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SPOTTING BUSINESS IDEA: IDEATION & Impacts of Innovation

INNOVATION • Effecting a new Policy
• Finding new opportunities
“To accomplish great things, we must not only act • Designing a new structure
but also dream; not only plan but also believe.” • Devising a fresh method
- Anatole France
IDEATION
THE CONCEPT OF INNOVATION - is the act or process of forming ideas or
- Innovation refers to the process of images in one's mind.
translating ideas into goods or services. - Accdg to Medina, a sound business idea
refers to economic opportunities that is
2 Faces of Innovation within the reach of the entrepreneur and
that will provide him with a desirable
value.
Disruptive Innovation
- are those that open up a new segment in Methods of Searching for Ideas
the market, which early adopters jump on
first to be followed by the general UNANTICIPATED MEANS
consumer audience. 1.1 The person’
s work.
1.2 The person’
s hobby
Incremental Innovations
1.3 The person’
s acquaintance.
- are those that is composed of a series of
small improvements to an existing • A chance event encountered by the
product or product line that usually help person.
maintain or improve its competitive
position over time. DELIBERATE SEARCH
- this method is done intentionally by the
Instruments or Methods of Innovations
prospective entrepreneur or existing
businessmen wanting to have a
Invention
competitive advantage over his
- refers to the discovery or devising a new competitors.
products and processes. 2.1 Using Search questions
2.2 Idea prompting
Development
- refers to the processes by which ideas
Screening of Listed Ideas
and principles generated from the stage
of invention are embodied in concrete
Feasibility Study
products and techniques.
- is conducted to tests the viablity of an
Innovation idea, a project or even a new business.
- refers to the actual introduction of a new - also allow a business to address where
product or process. and how it will operate, potential
obstacles, competition and the funding

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EM
SECOND SEMESTER
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needed to get the business up and
running.
Aspects of Feasibility Study
MARKET FEASIBILITY
- describes the industry, the current and
future market potential, competition,
sales estimations and prospective buyers.
occur if one pursues a project and
determine if, after all significant factors,
the project is a good idea.
After screening the idea will lead any of the
following:
STATUS QUO
- means all business ideas generated and
screened passed the criteria.

ORGANIZATIONAL FEASIBILITY
- it describes how the business will be
organized by the entrepreneur, its forms
of organization, and the manpower
requirements of the proposed business.
SHORT LIST
- means that not all business ideas are
found feasible thus, eliminated from the
list.

TECHNICAL FEASIBILITY ZERO LIST

- refers to the analysis of the production - means that no idea is able to pass the
requirements in converting resources into criteria set by the entrepreneur.
real products or services with the
required quality and quantity and how
Top 12 Local Entrepreneurs
these will be delivered to the customers. it
also includes the cost in producing the
1. Henry Sy (Shoe Mart) ...
business goods or services.
2. Tony Tan Caktiong (Jollibee Foods) ...
3. Socorro Ramos (National Book Store) ...
FINANCING FEASIBILITY 4. John Gokongwei Jr. (J.G Holdings)
- deals with the determination of the 5. Edgar Sia (Mang Inasal) ...
sufficiency of capital and possible sources 6. Mariano Que (Mercury Drug) ...
of financial capital. 7. Cresida Tueres (Greenwich Pizza) ...
8. Cecilio Kwok Pedro (Lamoiyan
FINANCIAL FEASIBILITY Corporation)
- deals with the determination and 9. Alfredo M Yao (Zest-O)
construction of projected financial 10. Gregorio G Sanchez Jr (LactoPAFI)
11. Joe Magsaysay (Potato Corner)
statements to determine the profitability
12. Milagros, Clarita, and Doris Leelin
of the business.
(Goldilocks)
Final Selection of Ideas
- The main goal of conducting a feasibility
study or screening business ideas is to
emphasize potential problems that could

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