Business ideas Generation (Sources of ideas)


In a sense, opportunity identification and selection are akin to what is termed in marketing terminology, new "product development" thus, product or opportunity identification and selection process starts with the generation of idea, or say ideas about some opportunities or products are generated in the first instance. The idea about opportunities or products that the entrepreneur can consider for selecting the most promising one to be pursued by him/her as an enterprise, can be generated or discovered from various sources both sources both internal and external.


These may include.

  • Knowledge of potential customers need
  • Watching emerging trend in demands for certain product/service.
  • Scope for producing substitutes product.
  • Going through certain professional magazines catering to specific interests like electronics, computers etc.
  • Success stories of known entrepreneurs or friends or relatives.
  • Making visit to trade fairs and exhibitions displaying new products and services.
  • Meeting with the government agencies.
  • Ideas given by the knowledgeable persons.
  • One's market insight through observation.
  • A new product introduce by the competitors.

Reasons for generating business ideas

  • Business ideas generation is a sine-qua-non (inevitable) for business.
  • Ideas are generated to respond to market needs.
  • Ideas are generated to respond to changing fashion and requirement.
  • In order to stay ahead of competitions.
  • To be in tune with latest technology so as to do things better.
  • To respond to product life cycle in order to spread risk and allow for failure.

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