L.3 - Business Idea Generation

First conduct market research,

Indian, foreign or local

Study it conscientiously,

And decide on enterprise goal.

UDYAM SHASTRA - Chapter 07, Verse 01

Key Objectives:

To stimulate, generate, initiate and check out ideas for enterprise projects.

Enterprise Concepts:

Ways to find enterprise ideas.: WAYS TO FIND ENTERPRISE IDEAS

Enterprise Skills: The student 'Activities' in each lesson are designed to clarify the ENTERPRISE CONCEPTS of the lesson and develop some ENTERPRISE SKILLS (E.SKILLS). The E.SKILLS included in a lesson may not be exhaustive, but are indicative.

E.SKILLS stated in a lesson elsewhere may also get addressed through the activities of a particular lesson.

Some useful E.SKILLS are dealt with below:

Creative thinking.: This refers to the entrepreneur applying his mind in innovative ways.

Audio-Visual learning.: Ability to learn from listening and viewing training videos, audio etc.

Generating ideas.: Bring forth new useful ideas through a process that may include inquiry, observation, research, exploration, spontaneity etc.

Reading minds.: This is the uncanny knack that an entrepreneur must develop which will enable him to judging what is on the minds of the people he is interacting with, viz consumers, competitors, peers, government officials etc.

For this purpose the entrepreneur may use techniques like market research, observation & correlation with previous experience, common sense etc.

Observation notes.: An entrepreneur needs to observe and make conscious notes of information that relates to his enterprise requirements. This is called observation skill.

Recognizing & perceiving.: Recognizing & Perceiving skills are related to observation skills. Recognizing skills helps to understand the similarities and differences between observations. This helps to "perceive" i.e. understand what is observed.


Activity 1 - Riding your hobby horse.

Activity 2 - Enterprise-enterprise everywhere.


Instruction to Students • Following are some ways to find Enterprise /Business Ideas. Complete the blanks in the table by either filling in the blank in left hand column of " Way to find the Enterprise /Business Idea" or the blank in the right hand column of "Enterprise / Business Idea". One or more examples could be filled in each time. • After completing the activity, each group should present and share its main discussion points with the rest of the class.