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INSTRUCTIONS

Cover page: write the name of the business, a form of ownership, and member details (student number, initials, surnames and contact details). The group leader must indicate the contribution of each member.
Many people dream of starting up their own business, but they don’t know where to begin. The first step in making your dreams a reality is to come up with the right business idea, which can either be a product or a service.
1. The identification and development of business ideas
1.1 Describe all the methods from your textbook one can use to improve creativity. (6
1.2 There are a variety of sources that can inspire you to come up with a good idea. Describe the theory related to the most common resources. (11
1.3 Use any of the team creativity techniques in your textbook and generate three to five business ideas within your group.
Explain how you went about ideation and which technique you used in your group.
Then, describe the 3 to 5 business ideas you came up with.
here are the methods
• Actively seek ideas: try to judge everything you read or observe in terms of ideas that can be developed from it. Make a habit of seeing things differently.
• Write your ideas down: write down ideas and read through them regularly. Review them and perhaps combine them into a new concept.
• View a topic from another person’s perspective: Put yourself in somebody else’s position to get a different view of a topic. With a better understanding, you will gain new insights and ideas.
• Break your routine: Note how you perform certain activities and then do them differently.
• Explore the grey areas: If you tend to see only the right or wrong sides of a case, it is time to explore the grey areas between right and wrong. Make a habit of looking for different solutions and possibilities.
• Use a creative technique: Use SCAMPER (Substitute, Combine, Adapt, Modify, Put to other uses, Eliminate, Rearrange)

1 answer

Cover Page

Name of Business: Eco-Friendly Essentials
Form of Ownership: Partnership
Member Details:

Contribution of Each Member:

  • J.D. – Idea generation and business concept development
  • A.B. – Market research and analysis
  • K.L. – Financial planning and feasibility studies
  • R.T. – Marketing strategy formulation

1. The Identification and Development of Business Ideas

1.1 Methods to Improve Creativity (6 marks)

  1. Actively Seek Ideas:
    Engage with various forms of media, news, and environments to constantly look for new ideas. Habitually analyzing what you read or observe allows for potential idea generation.

  2. Write Your Ideas Down:
    Documenting one’s ideas promotes visibility and allows for periodic review and refinement. Regularly revisiting and combining ideas can lead to innovative concepts.

  3. View a Topic from Another Person’s Perspective:
    Empathy is crucial; stepping into someone else’s shoes can provide invaluable insights. By understanding different viewpoints, one can generate creative solutions tailored to various needs.

  4. Break Your Routine:
    Change up the way activities are performed. By altering routines, one can discover new methods or innovative ideas stemming from previously mundane tasks.

  5. Explore the Grey Areas:
    Move past binary thinking (right or wrong) and investigate possible alternatives. Embracing ambiguity can lead to unique solutions that wouldn't have been considered otherwise.

  6. Use a Creative Technique (e.g. SCAMPER):
    The SCAMPER technique encourages rethinking existing products or ideas:

    • Substitute something,
    • Combine ideas or products,
    • Adapt concepts to new situations,
    • Modify aspects to improve functionality,
    • Put to other uses,
    • Eliminate unnecessary elements, and
    • Rearrange to optimize.

1.2 Common Sources of Inspiration for Business Ideas (11 marks)

Inspiration can often be drawn from various resources and theories. Here are a few common sources:

  1. Market Gaps:
    Identifying unmet needs in the market can serve as a foundation for business ideas. This often involves research into existing products/services and their limitations.

  2. Customer Feedback:
    Listening to customer reviews and suggestions can inspire new ideas for improvements and innovations.

  3. Trends Analysis:
    Staying aware of current trends in technology, consumer preferences, and social behavior can elucidate potential areas for new business ideas.

  4. Competitor Analysis:
    Observing competitors can yield insights into successful practices and highlight areas for differentiation.

  5. Personal Interests and Hobbies:
    Engaging in personal passions can often lead to business ideas that feel authentic and are more likely to succeed due to the founder’s expertise and enthusiasm.

  6. Networking and Idea Sharing:
    Interactions with others in business worlds can spark ideas through collaboration and brainstorming sessions.

  7. Educational Resources:
    Textbooks, seminars, workshops, and online courses can provide frameworks and tools for nurturing innovative thinking.

  8. Cultural Influences:
    Art, music, literature, and cultural phenomena can inspire new products, themes, or branding strategies.

  9. Technological Innovations:
    New technologies can differentiate products and services, leading to new business opportunities.

  10. Travel and Exposure to Different Markets:
    Exploring different cultures and marketplaces can lead to the discovery of unique business practices and concepts.

  11. Natural Environment:
    Observations of nature and ecological systems can provide unique insights into sustainability and eco-friendly practices.

1.3 Team Creativity Technique and Generated Business Ideas

Technique Used: Brainstorming

Process of Ideation:
In our group, we organized a brainstorming session where we encouraged each member to freely share their thoughts without immediate critique. We adhered to a "no idea is a bad idea" philosophy to inspire greater creativity and participation. After an open discussion, we categorized our ideas and selected the most promising ones for development.

Business Ideas Generated:

  1. Eco-Friendly Subscription Box:
    A monthly subscription box containing sustainable household products, textiles, and personal care items, curated to promote an eco-conscious lifestyle.

  2. Zero-Waste Café:
    A café that focuses on sustainability, sourcing only local ingredients and using biodegradable packaging, while providing incentives for customers who bring their own reusable containers.

  3. Upcycled Furniture Store:
    A store dedicated to creating and selling furniture made from upcycled materials, attracting environmentally conscious customers who appreciate unique, handcrafted items.

  4. Mobile Plant Care App:
    An app offering guidance on plant care, including reminders for watering and fertilizing, along with a marketplace for local nurseries to sell plants and gardening supplies.

  5. Eco-Friendly Event Planning Service:
    A service specializing in organizing events (weddings, birthdays, corporate events) with an emphasis on sustainability, focusing on zero waste, local suppliers, and eco-conscious decor.

With this diverse set of ideas, we believe there's an opportunity to carve a niche in the growing market for sustainable and eco-friendly businesses.