' Create Ideas.. Create Success...

"Ideas are the beginning points of all fortunes."
-Napoleon Hill

Hi everyone.. It's me again Maggie Kim Ibale Pegarro doing my second blog.. It's not very hard for me to do this again, thank God.. !!;) It's another topic which would I like to share my thought to everyone... Let me start... :D

In my school, Asia Pacific College, I have a subject in Entrepreneurial Management under Sir. Ramon Duremdes Jr., he asked us to group ourselves and to have some kind of brainstorming and to come up with a new business idea. As I observed, it really help my group to generate ideas from our desires, frustrations and irritants. So I can say that from those ideas, now my group was able to develop our own business.

Here the story is all about, any business starts from generating ideas. It is the basic step that an entrepreneur is considering before entering into a new venture. Ideas may come from Consumers, Existing products and services, Distribution channels, Federal Government and Research and Development. From their ideas, it may result for a new product or service that the market needs. But even if a lot of sources are available, it must be screened and evaluated to serve as the basis for creating new venture. There are also variety of techniques for generating ideas and as well as for problem solving. From this generated ideas, the planning and developing process will start.

Being a student, I am looking forward to have a business in the near future. I know that it will not be easy and it will be a risky decision but honestly and personally speaking, I am very eager to put up a business- Actually, “To Mind My Own Business”-. Based on my assigned reading, generating ideas is the starting point for any successful new venture. I’ve learned that consumers’ opinions and suggestions play an important role for the success of a new business. Whatever the things that they want to improve should be taken cared of because it might result for a big hit in the market. For generating new product ideas and concepts, it is good to have a group meeting and discussion so that people involved can interact and stimulate whatever ideas they want to contribute. One good example of it is “Brainstorming”- actually, this method is already useful now in many students and a lot of people are using this to be able to come up with a good idea. Aside from this method, entrepreneurs developed new ideas through problems, related issues and suggestions. With this chain of ideas, it will end up with a new product concept. Once the ideas emerged, product planning and development process is the next step. In this process, those ideas that have greatest potential should be move into commercialization.

In one of my assigned readings, “Knowing a Winning Business Idea When You See One” by W. Chan Kim and Renée Mauborgne, which is inline with the assigned chapter which is generating ideas to be able to create a new venture, it was explained how to identify business ideas that have real commercial potential. It was discussed the three tools that can help them invest wisely and that can help them know a winning business idea -The Buyer Utility Map, The Price Corridor of the Mass and The Business Model Guide . In their article, they include database of companies that have innovated successfully and repeatedly. I believe that through this article, entrepreneurs will be able to have a strong belief that they will be successful with their business ideas. And they would be able to determine what the consumers really craving for.

Being able to study all of these, I have now the knowledge on how to determine ideas that can help me to establish my own business. I can say that it will surely be a very good advantage because I know that I’ll be needing all these information when the time comes.



Tags: entrepreneurship, entrepreneur, business idea, product development, creativity, business model, commercialization