Page 108 - Business_Studies_F5

Student's Book Form Five

Task 6.4

1. Use the Business Model Canvas (BMC) components reviewed in Activity
6.1 to mind map the selected business idea with the highest score in
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Task 6.3.
2. Based on your selected idea, write two pages summary responding to the
following questions:
(a) The broad idea - What is the business?

(b) What is the customer need and how does the product meet this need?
(c) How is your idea better than that of your competitors, if they exist?
(d) Who will be your target market - Who are the customers?

(e) How will you make or offer the product?
(f) What will be the location of the business?
(g) How will it make a profit?

(h) What amount or funding is needed, what for, and what has already
been acquired?
(i) What is the prospect or growth of the idea?

(j) Why are you the one(s) most appropriate for this business?

Exercise 6.1

1. Explain the link between unmet needs, business opportunities, and business
idea
2. What are the possible sources of business ideas?
3. What are the criteria for screening the business ideas?

4. Briefly explain the key components of a Business Model Canvas (BMC)

Skills lab activity

Based on your understanding of business idea generation, how can you help the
school community to do the same?

99 Business Studies for Advanced Secondary Schools

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