TESEUS - Training on Entrepreneurial Skills for EU Start-ups

What is a business idea?


COU_7_EN  

 Title
What is a business idea?

 Keywords
Business idea, Business Idea Grid, Entrepreneurial Behavior, Figuring Storming, Starbusting

 Author
EEO

 Languages
English

 Objectives/goals
The course “What is a Business idea?” aims to describe and explain the concept and the meaning of a “Business idea”. Under this module the participant will learn the main characteristics of a business idea, as well as the steps that should be followed in order to reach a "Business idea"


 Description
Through this module the participants will be able to:
• Understand the meaning of a Business idea;
• Develop their entrepreneurial behavior;
• Conceive the ability to reach your own business idea;


 Contents in bullet points
1. Module: What is a business idea

1.1. Unit: Introduction to “business idea” concept.
1.1.1. Section: Definition and characteristics of a “Business idea”.
1.1.1.1. Content: Description of the definition and the characteristics of a “Business idea”.
1.1.2. Section: Entrepreneurial behavior and business idea.
1.1.2.1. Content: The entrepreneurial behavior and the vocational development in the context of entrepreneurship.
1.2. Unit: How to reach to your own business idea?
1.2.1. Section: Reach your Idea
1.2.1.1. Content: Methods that can lead you to develop your own business idea
1.2.2. Section: Is your idea a “Business idea”?
1.2.2.1. Content: How to define if your idea is a “business idea”?

1.3. Unit: Viability of Business idea.
1.3.1. Section: When is a business idea viable?
1.3.3.1. Content: What makes an idea a viable business?

1.4. Unit: Case studies of successful and failed business ideas.
1.4.1. Section: Successful business ideas
1.4.1.1. Content: Case studies and successful stories
1.4.2. Section: Failed business ideas
1.4.2.1. Content: Case studies and failure stories

1.5. Unit: Guideline for the use of “Business idea grid”.
1.5.1. Section: Steps for the use of “Business idea grid”.
1.5.1.1. Content: Presentation and explanation of the grid



 Contents


 What is a “Business idea” ?

Introduction to “Business idea” concept


  Definition and characteristics of a “Business idea”

What is a “Business idea”?

A Business idea is the “idea” that can be transformed into a buyable service or traded good that has the potential to lead to a viable business. The “idea” is the ground, in which the whole business venture will be based. The “Business idea” and therefore the business venture is inextricably linked with its creator, since the latter has to identify the business value proposition in order to establish a competitive advantage.

 

 

 

 

 

 

 

 

 

Which are the characteristics of a “Business idea”?
Generate high profits and low risks
Identify market’s needs and gabs 
Low funding requirements
Identification of target group and customers
Sustainable
Identify risks
Escalation
High profit margins
Financeable

 



  Entrepreneurial behavior and business idea

Entrepreneurial behavior

 

The “entrepreneurial behavior” pertains to the detection of a new business idea, which aims at gaining profit and having a sustainable development. It depends on a person’s disposition to develop invention and innovation and its expressed through entrepreneurship. This type of behavior can also include the generation of a new element as well as its distribution and adoption throughout society.

 

There are three district characteristics of the entrepreneurial behavior:

·The ability to identify a business opportunity;
·The capacity to create a new venture in order to exploit the business opportunity;
·The capacity to manage the new venture in order to make it profitable;

 

The entrepreneurial behavior is vulnerable to changes and development. Therefore, following the behavioral approach, entrepreneurship as well as entrepreneurs can be developed throughout the growing of their venture.

 

Entrepreneurial behavior comprises of:

opportunity recognition;
initiative taking;
risk management;
 

 

Vocational development

Vocational development constitutes a field of vigorous investigation and is inextricable linked with vocational behavior.

 

Ginzberg established a schema of stages from the age of 6 until 25. Through this schema he had been able to research and analyze the process

of vocational development and the occupational decision making in three periods:

Fantasy
Tentative
Realistic
 
Following Tiedeman; Roe; Super; Holland (1972: 17) the tasks of Vocational Development are the forthcoming
·Consolidate a vocational preference
·Specify the vocational preference
·Implementing
·Entrench the chosen vocation
·Solidify status quo
·Developing the occupation

Entrepreneurial behavior and vocational education are combined.

