SESSION 4

BUSINESS OPPORTUNITIES IN HEALTH CARE INDUSTRY

Learning objectives:
 Describe business idea generation process
 Identify sources of business idea
 List possible health business opportunities
 Explain selection criteria for health business
opportunities
 Select appropriate health business opportunity
according to the selection criteria
BUSINESS IDEA GENERATION
Idea generation is something that is done to overcome the
challenges in the company or the business. Ideas are
generated based on creativity, and the need of the business
is looked upon. It usually requires many people, their
feedback, and their innovative ideas. Then the selection of
the best of the ideas is then made.

A good idea can come from anywhere and at any time. An

idea generation source refers to the people or places from
where the idea was inspired. It can be affected by both
external, as well as internal sources. The R&D department or
the analytics employees are a part of the internal sources.
On the other hand, external sources combine to form
suppliers, focus groups, educational institutions,
distribution channels, customers, government, and
competitors.
SOURCES OF BUSINESS IDEA

The problem you’re solving

Before you can reach a solution, you need to first understand
the challenge or obstacle ahead of you. That includes
researching the market, competitors, trends and so forth.
Equipping your team with this knowledge can lead to
insights that inspire creative solutions and imagination.
Target audience needs

It’s important to remember that creativity can come from

anywhere and anyone. Effective creative is driven by an
understanding of the target—what they need or care about
and how we can help them. Great creative work adds a layer
of imagination and insight to make the messaging, strategy
or approach unique and powerful.
Workplace culture

Your company culture should provide an environment in

which creative expression and active discussions are
encouraged. Great ideation can be difficult if employees do
not feel safe expressing their thoughts and/or opinions.
Where do you start to build a culture emphasized on
creative expression? From the top with transparent and
encouraging leadership.

Stakeholders & team members

Prior to the ideation process, determine who the key

stakeholders or team members are and whether they should
be included in the idea generation exercises. Examples of key
members might include department heads, CEOs, project
managers, account folks or creatives. From an approval
standpoint, having these people in the same room at the
start can ensure on-strategy solutions and early alignment.
Brainstorming

It is prevalent as well as a popular tactic followed by every

business. All the suggestions from the overall group of
people are considered; may it be right, may it be wrong. All
that matters here is the idea. A very quick session on
brainstorming and filtering the final idea is done before the
execution step.

Interests
Thousands of clever people have taken up hobbies and
turned them into a successful business. When you're doing
something, you love, it's never considered work.
Personal Skills and Experience
Personal Skills and Experience
Over half of the ideas for successful businesses come from
experiences in the workplace, e.g. a mechanic with
experience in working for a large garage who eventually sets
up his/her own car repair or a used car business. Thus, the
background of potential entrepreneurs plays a crucial role in
the decision to go into business as well as the type of
venture to be created. Your skills and experience are
probably your most important resource, not only in
generating ideas but also in capitalizing on them.

Examine old mousetraps .

"If a product doesn't meet your own high standards, create a
better one
Go online.
Make it a point to check out various sites daily. It may trigger
an idea or concept you never thought of.
POSSIBLE HEALTH BUSINESS
OPPORTUNITIES
health business opportunities in laboratory services sub-industry
are such as:
 Establishing a laboratory services equipments and supplies
enterprises
 Developing career as researcher
 Consultant
 Trainer
 Academician
 pharmacy
chemists
CRITERIA FOR HEALTH BUSINESS OPPORTUNITIES
1. Knowledge or expertise
2. Market or demand
3. Start-up costs
4. Competition
5. Location
6. Staff
7. Part time or full time
8. Availability of raw materials
9.