Session 5: Coming Up with a Business Idea
Unit 4: Entrepreneurship Skills
Textual Question-Answers
Check Your Progress
A. Subjective Questions
1. Define the meaning of a business idea.
Ans: A business idea is a concept or plan for providing a product or servicethat can satisfy customer needs and generate profit.
2. What are the three principles of idea creation?
Ans: The three principles of idea creation are:
Innovation: Creating something new or improving existing products orservices.
Feasibility: The idea should be practical and possible to implement withavailable resources.
Market demand: The idea should meet a real need or demand in themarket.
3. What are different ways of coming up with an idea? State differentways with an example.
Ans: Different ways of coming up with a business idea include:
Observation: Watching trends and needs around you, e.g., noticing peoplestruggling to find clean drinking water and starting a bottled water business.
Brainstorming: Discussing and generating ideas with a group, e.g., creating new types of snacks.
Personal experience: Using problems you face as inspiration, e.g., designing a study app for students because you found studying difficult.
Market research: Studying what customers want, e.g., noticing demandfor eco-friendly products and creating reusable bags.
4. Write any five business ideas that you would want to try out?
Why have you chosen these ideas?
Ans: Online tutoring service: Chosen because many students need flexiblelearning options.
Home bakery: Chosen because of a passion for baking and demand forhomemade snacks.
Mobile phone repair shop: Chosen because mobile devices are widelyused and frequently need repair.
Eco-friendly products store: Chosen to support sustainability andgrowing customer interest.
Fitness coaching app: Chosen because health and fitness are important, and many people seek guidance online.
