Reflection Blog for chapter 5: Creativity and the Business Idea
As you walk along the malls and see different stores with different products or services, did you ever wonder how they came up of selling these products or services to the consumers? As an entrepreneur, have you ever thought of what kind of business would you want? Probably you would be sitting on your table thinking what to offer to the public as your product or service. There are so many to choose from and from those just starting, only one or few products or services can be marketed. Without the necessary knowledge of what the market wants will be difficult for an entrepreneur to create its business plan. So this blog will provide a short summary of the chapter, the necessary methods of generating ideas that an entrepreneur needs to know and why being creative will lead to successfulness.
We have tackled in our class another chapter of the book, Entrepreneurship by Hisrich, Peters, and Shepherd, Creativity and the Business Idea which is important to entrepreneurs in starting their ventures. The first step for every venture to be successful must first determine the products or services to offer. Through various techniques of acquiring ideas that can be generated internally and/or externally, the entrepreneur can evaluate what is best to offer to the market. Some of the techniques used by entrepreneurs to generate ideas are: understanding the consumers’ opinion using focus group, another is problem inventory analysis through which consumers associate particular problems with specific product and then develops a new product without the identified faults and, the other techniques can be taken from the book. The popular and effective way to generate numerous ideas is brainstorming; a technique useful in both idea generation and problem solving stimulates creativity by allowing small group of people to work together in an open, nonstructural environment. Once ideas are generated the planning and development process will begin but entrepreneurs must constantly evaluate ideas in order for the venture to be successful.
As a student in Asia Pacific College- an affiliation of SM and IBM foundation, we have learned that these techniques are very important for us to come up with our ideas. Our professor, Mr. Ramon Duremdes Jr., in our Entrepreneurship class came up with a good project for our groups to create our business plan. And what we have learned in the book became a great help for our group to generate enough ideas that will lead us to the products or services we would offer to the market. But with those numerous ideas, it is difficult to choose which one is the best. With the help of other articles like “Knowing a Winning Business Idea When You See One”, it has help us what is best for our chosen market especially the buyer utility map.
Though there are many methods available, these will all definitely lead to a business idea. But an entrepreneur must first determine where he can get the sources of new ideas, like from consumers, from other product and services, federal government, Distribution channels, and from the research and development. And it is very important that the business plan may be implemented in the country, because the differences in the economy, culture and other factors may affect the business plan.
In our today’s business world it is hard to capture the market by just creating a product or service that is the same as the competitors. It is better to create your own market, this strategy is called Blue Ocean Strategy, creating new market space or "blue ocean" rather than competing in an existing industry. And one way is for an entrepreneur is to be creative and be innovative. This will definitely capture the eyes of consumers and create your market without or with few competitors if it cannot be avoided.
By learning this, it will help young entrepreneurs to create their business plan and eventually lead to a smooth implementation of the plan. So it is very important to dissect enough ideas and be creative to have a successful venture because there will be no venture if there was no idea from the entrepreneur.
As you walk along the malls and see different stores with different products or services, did you ever wonder how they came up of selling these products or services to the consumers? As an entrepreneur, have you ever thought of what kind of business would you want? Probably you would be sitting on your table thinking what to offer to the public as your product or service. There are so many to choose from and from those just starting, only one or few products or services can be marketed. Without the necessary knowledge of what the market wants will be difficult for an entrepreneur to create its business plan. So this blog will provide a short summary of the chapter, the necessary methods of generating ideas that an entrepreneur needs to know and why being creative will lead to successfulness.
We have tackled in our class another chapter of the book, Entrepreneurship by Hisrich, Peters, and Shepherd, Creativity and the Business Idea which is important to entrepreneurs in starting their ventures. The first step for every venture to be successful must first determine the products or services to offer. Through various techniques of acquiring ideas that can be generated internally and/or externally, the entrepreneur can evaluate what is best to offer to the market. Some of the techniques used by entrepreneurs to generate ideas are: understanding the consumers’ opinion using focus group, another is problem inventory analysis through which consumers associate particular problems with specific product and then develops a new product without the identified faults and, the other techniques can be taken from the book. The popular and effective way to generate numerous ideas is brainstorming; a technique useful in both idea generation and problem solving stimulates creativity by allowing small group of people to work together in an open, nonstructural environment. Once ideas are generated the planning and development process will begin but entrepreneurs must constantly evaluate ideas in order for the venture to be successful.
As a student in Asia Pacific College- an affiliation of SM and IBM foundation, we have learned that these techniques are very important for us to come up with our ideas. Our professor, Mr. Ramon Duremdes Jr., in our Entrepreneurship class came up with a good project for our groups to create our business plan. And what we have learned in the book became a great help for our group to generate enough ideas that will lead us to the products or services we would offer to the market. But with those numerous ideas, it is difficult to choose which one is the best. With the help of other articles like “Knowing a Winning Business Idea When You See One”, it has help us what is best for our chosen market especially the buyer utility map.
Though there are many methods available, these will all definitely lead to a business idea. But an entrepreneur must first determine where he can get the sources of new ideas, like from consumers, from other product and services, federal government, Distribution channels, and from the research and development. And it is very important that the business plan may be implemented in the country, because the differences in the economy, culture and other factors may affect the business plan.
In our today’s business world it is hard to capture the market by just creating a product or service that is the same as the competitors. It is better to create your own market, this strategy is called Blue Ocean Strategy, creating new market space or "blue ocean" rather than competing in an existing industry. And one way is for an entrepreneur is to be creative and be innovative. This will definitely capture the eyes of consumers and create your market without or with few competitors if it cannot be avoided.
By learning this, it will help young entrepreneurs to create their business plan and eventually lead to a smooth implementation of the plan. So it is very important to dissect enough ideas and be creative to have a successful venture because there will be no venture if there was no idea from the entrepreneur.
