LESSON ASSESSMENT: 

“The Search for a Sound Idea”, what are your take-aways from this lesson and how do you
think you can apply or relate this in your future career.

Due to the adoption of a modern business setup, a new business endeavour is faced
with the immediate concern of acquiring at least a footing in the market it wants to serve. A
business, on the other hand, must develop or at the very least retain its market advantage.
Entrepreneurs invest time and resources in pursuing business opportunities. However, the
high probability of failure in entrepreneurial process businesses reflects a failure on the part
of entrepreneurs to adapt successful strategies.

In this lesson, the entrepreneur's pursuit for a great option is an economic

opportunity that is within his grasp and will give him with such a reasonable return. An
entrepreneur who understands this notion will be able to save time, effort, and money in
achieving his objectives. When a potential entrepreneur is presented with a company
proposal, it is in his best interests to assess its viability. Before making any financial or other
commitments, he should do it. Every effective business strategy and create with the
implementation of a sound business concept. For example, consumers had to deal with
really poor service from business enterprises before parcel delivery services were
introduced. Delays in delivery and misplaced packages have become typical complaints.
The opportunity for a business solution was clear. Entrepreneurial individuals saw an
economic opportunity and changed a business concept to adequately serve the people. The
success of online businesses that approach J&T Express or LBC proves that the business
strategy they adopted is effective.

In addition, I believe I will use it in my future business because having a good

business idea is a must. Every consumer must be prioritized in relation to the business
concept, and the entrepreneur must outline the business's operations in great detail. Our
business concept should emphasize how this product or service will result in an
improvement. To put it another way, our business must demonstrate to the customer that the
product or service given is innovative, ground-breaking, or accelerates on an existing
product or service. This should also include expansion and growth objectives, as well as the
consumer base or industries that will acquire the business's current product or service. It
should also describe the organization's performance, as well as any formalization intentions,
such as organization or the aim to transition from a closely held to a publicly traded
company.