Saeeda D.

Almuqahwi BSM 3

Answer briefly the following:

1. When and how do you generate ideas worth pursuing into a
business?
2. What is the best way to evaluate business opportunities?
3. What is an idea that is worth a business?
4. Describe the stimulants to creativity
5. Why do you think we have a less developed economy?

Answers:
1. Entrepreneurship is like a gambling game, you are willing to take the
risk, an idea that is worth of pursuing, and a plan that will eventually
put you in the map. It is no news that consolidating a well-designed
plan before putting it into action is one of the most essential steps
before getting into any business. Nonetheless, setting the target data
to weather the products or services that involves in that idea of yours
is in demand. According to an entrepreneur article, the best time to
peruse a business is where there is a point of friction, an obvious
potential disruption in the market. From there, thinking outside of the
box to establish an idea as means of developing solutions, a business
idea that is set to transcends from want to need. Generating impactful
business ideas that stands out into demonstrating greater good to
humanity and facilitate societal improvement can draw the consumer’s
attention, let alone the huge enterprises that advocates such causes.
Such ideas are more likely to set you on the right foot towards
success.

2. When it comes to evaluating business opportunities, acknowledging

the market size is, with no doubt; an important factor to consider
before moving forward in any business opportunity. Other factor must
be taken into account but understanding the market and the dynamics
of its function can be very helpful as a stepping stone. weather
choosing a business opportunity that involves a new idea which was
has never been introduced in the market or fill in the scarce of
products or services in a certain industry, studying the market can lay
out the facts that will help you call the shot.

3. Coming up with ideas is easy but finding the idea that will make it all
way to a business is the challenge. But the catch is the struggle to
make that idea into a succeeding worthwhile business. An idea that
aims to relevantly promotes the benefit and the needs of the
consumer rather than just idea focused for the purpose of personal
financial gain. Thus, ideas that is developed to improve for instance an
existing product.

4. Creativity is a fundamental characteristic that’s displayed among

entrepreneurs. Creativity is identified by several environmental
stimulants which are the following:
a. Freedom - freedom in deciding what to do or how to accomplish the
task; a sense of control over one’s own work ideas.
b. Good project management - A manager serves as a good role
model, is enthusiastic, has good communication skills, protects the
project team from outside distractions and interference, matches
task to workers skills and interests, and sets of clear direction
without managing too tightly.
c. Sufficient resources - Access to necessary resources, including
facilities, equipment, information, funds and people.
d. Encouragement - Enthusiasm for new ideas, creating an atmosphere
free of treating evaluation.
e. Various organization characteristic - A mechanism for considering
new ideas, a corporate climate marked by cooperation and
collaboration across levels and divisions, an atmosphere where
innovation is prized and failure is not fatal.
f. Recognition - A general sense that creative work will receive
appropriate feedback, recognition and reward.
g. Sufficient time - Time to think creatively about the problem, to
explore different perspectives rather than having to impose an
already-determined approach.
h. Challenge - A sense of challenge arising from intriguing nature of
the problem itself or its importance to the organization (internalized
by the individual as a personal sense of challenge).
i. Pressure - A sense of urgency that is internally generated from
competition as a personal sense of challenge.
j. Outside organization - From a general desire to accomplish
something important.

5. I think poverty and inequality in the Philippines stands in the face of

prosperity and hinders overall economic growth compared to other
developing countries. Philippines have had its ups and downs when
it comes to its economy status. Unfortunately, the impact during
events of economic expansion has been always limited on the poor.
Hence, increased population rate and inequality across income
bracket halts against developmental efforts in the economic sector.
But luckily Philippines is known to produce the most successful
entrepreneur characters and evidently aspires other Filipinos to
pursue which somehow upbeat the economic status.