Business Idea Generation

Running head: BUSINESS IDEA GENERATION
Business Idea Generation
Name of the Student:
Name of the University:
Author note:

BUSINESS IDEA GENERATION1
Table of Contents
1. Introduction............................................................................................................................2
2. Discussion..............................................................................................................................2
2.1. Explanation of the market problem that needs solving and the reason why innovation
is required...............................................................................................................................2
2.2. Customer benefits to be generated by the idea................................................................3
2.3. Proposed business model................................................................................................3
2.4. Key interrelationships in the BM that would support the success of the idea................4
2.5. Critical success factors to be managed............................................................................5
2.6. Critical risks and assumptions.........................................................................................6
2.7. Feasibility of the idea......................................................................................................6
3. Conclusion..............................................................................................................................7
References:.................................................................................................................................8
Appendix:.................................................................................................................................10

BUSINESS IDEA GENERATION2
1. Introduction
Generating idea refers to the process of creation, development and communication of
the abstract, visual and concrete ideas. According to Abou Eddahab et al. (2015), it is the
front end part of the idea management funnel and it focuses on the coming up with some
possible solution or actual opportunities. This paper shall elaborate on presenting developing
a new business idea along with some extensive research and observational insights. It shall
present a detailed business model (BM) canvas, discussion of the interrelationships among
the BM components that are essential to success along with critical risks and assumptions,
and overall feasibility. The chosen business idea for this purpose is that of “MediCare”,
where one can explore and book thousands of hospitals and medical services within Australia
online.
2. Discussion
2.1. Explanation of the market problem that needs solving and the reason why
innovation is required
Today, with the increase of science and technology, people are more used to surf
internet before visiting any new place, or having a dish or buying anything from the market
(Makri et al., 2014). They look towards positive and negative customer reviews and
comments on the particular product in which they are interested to buy. Even, in case of
shopping sites, majority of the customers tend to filter the products as per average customer
reviews (Najmi et al., 2015). Hence, the opinion of the others play a significant role in
customer decision making process. However, in case of getting an access to the best hospitals
and other medical services, there is no way to filter anything. According to You, Fowler and
Heyland (2014), there are many patients and their family who are not well aware of the
suitable doctors, hospitals and medical centres for their health issues. They tend to ask their

BUSINESS IDEA GENERATION3
peers, who themselves might not be having that much of knowledge about the best suitable
doctor for the very disease. This is why, many of the patients finally treat themselves on the
basis of the local and weak opinions. Hence, the main issue that is faced by the contemporary
patients and individuals are in terms of gaining access to the best doctors and hospitals for
their disease.
2.2. Customer benefits to be generated by the idea
Through MediCare, people can assess a wide range of doctors, hospitals and medical
services and centres all around Australia. They can even filter their search as per their
diseases and health related problems. With the same, the reviews and feedbacks of former
patients shall also be present under each segments so that people can get a clear and fair
details of the doctors they are reach to for their health related issues. With the same, people
can even make doctor appointments through the site as per their convenience and doctor’s
availability. Furthermore, right from doctor’s fees to appointing nurse, everything can be
easily accessed by the people over this website. Hence, the needs of the Australian
community would be fulfilled in effective manner with the help of this website “MediCare”.
2.3. Proposed business model
Key Partners
 Resourceful
team.
 Suppliers of
technology
 Medical
Services
 Website
developers
Key Activities
 Promotional
events.
Value
Proposition
 Providing
customer
contentment
(Kenyon &
Sen, 2015).
 Improving
Customer
Relationships
 Internet based
communication.
 Improvement in
the speed and
connection with
the patients.
Customer
Segments
 The
individuals
who are too
late to know
about the
best doctors
Key Resources
 Developing
Channels
 Existence on the
websites