L.3 - Business Idea Generation

First conduct market research,
Indian, foreign or local
Study it conscientiously,
And decide on enterprise goal.

UDYAM SHASTRA - Chapter 07, Verse 01

Key Objectives:

To stimulate, generate, initiate and check out ideas for enterprise projects.

Enterprise  Concepts:

Ways to find enterprise ideas.: WAYS TO FIND ENTERPRISE IDEAS


Ways to find Enterprise/Business Idea

Example of Enterprise

/ Business Idea


Combining two or more ideas in a new way.

Fruit juice and ice cream.


Solving problems for people

doctor, plumber,



Finding out what the competition is lacking and providing it.

Saree shops with crèche for children


Developing your hobby into an enterprise

Thermo- Cole handy crafts. Sign-board

painting. Preparing

cartoons. Embroidery.


Building on one's natural skills

singing, poetry writing for advertisings, theatre artist.


Turning waste material into something useful.

Flowers from onion skin


Bringing ideas home from holiday

Chicken work on sarees from Lucknow; wooden toys idea from Rameshwaram.


Brainstorming in the group.

Examples could vary.


Talking and listening to people.

Examples could vary.


Preparing exclusive list of one's unique ideas and

going over them.

Examples could vary.


Finding a gap in the market and fulfilling it.

Example, if there is no beauty parlor in the village, then starting one.


Improving an existing way of doing things

Food-processing machines to remove drudgery of cooking


Performing a job in a totally new way.

Dressing vegetables and selling them pre-packed


Day dreaming and finding a business idea.

Examples could vary.


Giving an alternative to products by looking at what they DO instead of what they ARE.

Ball-pen instead of ink pen


Listening when people say "If only I could get?" and converting it into a business idea.

Bottled water to fulfill need of travelers for good drinking water.


Cashing in on seasonal/occasional consumer demands

Flags on national days,Ganesh decorations at Ganesh festival,painted lamps at Diwali.

Enterprise  Skills: The student 'Activities' in each lesson are designed to clarify the ENTERPRISE CONCEPTS of the lesson and develop some ENTERPRISE SKILLS (E.SKILLS). The E.SKILLS included in a lesson may not be exhaustive, but are indicative.

E.SKILLS stated in a lesson elsewhere may also get addressed through the activities of a particular lesson.

Some useful E.SKILLS are dealt with below:

Creative thinking.: This refers to the entrepreneur applying his mind in innovative ways.

Audio-Visual learning.: Ability to learn from listening and viewing training videos, audio etc.

Generating ideas.: Bring forth new useful ideas through a process that may include inquiry, observation, research, exploration, spontaneity etc.

Reading minds.: This is the uncanny knack that an entrepreneur must develop which will enable him to judging what is on the minds of the people he is interacting with, viz consumers, competitors, peers, government officials etc.

For this purpose the entrepreneur may use techniques like market research, observation & correlation with previous experience, common sense etc.

Observation notes.: An entrepreneur needs to observe and make conscious notes of information that relates to his enterprise requirements. This is called observation skill.

Recognizing & perceiving.: Recognizing & Perceiving skills are related to observation skills. Recognizing skills helps to understand the similarities and differences between observations. This helps to "perceive" i.e. understand what is observed.


Activity 1 - Riding your hobby horse.

Activity 2 - Enterprise-enterprise everywhere.


Instruction to Students • Following are some ways to find Enterprise /Business Ideas. Complete the blanks in the table by either filling in the blank in left hand column of " Way to find the Enterprise /Business Idea" or the blank in the right hand column of "Enterprise / Business Idea". One or more examples could be filled in each time. • After completing the activity, each group should present and share its main discussion points with the rest of the class. 

 Sr.no  Ways to find Enterprise/ Business Idea Example of Enterprise/ Business Idea
 1.Combining two or more ideas in a new way.   Fruit juice and ice cream
 2. Solving problems for people doctor, plumber, electrician
 3.  Finding out what the competition is lacking and providing it
 4. _____________________

 Thermo- Cole handicrafts. Sign-board painting. Preparing cartons. Embroidery.
 5. Building on one's natural skills ______________________

 6. __________________________

 Flowers from onion skin.
 7. Bringing ideas home from holiday.  __________________________

 8.  Brainstorming in the group.  __________________________

 9. Talking and listening to people. __________________________

 10. Preparing exclusive list of of one's unique ideas and going over them.  __________________________

 11. __________________________

 If there is no beauty parlour in the Village, then starting one.
 12. Improving an existing way of doing things  __________________________

 13. Performing a job in a totally new way.  __________________________

 14. Day dreaming and finding business ideas.  __________________________

 15. Giving an alternative to products by looking at what they DO instead of what they ARE.  __________________________

 16.  Listening when people say "If only I could get---" and converting it into a business idea.  __________________________

 17. __________________________

 Painted Diwali lamps. New year festive articles.