Feasibility Analysis
Idea Generation Exercise
Entrepreneurship, Winter 2022
School of Business
1. Let’s prepare some simple raw ingredients for generating new business ideas.
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List your three areas of expertise (e.g., skills, knowledge and/or resources that you have more than most people). |
Communication |
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Innovation |
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Financial Management |
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List two specific products or services that you are very familiar with. They do not need to be associated with your areas of expertise above. |
Customer Care Services |
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Cloud Computing |
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List two key ‘pain points’[footnoteRef:1] in each of the products or services [1: A pain point refers to a specific problem a customer or the business is facing.] |
Customer Care as services may experience Delay in communication. |
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Poor service production |
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Cloud computing services experiences high costs |
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Cloud Computing may face data privacy issues among customers |
2. Now, we explore potential business ideas through the recombination creative technique
Recombining:
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Customer Care as services may experience Delay in communication. |
Poor service production
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Communication, Innovation, Financial Management |
In customer services effective communication will solve delayed communication |
In Poor service production innovative product process will solve the pain |
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Cloud computing services experiences high costs
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Cloud Computing may face data privacy issues among customers
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Communication, Innovation, Financial Management. |
Innovative will creates feasible and accurate cloud computing environment to reduce costs |
Using innovative Cybersecurity techniques such as access control will solve the pain point. |
Takeaways
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Are there any potential business idea(s)? Please write down at least two ideas based on your exercise. |
· Customer Care Program · Creating Data management platform for business organizations |
3. We conclude by summarizing one potential business idea of your choice based on the exercise above. Note, you are welcome to continue to create more ideas. But for this exercise, only one ‘best’ idea/articulation is required.
‘Best’ Idea
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Please formally describe your ‘best’ idea within 50 words. |
The best business ideas are to develop a customer Care platform for business organizations involved in online delivery. This business will accommodate communication strategies to effectively manage pain points facing business organizations in customer care communication, satisfaction, needs and experiences. |
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What ‘pain point(s)’ will it address in what market? |
This business idea will be addressing delayed communication in customer care services. |
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What key expertise, technologies and resources are important to this idea? |
Communication is a fundamental expertise for the business ideas |
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How does your area(s) of expertise can help develop this idea? |
In communication expertise, there will be a platform for effective communication that will be necessary for customer care services, eliminating ineffective communication. |
4. Let’s conclude with a short reflection. Describe what caught your attention in the exercise. Elaborate your feelings and/or views on what caught your attention. Appropriately 150-250 words in length will be appropriate.
Reflection
In this exercise, there are fundamental information, concepts and ideas that create an effective environment for business ideas generation. Firstly, I realized that generating business ideas need areas of expertise that gives an effective platform to improving existing or create new business ideas. Secondly, I realized that locating a specific product or services that resonates with expertise provided underpinning platform for business idea alignment and an individual experiences. Thirdly, I realized that accommodate such expertise including innovation and effective communication offers an effective platform to solve challenges in the business ideas, leading to a successful business idea generation and implementation. Additionally, the exercise has given an effective platform to practice how expertise, product and pain points provide an effective platform for an individual to generate an effective business idea through solving an existing problem within a specific business area for positive outcomes. Finally, the exercise has provided a vital platform to appreciate interconnection between an individual’’ expertise, products and services and challenges to generate an effective business idea.
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