TOPIC2.

3–COMINGUPWITHABUSINESSIDEAFORSTART‐UP
TOPIC INTRODUCTION
Every business starts with an idea. That idea is further developed using a typical five step
process illustrated in the diagram below. In this topic we will explore how to come up with
a solid business idea using this five step process.

TOPIC OBJECTIVES
Upon completion of this topic you should be able to:

[Link] business ideas.

[Link] reasons for starting a business.
[Link] business ideas that could be implemented in your community to meet
existing needs.
[Link] factors that influence the starting of a business and relate them to your
situation.

YOUR BUSINESS IDEA

Most likely, you have decided to take this course for two reasons:
[Link] have a great idea for a small business and you want to learn how to go about
its implementation in order to create a successful small business,
[Link] are already running your own small business and you want to learn about how
you could make your business more successful.

Before reviewing this topic consider the activity below:

Activity – Community Business Idea

In the space provided and in your personal journal briefly describe your idea for a small
business in your community. If you already have a name for it, write it down as well! If you
already own your own small business, write down its name and describe it below. Don’t forget
to include ways in which you would like to grow your
existing business.

Page | 40 Introduction to Entrepreneurship

 Earning Potential
When you own your own business you
have the ability to potentially earn much
more money than you are likely to ever
As you begin to develop your business earn in your day‐to‐day job. You'll be
idea or opportunity consider the
following: able to earn money (or lose money!)
based on your drive, luck, commitment
[Link] this a new idea or has it been and ideas.
tried before?
[Link] my idea feasible? If it was
Be Your Own Boss
tried before why did it fail? What
can I learn from past Rather than doing what you're told,
failures? wouldn't it be better to be your own
[Link] am I targeting? boss? When you own your own
business it is likely that you will have to
[Link] are my competitors?
work even harder. But you will do so
[Link] I be able to compete in the
market? under your own rules. You will choose
[Link] the market saturated? when to go on holiday, when to go
[Link] will I offer a better home, and when something is likely to
product/service than my be effective for your business. You
competitors? should remember, however, that
If you don’t have any ideas for a entrepreneurialism is as much about
business yet, but you are certain self‐discipline as it is about personal
that you want to be a small freedom.
entrepreneur in your community,
and then engage in the following Hire Like‐Minded People
discussion: You'll be able to choose who you work
with. You'll be able to choose your
Get together with some of your peers, some familyteam.
members,However,
somethis can be much
community harder
leaders, etc., and
thanIf ityou
discuss ideas for new businesses in your community. seems.
comeYou will need
up with to findidea, give your
a business
individuals who can
business a name! You can adjust/change this name later.

Introduction to Entrepreneurship

If you don’t have any ideas for now,

don't worry! Continue to work
through this unit. You will come up
with something soon!

REASONS FOR STARTING A BUSINESS

Starting a business isn't easy, but it
can be rewarding. Being an
entrepreneur means taking a lot of
risks but it also has lots of potential
benefits when things work out. So if
you are on the fence still thinking
about quitting your day job and
starting out on your own here are six
reasons to persuade you to make that
move.
 entrepreneurialism back into the
within their blood workplace. Investors
will always think of like working with
ways to improve entrepreneurs who
complement you own upon their ideas. For have started other
skills if you are to be example, have you companies in the
successful. Gerber ever been in a past. They do that for
(1986) notes that a situation where you one reason: they
start‐up business have considered how know that experience
needs a visionary (the your current counts and that have
entrepreneur), employer could be learned from their
managers and more efficient? Ways mistakes!
technicians. He
that they could drive
states that no one DEVELOPING YOUR
more sales, decrease
person can perform
costs, and improve
IDEA
all of these roles in a More often than not,
customer service?
start‐up business. new business
When you own your
Early on in your opportunities occur
own business, you
business formulation from changes in
will be able to make
you will need to think industry, social, or
those changes. And, economic
of the type of people
not only that, you will environments. New
you need to recruit.
also be able to profit business ventures can
from these changes if arise due to a variety
Achievement you make the right of factors, including:
There's very little you decisions.
can do that's worthy External causes.
of more kudos than Voluntary self‐
building a company. Experience
employment.
Business helps the When you start your
own business, it's Hobbies.
world go round, and
possible that you will
many businesses do
fail. But that is part
even more than.
and parcel of being
Imagine what the
an entrepreneur. Page | 42
world would be like
However, if you fail, Entrepreneurship
today without certain
get up again. If
websites or Internet
persistent you may
based products.
succeed the second
Some ideas are much
or third time around.
more than just a way
In some cases failure
to make money. Once
is good. From failure
you have achieved
you will have gain
what you aim to do,
knowledge and
there's no better
experience the next
feeling. The rush you time around.
get when one of your
ideas works is
unbelievable! This experience will
work well for you if
Change you ever decide to
People who have start another
venture, or even go
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Activity –
Business Ventures
Can you think
of three new
business
ventures in
your Page | 44
to Entrepreneurship
community
As that have been
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Page | 46
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