Primary source

Primary sources refer to information gathered directly

through :
1.Observation
Data gathered by observing and recording the
respondents actions in an activity.
2.Experiments
Product sampling
3.Interviews
Field research covers interview with customers, supplier,
competitor and industry experts.
Conducted by personal interview or telephone interview
4. Surveys
Short questionnaire

Secondary Source
1.Reliable existing data
Example : information obtained from annual report
2.References
Publish information from library and internet
3.Mass media and electronic media
Information in the newspaper, magazines, internet and ect.

ENTREPRENEURIAL
IDEAS
In choosing the business
opportunities,we must make a
self valuation before making a
commitment.
The suitability of ideas and
person's ;
1-Experiance
2-Knowledge
3-Skills
4-Capital / financial ability
5-Interest

1)EXPERIENCE
Usually, an entrepreneur will run their business with the
experience that they have acquired in their profession.
2)KNOWLEDGE
Usually, experience entrepreneurs have is not enough
to run their business.
Entrepreneurs have to equipped themselves with
knowledge, especially on what will do in their
business.
3)SKILLS
The skills usually produced from the combination of
experience and knowledge.
4)CAPITAL / FINANCIAL ABILITY
An entrepreneurs ability is determine by how big the
business will go. In other words, the business must be
suited with the financial ability of the entrepreneur.
5)INTEREST
Enthusiasm is an important component that has to be
taken seriously, because it can generate self-confidence
in the entrepreneur. He or she will be more responsible to
the business

(b) Communitys Response

-The

chemistry between a business idea and the

society is an important aspect that must be
taken into consideration before starting a
business.
-A business opportunity must be consistent so
as not to oppose the societys acceptance in
terms of consumers values, norms and culture.
- Example : Disco and gambling places which
opened in Malay villages is oppose to the
religious values of Muslim community.

THE FEASIBILITY OF THE IDEAS

INITIALLY:
1.legislation

aspect
2.Competitors
3.capital required
4.risk

1.

LEGISLATION ASPECT

The proposed ideas should be valid

in law. Sometimes a business that
can generate high profits, but it is
not valid in law.
For example, the sale of pirated
CDs. Although this business can be
making money quickly and a lot but
it is wrong in law

2.COMPETITORS

If you choose a business idea that has not been

monopolized by others, this will cause the business
can be controlled and developed by entrepreneurs.

If you choose to open competitive business, you

need to make further studies, to look for business
advantage that you can you can compete in the
free market

3.CAPITAL REQUIRED
There are three types of initial investment required in the
business of fixed capital, working capital and capital growth.
a) Fixed Capital but is used to buy fixed assets. These assets
are used for the production of goods and services. For
example, buildings, land, equipment that is not convertible
into money cash to normal business operations.
b) Working Capital Working capital is a temporary fund
the transaction. It is capital that will be used for short-term
expenses normal operation. Working capital are commonly
used for purchasing inventory, paying the bills and is also used
in an emergency.
c) Capital growth Capital growth is different from working
capital. It is not associated with the user development of
bussiness. This capital required when a transaction is
expanded or change its direction

4.RISK
The next effort is to identify risk to be faced with
taking into account the percentage of successes
and failures of the detailed studies conducted
Risks faced by an entrepreneur is usually based on
several key factors including:
Difficult or easy
to enter a business venture
Big or small capital will be invested
Many the profit to be derived
Can do it with existing energy sources
Does this product have the potential to penetrate


Apply the process of generating and evaluating business ideas

What

is your end goal?

Have the end goal in mind... Stephen Covey
1989
-Need

/ Problem statement: What is wrong or what

would you like to see happen?

-Business

Objective: What objectives must be

achieved as a result of the proposed solutions?

-Solutions

Criteria What criteria will the solutions

be measured against (time, quality and cost)?

Brain storming
-Shout

out as many ideas as

possible
-Do not discuss ideas at this
stage <
-Questions should only be asked
for clarification purposes
Everyone should suggest an idea
-No judgements or criticisms
should be made
-Do not talk over those offering

Shout

all idea thats have

Stack it in group by group
Evaluate solution agains objectiv
and criteria

Implementation: Once all the solutions have been identified

evaluated move into action Optimise

STEP

1 - Use the star approach to solutions

Solution
Who? What? When? Where? How? Why?

Have you put a TIME frame to the solution

Has the solution AGREED with people
involved?
Is the solution REALISTIC in its
implementation
Is the solution SPECIFIC?
Can the solution be MEASURED? Optimise