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Business Idea: By: Joe Lovidice

A business idea is a concept that can generate financial gain, usually centered around a product or service offered for money. It is the first step in founding a growth company. Promising business ideas are innovative, unique, solve problems, and are profitable. A business idea must identify its value proposition and competitive advantage to launch successfully. Innovation can involve new ideas, products, or improved services and has helped companies like Apple, Tesla, and Uber grow substantially. A unique selling point distinguishes a company from competitors. Profitability and solving customer problems are also important for a strong business idea.

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Joe Lovidice
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28 views19 pages

Business Idea: By: Joe Lovidice

A business idea is a concept that can generate financial gain, usually centered around a product or service offered for money. It is the first step in founding a growth company. Promising business ideas are innovative, unique, solve problems, and are profitable. A business idea must identify its value proposition and competitive advantage to launch successfully. Innovation can involve new ideas, products, or improved services and has helped companies like Apple, Tesla, and Uber grow substantially. A unique selling point distinguishes a company from competitors. Profitability and solving customer problems are also important for a strong business idea.

Uploaded by

Joe Lovidice
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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BY: JOE LOVIDICE

z
BUSINESS
IDEA
z

A business idea is….


 a concept that can be used for
financial gain that is usually centered
on a product or service that can be
offered for money. An idea is the base
of the pyramid when it comes to the
business as a whole.
z

A business idea is….

 It’s the first milestone in the


process of founding a growth
company.
z
The characteristics of a
promising business idea are:
 Innovative
 Unique
 Problem solving
 Profitable
z
A business idea is often linked to its creator
who needs to identify the business' value
proposition in order to launch to market and
establish competitive advantage.
z What is innovation?
 For businesses this could mean;
creating new ideas, new product
development through research and
development or improving existing
services. Innovation can be the
central focus of a business and this
can help them to grow and become a
market leader if they execute their
ideas properly
z
Examples of innovation…
 Apple was a $2 billion company in 1997, then it
jumped to a $700 billion valuation in 2015 as a result
of the innovation that came from the; Macbook, iPod,
iPad, iPhone.
 Tesla built an electric car with exceptional aesthetics
and efficiency, which has helped build the electric
sports car company earn a market capitalization of
$33 billion, with revenues up 54% since 2014.
 Uber was founded in 2009 and has become a $50
billion company in just 6 years, with its simple yet
unusual idea of getting a taxi with the press of a
button that has completely revolutionized the way we
travel.
z
Unique selling point
 A unique selling point (USP) is
the factor that makes a company
or a product stand out from its
competitors, whether it is
through; pricing, quality,
customer service or innovation.
z
Problem solving

 Business ideas that solve


problems are fundamental to
developing our world and
companies such as Curemark
are one of many who do this.
z

Profitability
 Profitability is a business's
ability to generate
earnings compared to its
costs over a certain period
of time.
z
High valued companies making
a loss…
 High valued companies making a loss

 Snapchat is valued at $10 billion despite making a


loss, because of the monetization potential it has
based on the 100 million everyday users of the app.
 Uber is valued at $50 billion and is making a $417
million operating loss. Despite this; investors are still
willing to offer large amounts of money to fund the
company because of the potential the company has in
the longer term.
What defines a convincing
business idea?
z
A business idea is addressed to an investor
and, therefore, must be formulated with the
investor’s perspective in mind. It’s neither an
advertising brochure for an “ingenious”
product nor a technical description. Rather, it
is a decision support document that
emphasizes three aspects:
z

Customer benefit

 it’s satisfied, customers. Customers


buy to satisfy a need, or to solve a
problem, e.g., food and drink,
something that makes work easier, to
enhance their well-being or self-
esteem, etc.
z

Market

 A business idea only has


commercial value when
the “market” accepts it.
z

Revenue mechanism

 A business must be
profitable in long-term.
z ACTIVITY:
 Essay:
 Based on the given
characteristics and examples,
conceptualize an innovative
business idea and explain why
do you think it’s a promising
business venture.
z
QUIZ:
Fill in the blanks:
1. The business ability to generate gain/income is _____.
2. When you say ______, its an idea that answers glitches.
3. ______ is formulate in accordance with the investor’s
perspective.
4. The commercial value of a product depends upon its
acceptance in the ______.
5. The factor that makes a product stand out from
competition is ______.
z
QUIZ:
ENUMERATION
 6-9 Characteristics of a promising
business
 10-12 Aspects/principles of business idea

 13-15 Companies that are built through


sheer innovation
z

THANK YOU

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