Practical No.3 - EDE

Assignment No.
03
Title: - Generate business ideas (product/service) for entrepreneurial and

intrapreneurial Opportunities through brainstorming.
Theory: Brainstorming allows people to think freely, without fear of more judgment.
Brainstorming encourages open and ongoing collaboration to solve problems and generate
innovative ideas. Brainstorming helps teams generate a large number of ideas quickly, which
can be refined and merged to create the ideal solution.
Action Steps to Transform a Bright Idea into a Successful Business
 Figure out a problem that your idea solves.
It is normal to be subjective and emotional toward your precious idea. Desire is part of the
process, but you need sales to keep you in business. Instead of honing in on the great solution
at first, work on identifying a common problem your product will solve.
 Research the competition.
You may have never heard of your idea or see anyone around doing it, but take it step further.
Do your homework to see if similar products or services exist. That could save you the
headache of entering a saturated market or help you enter from a different angle. Similar
products or services could use your idea and what you can do to improve them.
 See a business consultant.
A professional can guide you through completing each step on your way to structuring your
idea into a viable business. They can act as a mentor to help you talk through if the idea
makes sense to pursue. Business consultants have an abundance of networks and could help
you connect with the right business funding too.
 Find a market for your idea.
Even if everyone wants your product, not all of them need it, can afford it or will buy it. The
objective is to up your chances of reaching buyers. Market research is an important step to
have a solid marketing plan and promote to people who will convert into customers. Consider
demographic information such as age group, residence, income, a line of work and hobbies.
 Find support and build your team.
Business partners and a team who want to see you succeed could speed up the process.
Bringing the best of what each of you has to the table with a team around you increases your
chances of longevity in the business. Big business names like Google, Apple, Twitter, Proctor
and Gamble and Ben & Jerry's can attribute their lengthy business success to fusing good
qualities within their partnership.
 Create your business plan.
This foundation for success breaks down every component of your business. Creating a
business plan will put all the concepts swarming around in your head in one place on a
document. It helps you narrow down critical projections for at least the first five years. Most
investors require some form of a business plan to consider placing their trust in your idea or
company. Focus on these areas:
 Executive summary.
 Market analysis.
 Execution.
 Company and team information.
 Product or service.
 Financial plan.
 Find investors for your idea.
Start with options that have the least amount of risk in the early stages. Friends and loved
ones, personal savings and crowd funding pose the least risk to your credit and are easier for
a startup to obtain. With more experience, pitching to a venture capitalist or angel investor
could yield more funds in exchange for company equity.
 Solidify your brand and promote your business.
Influencers control a large portion of market activity, so that means you need to be the face
of your brand. Work on building a loyal following on social media before your business idea
launches. Build email lists, submit press releases and create anticipation for your upcoming
product or service.
Helpful Tips to Remember During the Process

 Pursue what you love to do.
All the work you put in has to be about more than money. Passion will be the driving force
behind your idea. It is invigorating to work toward a business doing what you love. Without
that enthusiasm, it feels more like work that you will not want to continue.
 Think about how your idea will serve society.
The world needs your ideas to transition to useful products and services. They need
convenience, fresh solutions and relief from things that cause physical pain, or that are just a
pain in the rear. Aspiring entrepreneurs need inspiration and motivations from seeing you
win. Your brilliant idea can do great things for the community, or even the nation.
 Build relationships and reach out when you need to.
Networking still works in this century, and evolutions have expanded the ways we can reach
out. Social media groups, meet-ups and mixers make it easy to make business friends close to
home or abroad. Forming these bonds will make your journey less lonely and give you
resources to nurture ideas. Connect with entrepreneurs of all levels and types to learn how
they are propelling their idea.
 Keep an open mind.
Seasoned business owners, business partners or mentors may be eager to critique your idea or
challenge different areas of it. Be open to learning and trying new business strategies. You
may
have to release what you had your heart set on and opt for what makes sense from a
marketing or financial perspective.
 Be ready for growth.
You will grow personally and professionally as you devote a chunk of your time to building
your business. As the business grows, you will also have learning curves that will expand
your mind and the business. Scalable growth is essential in the early days to make sure your
demand does not exceed your supply and your workforce does not outweigh your working
capital.
 Prepare for delayed gratification.
Bringing your business idea to life will require sacrifice. To nurture your "baby," you will
work a lot of hours with little immediate return. Delaying your social life, income and sleep
are common in the startup phase, but you will reap your reward when the business takes off.
 Don't let fear hold you back.
Some call it False Evidence Appearing Real. You create fictitious circumstances in your
mind of what could happen based on previous experiences or witnessing others' experiences.
Don't get stuck in fear. Move forward with a plan and action backing your idea. Feed
positivity to your mind by cancelling self-limiting beliefs and infusing affirmative thoughts.
How to do the exercise: -

1. Make a group of 2 students.
2. Choose a facilitator.
3. Facilitator put an idea about any business.
4. Everybody can write your own ideas on a paper within 5 minutes.
5. Out of different ideas you put on paper choose 5 best ideas without sharing anyone
member of your group.
6. Facilitator collects the ideas from everyone and shows to all without any discussion
7. Give 3 minutes to all to think over it and vote the ideas without any discussion.
8. Facilitator then arranges the voted ideas in order of priorities.
9. Finally put one final best idea which their group is found.
Actual Procedure Followed:-

1. A group of 2 students was formed by our ma'am, as well as ma'am selected one
member as a facilitator.
2. Then we all wrote our business idea on notebook, each member lists at least 5 idea.
3. Then our facilitator combined all the ideas on a single page.
5. Then we did voting to select one idea. Facilitator told everyone to select at least 5 ideas out
of total and the first idea which we would select will have the highest priority.
6. The idea " Starting the all required Government Document service providing agency." got
the highest voting hence it was our best idea.
7. Then we discussed on the various aspects like how can idea be implemented in real, what
resource we will require, what can be the turnover (income), the worker population we
required, etc.
8. We presented our work in front of ma'am.
Conclusion:
Generated business ideas various business ideas and among them top 5 are:
1) EdTech Startup
2) Digital Marketing
3) Robot Delivery Startup
4) Live Chat Services
5) Cloud-Based Services
Corse: Entrepreneurship Development (22032).
Name: Om Ramdas Derle
Roll No.:12Batch: A Date:16/02/202
3
Class: TYCM-I
Business Partners:
1) Om Derle
2) Om Dhumal
Business Ideas:
1) EdTech Startup
2) Digital Marketing
3) Robot Delivery Startup
4) Live Chat Services
5) Cloud-Based Services
Best idea: "Digital Marketing."
Description of our idea:

From pamphlets to television sets and now on smartphones, marketing has evolved a lot over
the past few years to grab the attention of the target audience. If you have the right creative
team, digital marketing is a great idea for a great tech startup.
Given below are simple steps to help you establish a digital marketing agency:
Improve your digital marketing knowledge and self-esteem.

Determine what services to provide.
Determine how you intend to run your. business
Register your company.
Create a web presence for yourself.
Display your experience and knowledge.
Select the appropriate tools.
Establish your business model.
Create your portfolio.
Create your procedures.
Create a digital marketing team.

Practical No.3 - EDE

Uploaded by

Copyright:

Available Formats

Practical No.3 - EDE

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Practical No.3 - EDE

Uploaded by

Copyright:

Available Formats

Assignment No.

Title: - Generate business ideas (product/service) for entrepreneurial and

Helpful Tips to Remember During the Process

How to do the exercise: -

Actual Procedure Followed:-

Best idea: "Digital Marketing."

Description of our idea:

Improve your digital marketing knowledge and self-esteem.

You might also like

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.