Torres, Apple Jhanet E.

BSBA 2D
REFLECTION: CHAPTER 5
SOUND BUSINESS IDEAS

A sound business idea is an economic opportunity that is within the reach of the
enterprise and which could provide a desirable value. It gives you to identify the critical
priorities of a business and goals to be achieved on the way. A sound business plan helps
attract investment from Venture capitalists, Angels, and investment from other financial
institutions.
An entrepreneur who has a solid understanding of the idea of a sound business
idea will be able to pursue his objectives with less time, effort, and expense. When an
aspiring entrepreneur is confronted with a business idea, it is in his best interest to
determine its soundness. He should do it before committing himself financially and
otherwise. Any successful venture started with the adaption of a sound business idea.
For instance, before the advent of parcel delivery services, people had to contend with
the very poor service rendered by the post office. Complaints about delayed delivery
and lost parcels have become common. The situation was ripe for a business solution.
Enterprising personalities recognized the economic opportunity and adapted a business
idea to serve the people better. The success of DHI, FEDEX, and LBC proves that the
business idea they adapted is a sound one.
The production of bottled mineral water is another example of a business idea
that was proven to be sound. Business idea differs in form. Examples of these forms are
the following; 1. An old type of business can be professionalized. 2. A standard product
can be customized. 3. New technology can be adapted to manufacture an old product. 4.
Imported products can be replaced by local products. And lastly, 5. Business operations
can be internationalized.
It is very important to instill in young minds the value of entrepreneurship because
in this world no matter how hard you work it is always not enough. However, if you learn
how to do business of your own, no matter how small it is each day you will see that your
hard work really pays off and success is truly within reach. Most entrepreneurs are really
enjoying the fruit of their hard work.