Searching for

Sound
Business Ideas

THty 114 –Entrepreneurship in Tourism and Hospitality – Laboratory

Learning Outcomes

1. Identify the considerations in searching for a sound

business ideas.
2. Create a company name, logo and profile.
3. Present a tourism/hospitality core business idea.
 What is the starting point for
developing new business ideas?
Entrepreneur
What angle are you coming from? Are you:

An inventor who has a product/service idea?

An innovator who has developed a new product/service?
Out of work and want to create a job for yourself?
An entrepreneur who wishes to create a business?
A manager who wishes to develop a business?
Inventors and innovators
does not necessarily make
good business people.
Factors to be considered

Educational background Prior Experience

Financial strengths External contacts,

resources etc.

Commitment

Expertise and interests

Personal qualities
Finding the Business Idea

MANUFACTURED PRODUCT
where you buy materials or parts and make up the product(s) yourself.

DISTRIBUTED PRODUCT
where you buy product from a wholesaler/MLM, retailer, or
manufacturer.

A SERVICE
Which you provide
Aim for Quality
Observe
consumer
behavior
Look at changing existing products
or services with a view to:
• Making them larger/smaller, lighter/heavier, faster/slower
• Changing their color, material or shape
• Altering their quality or quantity
• Increasing mobility, access, portability, disposability
• Simplifying repair, maintenance, replacement, cleaning
• Introducing automation, simplification, convenience
• Adding new features, accessories, extensions
• Changing the delivery method, packaging, unit size/shape
• Improving usability, performance or safety
• Broadening or narrowing the range
• Improving the quality or service.
Be on the look out for:
• Emerging Trends
• Expanding Market
Niches
Strategies on How to
look for a business idea:
Brainstorm with your friends
Ask people for their ideas
Use one idea to spark a better one
Read relevant trade magazines (local, national and foreign)
Skim through trade directories (local, national and foreign)
Above all, open your eyes wide and try to spot the obvious
gaps
ASSESSING BUSINESS IDEAS
For a start , you could pursue the following tasks:

1. Discuss products/services with prospective customers

2. Assess the market using desk & field research
3. Consider possible start-up strategies
4. Analyze your competition
5. Set ball-park targets and prepare first-cut financial projections
6. Prepare a simple action plan
7. Critically examine ideas from all angles
 From Business Idea to Business Plan

Having firmed up on a specific idea and conducted preliminary research, you have
several options including the following:

• Undertake more detailed/specific market research.

• Do further product research, development, testing etc.
• Review and refine your proposed start-up and developmental strategies.
• Draft a detailed or outline business plan.
• Prepare financial projections.
• Start looking around for the key resources - people, money, premises, partners
etc.
 Other issues that you need to start thinking:

Company Business Name, Logo and etc.

Decide how you will start trading

Enquire into any licenses which might be needed, or regulations to be complied with

Location of the business

Look for professional advisers (lawyer, accountant) and a bank.

Consider likely telephone/communications needs.

Bear in mind that, to develop a successful
business, you must:

• Define precisely the nature of the business

• Offer clearly identifiable products or services
• Tap a real need or generate a demand for your product/service
• Operate within your expertise and resources
• Have realistic targets and have reasonable expectations
• Keep everything as simple and straightforward as possible.
THE COMPANY AND THE BUSINESS IDEA
Laboratory Activity 1
 • Company Name
• Logo
• Company Address
• Background of the Company (Brief
History)
• Vision
• Mission
The Company • Organizational Structure
 Discuss the Nature of the Proposed
Business
Location of the business
Identified products/services
Business Market needs that the business seeks to
Concept address
Materials and resources needed
Tentative Capital Outlay - budget
 Laboratory
Activity Worksheet
Lab Activity
- Should be submitted individually
Output - No Worksheet means grade of zero in
laboratory activity.
 Laboratory Activity
Worksheet Rubrics
I. Introduction – 15 points
(Make a brief introduction about the purpose and importance of the activity).
– at most 2 paragraphs
Lab Activity
II. Objective
Output
III. Methodology – 15 points
Discuss the strategies and method used in completing the activity

IV. Results – 50 points

VI. Leanings, challenges and suggestions – 20 points
 Oral Presentation of
Activity
Content 40
Lab Activity Delivery 20
Outputs
Organization 10
Ability to handle question 30
TOTAL 100
Any Question?