...New Idea…New Business Virginia Fincher AIU Online Abstract I have a great idea for a new kind of home appliance that, I believe, will meet the everyday needs of consumers. I have done some market research and now have to convince my husband that my idea is legitimate. I have to consider the different business types. The pros and cons of each type and make a decision on which business type would best suit my needs. Title of Paper I have a great idea for a new kind of home appliance that, I believe, will meet the everyday needs of consumers. I have very little financial skills and no management skills. I need to create a company so I can begin the process of introducing my product to the consumer. I do not have a very high net worth, so I don’t know how I will get the funding I need to begin this journey. There are products on the market now that are similar to my idea, but have been proven dangerous. I don’t have any knowledge about manufacturing this product, except that it will cost a lot of money. I do believe that if I can get it manufactured and presented to the consumer, it would be applicable in a wide range of other products. I now need to convince my husband that my idea is legitimate. I have given him two examples of other products that were invented for one purpose, but have proven to have very widespread uses. I believe my product will have the same success. I have completed some...
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...Introduction In today’s world business/services has become a very vital option as an earning source. Businesses provide goods, services, and jobs. Without businesses, every family would have to be experts at all facets of life: cooking, mechanical work, farming, surgery, computer manufacturing, video production, etc. Life would not be practical. Business provides needs and wants. It's much easier than being self-sufficient for everything in your life. It then helps with specialization of task, then everyone is more efficient in what they do and as a result, society has more. Concept Keeping track of grocery items has been a major concern of all household since the beginning of time. There are a number of items that is being purchased in the household. All of these products has a life cycle, either to use them or expire date. Our concept for a new business/service is to have a mobile app that will help keeping track of the groceries in the household. This service will be an extended service of a super shop (example: Agora, Nandon). The super shops have a membership system. Under that system they collect information about the customers shopping habits. Our app will be updated as soon as the members shopping from the super shop with the list of purchases and their validity period. The app will calculate the time the member needs to purchase those items again and will notify them. The Service Super shops have become a major source of daily household product supplier. From...
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...Fitness Facility New Business Idea My business idea is to open a fitness studio with a twist. Not only will patrons have a fitness studio accessible, but I will also offer a spa and tanning facilities. I will also offer nutrient services. This will be my for format for patrons to access not just physical fitness from a personal trainer if desired or work out on their own, but also have access inner and outer fitness and beauty. This will be a facility where one can come and receive specific skin care from certified esthetician and receive a massage therapy from a certified massage therapist. If the customer is looking to not just work on the outside, but the inside as well there will be nutrient advisors on hand to advise and formulate a plan specific needs along with them workout program to help meet customer goals. It will be a one stop place for women and men looking to get all their beauty needs in on place. Decisions, Decisions and More Decisions There will be some obstacles for this new business. I believe the biggest will be finding the proper investment. I will need to convince investors with my business plan that this is a need for such products and services and that consumers are willing to pay for it. I will also need to find the best location for my facility and what my demographics will be. My plan will be in a high populated affluent area where consumers will be willing to have the income to pay for memberships and other services. Staff and Hours of Operation ...
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...GLOBALIZATION Globalization is the increasing integration of different national economies into one global market economy. It alters competitiveness conditions with the arrival of new players on the global scene and causes traditional roles to be redefined. GLOBALIZATION AS A GLOBAL TREND What seems to be a novelty is, in fact, a series of changes related primarily to the gradual removal of trade barriers, financial market deregulation, the communication technology revolution, and the impact of a more informed society. The causes of the current globalization wave include: • Technical and scientific progress, especially developments in the telecommunications sector and the communications sector as a whole. • Widespread transport use on an international scale. • A strong increase in demand for goods and services, resulting from a wealthier population and greater life expectancy. THE DIMENSIONS OF GLOBALIZATION Globalization is far from being one-dimensional. Economically, the primary effects of globalization are seen in the reduction of protectionist policies, the liberalization of international economic transactions, and the expansion of Foreign Direct Investment (FDI). Technological advances contribute decisively to productivity improvement, economic growth, and international trade. From a political perspective, one of the consequences of globalization is the loss of the countries’ independence on certain issues in that international decisions are directly filtered...
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...[Follow via Facebook] [Follow via Twitter] [Follow via Linkedin] [Follow via Google+] TECH SOLUTIONS NEWS & TRENDS STARTUP BASICS FINANCE SALES & MARKETING CAREERS TRENDING: Business Idea Generator // Starting a Business // Cloud Computing // Email Marketing // Starting a Website // Small Business Resource Center Reference: Innovation: Key to Successful Business by Chad Brooks, BusinessNewsDaily Senior Writer | September 23, 2013 08:20pm ET 21 33 1 Reddit 23 ideas, inventions, patents [Pin It] Credit: Light bulb idea image via Shutterstock View full size image One of the keys to any successful business is being able to come up with new ideas to keep operations, products and services fresh. The process of bringing those ideas to reality is called innovation. While thinking up new ideas is one step of the process, businesses have a much greater task in trying to turn that into an actual product or service that will benefit customers. In an article he wrote for BusinessNewsDaily, Fusion92 vice president of innovation Jacob Beckley said while innovation might have slightly different meanings depending on the industry, its core is universal. "It embodies the improvement of something that has come before," Beckley wrote. "It is the evolution of convenience, efficiencyand effectiveness." The companies that do this best, according to Beckley, are the ones that will ultimately have sustained success. "In the vast...