The entrepreneurial behavior in the field of vocational education underpins a source of innovation and possibility through the development

of the core competencies:

 

 

More specifically, the core competences are:

Entrepreneurial behavior
Entrepreneurship knowledge
Occupational adaptation
Occupational self-efficacy
Creative thinking
Networking Skills
Team-working Skills
Entrepreneurial Climate 

 



How to reach to your own business idea?


  Reach your Idea

Methods that can lead you to develop your own business idea

 
 
·Surfing Online
·Market Research
·Your own interests
·Travel
·Meet new people
·Develop new ways of thinking 


  Is your idea a “Business idea”?

 

How to define if your idea is a “business idea”?
 
 
·Search for opportunities in your own community; 
·Personal experiences;
·Being a team player;
·Thinking out of the box;


Viability of a Business Idea


  When is a business idea viable?

What makes an idea a viable business?

 

Viable Business idea

“ A viable business idea should present a compelling opportunity that considered markets and customers, as well as a business model that will enable them to achieve success” (Foo, Wong, Ong, 2004: 12)

 

 

How to reach your own viable business idea?

 

Start making Questions

 

In what am I good?

What problems does my society face??

How can I solve these problems?

Can I develop new niches?

 

 



Case studies of successful and failed business ideas


  Successful business ideas

Facebook

Investor: Mark Zuckerberg

Date:2004

Scope: Originally launched to select college campuses

 

SparkVision

Investor: MaryBeth Hyland

Date: 2015

Scope: Development of a workplace culture to create environments where people thrive.



  Failed business ideas

Homeless Tour

Investor: Mike Momany

Date: 2013

Scope: For 2,000 $ clients had to spend some guided days in the street with homeless

 

 

 

Breakfast Cola 

Investor: Pepsi A.M

Date: 1989

Scope: A soft drink to be consumed for breakfast



Guideline for the use of “Business idea grid


  Section: Steps for the use of “Business idea grid”.

The “Business idea grid contains five separate sections

 

Individual Resources
Team Resources
Needs of the Territory
Dreams, Personal Aspirations
Ideas
 
 
 
How a Business Idea Grid look likes
 
 
 
 
Steps that you should follow 
Read carefully the titles
Use different techniques:
oBrainstorming
oFiguring Storming
oRapid Ideation
oStarbursting
Have a break 
Fill the tables with the order that have     been developed
Read your Ideas
 

Always Remember...

 

The “Idea” is important

 

But…

 

“Execution” is the key

 

 

 

Follow the instructions and fill in the “Business Idea Grid” provided



Test Yourself


  Questions

1.A Business idea can be transformed into a buyable service or traded good, which has the ability to lead to a viable business. True/ False
 
2.Occupational adaptation does not represent one of the core competences that can encourage the entrepreneurial behavior into a source of innovation. True/ False
 
3.Which of the forthcoming does not represent a characteristic of a “Business Idea”?
a)Escalation
b)Low profit margins
c)Low funding requirements

 

4.   Which of the forthcoming is the main technique able to develop your mentality and creativity?

a)Starbusting
b)Brainswarming
c)Burnout


  Answers

1.A Business idea can be transformed into a buyable service or traded good, which has the ability to lead to a viable business. True/ False
 
2.Occupational adaptation does not represent one of the core competences that can encourage the entrepreneurial behavior into a source of innovation. True/ False
 
3.Which of the forthcoming does not represent a characteristic of a “Business Idea”?
a)Escalation
b)Low profit margins
c)Low funding requirements

 

4. Which of the forthcoming is the main technique able to develop your mentality and creativity?

a)Starbusting
b)Brainswarming
c)Burnout

Copyright © 2018-2021 All Rights Reserved

teseusproject.eu@gmail.com
TESEUS Partner TESEUS Partner TESEUS Partner Super partner
TESEUS Partner TESEUS Partner TESEUS Partner TESEUS Partner

TESEUS Ref. 2018-1-RO01-KA202-049281
This project has been funded with support from the European Commission. This web site and its contents reflects the views only of the authors,
and the Commission cannot be held responsible for any use which may be made of the information contained therein.

Erasmus +