N4 Entrepreneurship & Business Management How does one identify a good business idea?


Daily we are confronted with a variety of activities. Listed below are a number of everyday activities, events and places that can assist you to identify a new business idea. We perform most of these activities without thinking, but forget that someone makes money from them. Maybe you can do the same or even better. Ask yourself, “Why should it be this way?” Maybe you can do it slightly differently.


2.1 Hobbies, sport and entertainment


• We all enjoy doing something entertaining in our spare time and we are prepared to pay for it.


• What form of entertainment is offered in your area? • What do people do after work? Do they go to a shebeen or would they like to go dancing?


• Who looks after the children when the parents go out?


DEFINITION


Definition of creativity Creativity is that ability which helps us do something new, original and different


Business ideas Fast food outlets


Many visitors will look for a famous South African braai or a boerewors stand. Hawkers will be licensed to operate within the stadiums.


Sport souvenirs


Think fl ags, etc. of the different countries competing.


B&Bs Turning your home into a B&B Tour guides


Who will show the visitors around? Transport


What about driving people around? Clothing


The event takes place during our winter. What about an African Beanie?


Translator


If language is your strength then it is time to learn any of the languages of the visiting nations. You won’t go wrong with Spanish, French, Italian, Chinese or the language of many other countries.


2.2


Shopping


We probably spend most of our money shopping. Maybe you can start a business with this in mind. Think of the following when next you go shopping: • How can you improve this product or service? • Are there any problems or shortcomings with the product or the way in which it is presented? • Is it possible to add a few products to an existing range? • Isn’t there a different product that can perform the same task? • Is it possible to combine two seemingly different products?


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