of business ideas base on existing business concepts.
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.
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.
- Trainer explains and give examples of 4 options
- Learners can develop an example of an own business idea based on internet research