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Approaches to Generating Ideas

While exploring different sources of business ideas, an entrepreneur can use the following approaches to generate ideas:

(i)    Brainstorming. It helps in generating large number of product ideas. It should be conducted by an expert and none of the ideas mentioned should be evaluated or judged. At this stage one should not worry if the ideas are suitable or not.

(ii)    New Ways of Doing Old Things. A large number of products are being made and provided in the market using traditional methods and practices. One approaches can be to examine if these could be made by a different and newer method that would give the entrepreneur an advantage over the older methods.

(iii)    Improving an Existing Product. An existing product can e improved by using old techniques with more care or using newly developed technology.

(iv)    Utilizing waste Material. Conservation and environment protections are presently getting a lot of attestation. Recycling waste or turning them into useful products re good product ideas. Presently, energy conservation products also have good potential.

(v)    Converting Hobby into Business. Some people are adept at doing something or the other as a hobby or for use in the house only. It is possible to use such skills to set up an enterprise. Hobbies like photography, interior decoration, fashion designing etc. are often developed as business ventures.

(vi)    Market Research. it involves gathering information abut products/services that already exist in the market. A systematic and in-depth study is undertaken to obtain useful data to determine demand-supply position for a particular product or service that is already available in the market. Such a research will help in getting new ideas for products and services.

(vii)    Information from Publication. A lot of information is available in printed form about products and services. Sales brochures, catalogues, advertisements, publicity posters etc. are some of these sources easily available to any one. They may sometimes trigger new concepts and ideas.

(viii)    Seminars and Conferences. A number of seminars and conferences are periodically held to discuss the emerging challenges and opportunities of business. A young entrepreneur can obtain lots of tips from such seminars and conferences.

(ix)    Discussion with People. An entrepreneur has to be open and alert lest he should miss an opportunity to receive new ideas. He should be a keen listener with an inquisitive mind. By listening to people he will be able to find out the tastes, preferences and needs of the people around him. This information will help him develop products and services that actually possess the quality of satisfying consumer needs.

(x)    Day Dreaming and Fantasizing. Business opportunities are created when entrepreneurs fantasize about products and services the would love to have in their lives. Yesterday’s fantasies about space tourism are today’s reality. Many inventions are born out of such drams.

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