IDEATION STRATEGIES AND DEVELOPMENT INTO A BUSINESS IDEA

OPPORTUNITIES IDENTIFICATION
- Identifying the opportunity is when a individual realizes a business idea with
good returns that has been discovered. It requires keen scanning of the business
environment being alert about the changing information, and the ability to use the
information effectively.
IDEAS GERMINATION
- this is the seeding stage where the entrepreneur recognizer that an opportunity
exists. The idea germination takes place according to the interest, and curiosity
of the entrepreneur according to which opportunity is explored and exploited to
it's best potential.
PRODUCT INNOVATION
-Product innovation is the creation and subsequent introduction of a goods or
service that is either new, or an improved version of previous goods or services.
There are three key types of innovation
•Sustaining Innovation
•Provides the highest quality
•Product to it's best customer
NICHE
- niche is a product targeting a specific section of a longer industry and market .
Niche product are often (but not always) more expensive than more generic products.
Because niche products are fulfilling a particular specialist demand, we find that
demand tends to be more price inelastic.
ENTREPRENEURSHIP MODEL
-The Entrepreneurship Model is nothing but the methodology that properly structured
in order to incorporate the entrepreneurial traits in the businesses.
BUSINESS MODEL CANVAS
Business model canvas (BMC) is a strategic management tool to quickly and easily
define and communicate a business idea or concept.
There era nine building blocks that represents different fundamental elements of a
business and they are:
-CUSTOMER SEGMENT -VALUE PROPOSITION
-CHANNELS -CUSTOMER RELATIONSHIP
-REVENUE STREAMS -KEY ACTIVITIES
-KEY RESOURCES -KEY
PARTNERS
-COST STRUCTURE