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...Launching New Ventures, 4e (Barringer/Ireland) Chapter 2 Recognizing Opportunities and Generating Ideas 1) BenchPrep, the company profiled in the opening feature for Chapter 2, sells an iPhone app to help students prepare for the GMAT and other exams. The original idea for the company stemmed from the founders' recognition that if people could use their iPhones to study for the GMAT: A) they wouldn't have to carry heavy study books around and they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions B) they could study more questions and a computer within the app could keep track of their progress on practice exams C) they could save money by not having to buy multiple study guides and a small computer within the app could keep track of their progress on practice exams D) they wouldn't have to carry heavy study books around and they could interact online with other people preparing for the GMAT and similar exams E) they could maximize their study time by catching a few minutes of studying between meetings and on similar occasions and they could save money by not having to buy multiple study guides Answer: A Diff: 2 Page Ref: 41 Topic: Identifying and Recognizing Opportunities AACSB: Reflective Thinking Objective: Describe the role of entrepreneurs and small business 2) A(n) ________ is a favorable set of circumstances that creates a need for a new product, service, or business. A) idea B) scheme ...
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...uk Intellectual property rights and entrepreneurship Introduction People have ideas all the time. In business, new ideas can lead to new products and services. They can lead to a better way of doing something. Ideas can come from existing businesses through research and development. For example, Apple, an established technology company, developed the iPod. Many ideas come from entrepreneurs who go on to start up new businesses. Ideas generate value to the economy by encouraging people to buy or invest in new developments. They also inspire competitors to invent new products in order to regain market share. Intellectual property rights (IPR) can be used to protect the technology, brand name, design and creativity behind the concept. It gives the creator sole ownership of the concept, in a similar way to owning physical property like a house or car. Owners can control the use of their intellectual property to gain financial reward. The UK Intellectual Property Office (UK IPO) helps owners and entrepreneurs to protect their concepts or creativity by registering their intellectual property rights CURRICULUM TOPICS • Entrepreneurship • Enterprise • Types of business • Innovation GLOSSARY Research and development: processes that involve investigating new ideas for products and taking them forward to be test marketed. Entrepreneurs: people who use their ideas and energies to invest in a business in return for profits. Value: how much money something could be sold for. Economy:...
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...trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid steer. John deere is trying to expand on its business idea. Scott is fed up with it and needs our help. He is working on the new skid...
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...Process Entrepreneurship is the American dream for many people. This dream means one can be their own boss and express their own ideas. Successful entrepreneurs tend to follow multiple steps to achieve their goal is business. These processes include four distinct stages: (1) identify and evaluate the opportunity, (2) develop a business plan, (3) determine what resources are necessary, (4) managing the new business (Hisrich, Micheal, & Shepherd, 2005). It is these four stages that give the entrepreneur a better understanding of the organizational and financial feasibilities of the new business (Barringer & Ireland, 2010). It is the order of these stages, which allow the entrepreneur to determine the best course of action to ensure the success of the new business. This paper will cover the order of the stages and importance of the stages from an individual and corporate perspective. Identify and Evaluate the Opportunity The first stage in the entrepreneurial process is to identify and evaluate the business opportunity. There are four environmental trends: (1) economic, (2) social, (3) technological advances, and (4) political and regulatory changes (Barringer & Ireland, 2010). Understanding these trends is helpful in determining the location of the business and the technology appropriate for the area. First is to understand the economic and social trends in the market place. When the economy...
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...to generating, converting, and diffusing ideas. by Morten T. Hansen and Julian Birkinshaw Mick Wiggins E XECUTIVES IN LARGE COMPANIES often ask themselves, “Why aren’t we better at innovation?” After all, there is no shortage of sound advice on how to improve: Come up with better ideas. Look outside the company for concepts and partners. Establish different funding mechanisms. Protect the new and radically different businesses from the old. Sharpen the execution. Such strategic counsel, however, is based on the assumption that all organizations face the same obstacles to developing new products, services, or lines of business. In reality, innovation challenges differ from firm to firm, and otherwise commonly followed advice can be wasteful, even harmful, if applied to the wrong situations. hbr.org 1179 Hansen_new.indd 121 | June 2007 | Harvard Business Review 121 5/2/07 8:05:09 PM The Sophisticated Innovator Consider how two different CEOs confronted the innovation challenges facing their companies. When Steve Bennett joined Intuit, the maker of the financial software programs Quicken and QuickBooks, in January 2000, it was a company with lots of ideas – most collected from outside the organization – but little discipline for bringing those ideas to market. “We had a lot of energy focused on learning from customers,” the CEO recalls, “but we were struggling to decide which ideas would have the highest impact.” To fix this...
