Business Development

Business Ideas

* Having a good idea is not good enough. It might sound good to the person that thought it up but is there market demand or customer need for that idea or service?

* Having an idea is the way to start any business and investigating it. Good entrepreneurs have a way of identifying a good idea for starting a business.

* With a new idea have to get data on the target market and identify if there is a need or market demand. Have to work on solutions to fulfil that demand.

* Don't get too attached to ideas as if there is not market need then it is unwise to pursue and use that product or service.

Business Opportunity

* A business opportunity is a potentially profitable combination of a real, but unmet, market need, and a feasible way of satisfying that market need.

* Market needs and technology are changing at a fast pace so the opportunity for new business come fast and go fast

Business idea sources

* Idea driven business is when a person thinks of a great idea for a new business and discusses it with friends and family to get their reactions. The more they agree and the more the person thinks about it to introduce the new product or service.

* Idea given business is when a person uses their personal experience and skills to start a new business with what they know best. An example is a real-estate seller in Epping, Tracey Yap, who used to work for a company and she made a very good name for herself and made her own real-estate business in Epping.

* Idea seeking business is when a person thinks of a new idea and researches the market to see if there will be any demand for it.

PERSONAL LINKAGES

 Knowledge and Understanding: Reading through this unit I have seen that if I come up with an idea or business plan that I have to do proper research before even considering putting money into it. I would have to first see if there was even a need in the current market for my product or business idea and if customers needed it to provide me with a profit. I would have to see if I have the proper skills to start the business or make my idea a reality. If possible I would also look into making a team of individuals with specific skills, either friends or family, to see how they can help contribute to the idea.

 Skills: Need to have a business idea or plan that has current demand and need in the market. Have to investigate the market thoroughly for good investment opportunities.

 Linkages: With my current course based on computers after reading this unit I was feeling if there was a need for a computer service facility in my local area. Just to go to peoples houses to fix their computers for hardware, software and network problems. My idea is based on that I have good knowledge of computer software and hardware and my brother has a Cisco networking certificate for any networking problems. It would start as a out of home on site business and see how it goes for 6-12