Page 5 - Lesson Note 9

through this technique, a number of specific approaches can be used,

which are as follows:
(a) Attribute Listing.
(b) Free Association.

(iii) Brainstorming: A group of persons sit together and generate a
number of business ideas by innovating alternative ways of meeting

the needs and solving problems.
(iv) Focus Groups: Various seminars and conferences are arranged
periodically where experienced and well-established people are

invited. These occasions are very useful for new and upcoming
entrepreneurs to interact with experienced business people and to

obtain tips for their business projects.

(v) Market Research: A detailed study is conducted to find out the

demand and supply position so that one can produce the product
with high demand and low supply. It also helps the entrepreneurs to

get the new ideas regarding the size, shape, quality and other
features to be included in products according to the preferences of
customers.

4. Importance of Evaluating Ideas:

(i) To decide what is important.
(ii) To identify strengths and weakness of the idea.
(iii) To make the best use of limited resources.

(iv) To minimize risks while maximizing returns.

5. Business Idea Vs. Business Opportunity:

 Business idea is a concept that can be used to make money. It usually
focus on a product or service.

 Business opportunity is an economic idea that can be converted into
business enterprise to earn profit. Business idea can be converted

into opportunity only when:
o It is feasible.