Page 7 - Lesson Note 9

ENTREPRENEURSHIP

CLASS- XI

LESSON-9

CH-3: TOPIC – ENTREPRENEURSHIP JOURNEY

SUB-TOPIC: - GENERATION OF IDEA

1. A business idea is a concept that can be used to make money. Usually, it

centers on a product or a service that can be offered for money.
2. Different Sources of Idea: Generating idea is an innovative and creative
process. All entrepreneurs need to have ideas to initiate their

entrepreneurial ventures.
The different sources of idea are as under:

 Individual interest or hobbies.
 Work experience, knowledge and skills.

 Existing products and current services surrounding the environment.
 Friends and families.

3. Approaches to Generate Ideas: Ides can be generated through structured
approach or analysis and intuition.
Structured Approaches:

(i) Environment Scanning: The screening of large amount of
information to detect emerging trends. A large amount of

information is available from:
 Popular newspapers and magazines.
 Reviews.

 Government and consumer publications.
 Trade publications.

 Commercials, etc.

An entrepreneur should scan this information to generate ideas.

(ii) Creativity and Creative Problem Solving: It means cross thinking by

seeing new angels, connections and approaches. For generating idea