Title: 1. Task: Business idea
Course: Entrepreneurship and Entrepreneurial Activities 1 cp (VIERKO TP1) > Section: Developing a Business Idea and the Possibilities to Implement it

Study outcomes

The student

- generates a business idea, taking into account customers’ needs

Business idea

A business idea expresses the core purpose of the business. It answers these key questions: what, why, to whom, and how.

What makes a business idea viable? Search for information about business ideas, using several internet sources. Generate a business idea for a business that is under planning, imaginary, or maybe already existing.

Your approach should be customer-centered and cost-efficient, also taking into consideration the current business environment.

To create a business idea, follow these key steps:

- Identify a Need or Problem: Look for unmet needs or issues in your community or industry that you can address.
- Innovate: Develop a unique solution or improve an existing product or service.
- Evaluate Feasibility: Is the idea practical and profitable? Do you have the resources, skills, and market demand?
- Market Research: Understand your target market, competition, and trends.
- Revenue Model: Plan how your business will make money.

These steps provide a foundation for developing a solid business idea. For more details, visit: Business Ideas: Introduction, Definitions, Features, Need and Techniques (businessmanagementideas.com)

Business idea / A Video by the Enterprise Agencies:

▶ Check out Harvard Business Schools video on how to come up with innovative business ideas: How to Come Up with an Innovative Business Idea | + video 2:24. Factors to consider, examples of innovative business ideas.

Task

1. Generate a business idea (a product or a service)

Present it in an easy-to-understand format that CLEARLY answers these four questions:
WHAT (solution)?   WHY (problem)?   TO WHOM (customers)?   HOW (where/physical place)?Submit your business idea, use the ready-made template below.

2. Your next task is to come up with a name and a slogan for your company.

Example: Nike - “Just Do It”
 A good company slogan is memorable and reflects the core message of the company, product, or service. Here you can try using artificial intelligence to come up with the name. You can use tools like Microsoft's Copilot AI tool or ChatGPT. Provide the AI tool with information that describes your company's products and services, values, and image.

Include in your answer:
a) the name and the slogan you came up by yourself or

b) if you used artificial intelligence to complete the task, list all the prompts that you used to get the name and slogan suggestions from the AI and choose the name and slogan you think are the best. (If prompts are not listed in your answer, it will lower your grading.)

Note! If you want to use the name in establishing a real business in Finland, check that the name is available. You can check this on the PRH name service at PRH nimipalvelu

How to use sources AI




     Use of AI is allowed with limitations according to the task instructions.

You may use AI for brainstorming tasks and creating images. You cannot directly copy text generated by AI. You must write the text in your own words. When you use AI, include a reference at the end of the text: (AI application used, description of use, and date).

AI utilizes materials available on the internet, which may be incorrect or copyrighted. You must ensure that the information generated by AI is accurate. The responsibility is yours.

Submit task

How to Submit Your Task

Submit your task by clicking the “Add submission” button below.

Submitting a text response:

1. Download and save the attached Business idea template to your computer.
2. Write your answer in the template.
3. Save it and attach it to your task submission.
4. Confirm submission by clicking the “Save changes” button.