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...GENERATING IDEAS LEARNING OBJECTIVES |1. |Explain why it’s important to start a new firm when its “window of opportunity” is open. | |2. |Explain the difference between an opportunity and an idea. | |3. |Describe the three general approaches entrepreneurs use to identify opportunities. | |4. |Identify the four environmental trends that are most instrumental in creating business opportunities. | |5. |List the personal characteristics that make some people better at recognizing business opportunities than others. | |6. |Identify the five steps in the creative process. | |7. |Describe the purpose of brainstorming and its use as an idea generator. | |8. |Describe how to use library and Internet searches to generate new business ideas. | |9. |Explain the purpose of maintaining an idea bank. | |10. |Describe three steps for protecting ideas from being lost or stolen. | CHAPTER OVERVIEW This chapter begins by describing the difference between an opportunity and an idea. Students...
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...Assignment on New Product development Course Title : Principles of Marketing Course Code : BBA 2107, Sec: D SUBMITTED TO: Jannatul Mawa Nupur (Senior Lecturer ) Faculty of Business Northern University Bangladesh. SUBMITTED BY: Md. Razaul Karim ID: BBA 060101715 Md. Musfiqur Rahman I.D: BBA 080102476 Ayeasha Siddika ID : BBA 060101555 Md. Ariful Islam ID : BBA 080102596 Date of Submission: 11th May, 2009. [pic] Table of Content |Name of the Contents |Page Number | |Definition |1 | |Packaging Fish |2-3 | |Mum Juice |4-5 | |Packaging Vegetable |6-7 | |Solar Mobile Battery |8 | ...
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...Harvard Business Review The Harvard Business Review has one goal: to be the source of the best new ideas for people creating, leading, and transforming business. Since its founding in 1922, HBR has had a proud tradition as the world's preeminent management magazine, publishing cutting-edge, authoritative thinking on the key issues facing executives. HBR's articles cover a wide range of topics that are relevant to different industries, management functions, and geographic locations. They focus on such areas as leadership, organizational change, negotiation, strategy, operations, marketing, finance, and managing people. While the topics may vary, all HBR articles share certain characteristics. They are written for senior managers by experts whose authority comes from careful analysis, study, and experience. The ideas presented in these articles can be translated into action and have been tested in the real world of business. Proposals for articles demonstrating fresh thinking that advances previous knowledgewhose practical application has been thought through in clear, jargon-free languageare those most likely to meet our readers' needs. When evaluating an idea, our editors often look for two things firstwhat they call the aha!How compelling is the insight?and the so what?How much does this idea benefit managers in practice? The best way to inquire about HBR's potential interest in a topic is to prepare a proposal. It can be submitted by mail or electronically and should answer...
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...The Digital Business Evaluation Process Overview Typical corporate budgeting routines were conceived for large, predictable businesses. The conditions were designed more for conservative and cautious environments rather than quick-moving entrepreneurial situations. As more companies continue to focus on e-Business ventures, the responsibilities for envisioning, researching, financing and implementing project ideas becomes cumbersome. Combining this with the continuously emerging Internet technologies and the result is an extremely short timeframe for creating new business models and getting ideas to market. Corporations are rapidly generating ideas, but are finding it difficult to evaluate and implement because they are used to the traditional, comfortable pace and level of detail with which ideas are researched and analyzed. There is a compelling need for a repeatable methodology to identify, validate and implement new opportunities in an efficient and conclusive manner. The benefits behind a repeatable process are two-fold. First, it provides a quick and consistent method for screening ideas and secondly does not put undue pressure on business managers who are preoccupied with running the current business. Intro to evaluation process Idea Generation In order to compete in the fast based e-Business environment, cutting edge ideas must be created in an attempt to stay ahead of the competition. Similarly, ideas that improve upon existing processes or simply...
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...Secondary driver | Increased competition Not a driver | Increased competition Don't know | Changing customer needs | Changing customer needs Primary driver | Changing customer needs Secondary driver | Changing customer needs Not a driver | Changing customer needs Don't know | Changing technology landscape | Changing technology landscape Primary driver | Changing technology landscape Secondary driver | Changing technology landscape Not a driver | Changing technology landscape Don't know | Need to develop new markets / segments | Need to develop new markets / segments Primary driver | Need to develop new markets / segments Secondary driver | Need to develop new markets / segments Not a driver | Need to develop new markets / segments Don't know | Need to scale new concepts and ideas faster | Need to scale new concepts and ideas faster Primary driver | Need to scale new concepts and ideas faster Secondary driver | Need to scale new concepts and ideas faster Not a driver | Need to...
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