HOME ECONOMICS

Reporter: Opeña, Nestline C.

1. Generating business ideas
is the creative methods that an entrepreneur
uses to generate ideas for a new business. It also
helps entrepreneurs recognize new possibilities.
 Explore ways of generating
business ideas from one's own
characteristics and attributes
• Start with family
• Get a little help from your friends
• Tap your interests
• Travel
• Keep your eyes open
• Examine old mousetraps -- then build a better one
• Go online
1.1 Key concepts in generating business
ideas
Developing a good business idea begins with finding one.

1. Generate some ideas

2. Select the best idea
3. Research your idea
4. Refine your idea
5. Test your idea
6. Identify your market
1.2 Knowledge, Skills, Passions, and
Interest
 KNOWLEDGE
Knowledge has great value since it is inherently unique
to your organisation. It shapes and drives your business
activity, your ability to sell or do more, and stand apart
from your competitors.
 SKILLS
To mitigate the risk of financial loss or failure, it serves a
business owner to have a certain set of skills. A great
entrepreneur must be able to effectively communicate,
sell, focus, learn, and strategize.
 PASSIONS
Passion helps you set a solid foundation for your
business and establish core values. Passion gives you the
motivation and confidence that you need to deliver your
mission and purpose for what you do and why you do it.
 INTEREST
Entrepreneurial Interest is something that can
influence or encourage a person to achieve the
expected goals. A high interest must be in someone
who wants to be a successful entrepreneur because
a high entrepreneurial interest is able to create a
mind to be motivated in doing something.