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Idea Fields

The process of generation of ideas can be streamlined by developing an awareness of different ‘idea fields’. This will help the entrepreneur in enlarging the scope of thinking, at the same time structuring the ideas according to convenient frames of reference. Idea fields can be described as convenient frames of references for streamlining the process of generation of ideas as discussed below:

1.    Natural Resources Based Ideas. Ideas can be generated based on natural resources. A product or service may be desired form forest resources, agriculture, horticulture, mineral, marine or aqua mineral, animal husbandry, wind, sun and human resources. A further exercise with a field may generate many useful product ideas. For instance, if a person getting ideas in the field of forest resources, he can think of forest product, wood-based product, boi-fertilizer etc. Similarly if it is horticulture, he gernate a number o fideas for food preservation, canning, freezing juices, squashes, pulp, jam, pickles etc.

2.    Existing Products or Services Based Ideas. There is a constant and consistent effort on the part of many entrepreneurs to improve the products and services already in the market. When black and white computer screen came into use, many entrepreneurs started thinking of introducing colour monitors.

Thinking about existing products and services can generate a number of ideas to improve them or to provide a cheaper substitute or to bring about a reduction in price. It can also help in deciding whether similar projects can be established, products can be developed from the waste or by products or existing units and whether there is scope for packaging and other services for existing products. For example, when an automobile unit is established in an area, attempts can be made to ascertain whether a few parts or components for the automobile can be produced in the small scale sector. Similarly where a perfume unit starts functioning, there is scope for growing and supplying aromatic plants. Or essential oil can repurchased from existing units and final products (such as cosmetic products) may be manufactured. These types of backward and forward linkages f existing business activates are a good source fore generating new ideas.

3.    Market Driven Ideas. As we know, one important method for generating ideas is to curry out a market research. Such a study yields valuable data about treads of supply, demand, consumer preferences etc. Sometimes information related out routine market surveys. Whatever may be the source of information about the market, it is a promising field for generation of ideas.

4.    Trading Related Ideas. Local trade, imports and exports, e-commerce, have all made trading a very wide area of enterprise. Trade in simple terms is baying goods and services and selling them to consumers at a profit. The advantages that trading has over other types of business is that it is easier to launch a trading firm and it is less risky.

An entrepreneur venturing into trading should be aware of the trends in the economy. With the opening of the Markey to international companies, big departmental stores, chain shops and umbrella markets have become ubiquitous-competition has become intense and to survive in the market new entrants will have to acquire skills, competencies and knowledge required to launch, manage and expand business opportunities. Further, if a business is to be successful, it must satisfy some needs of enough number to consumers to generate profits. A trading enter price that is based on this concept is more likely to be successful than an enterprise that is launched without adequately studying the consumer needs.

5.    Service Sector Ideas. Service sector is the most growing field these days the world over, thanks to emerging knowledge society and advances in information Technology. So new opportunities can be identified by understanding htelinkages to different business activities. For instance, with the existing industrial enterprises an entrepreneur think of several service-based units like transport, workshop, maintenance, security, catering, recruitment, training, communication etc. Similarly he can get ideas about linkages with commercial establishments like photocopy, courier service, printing, book-keeping, computer center, telecom center, advertisement etc. Many services that have the purpose of helping organizations satisfy their day to day needs like bill collection, water supply, water tank cleaning, travel.

6.    Creative Efforts of the Entrepreneur. Entrepreneurship is the ability to create and build something from practically nothing. Fundamentally, it is creative activity sensing an opportunity where others see chaos, contradiction, and confusion, Entrepreneurship can be viewed as a creative and innovative response to the environment and an ability to recognizes, initiate and exploit an economic opportunity.

7. Other Considerations Selecting a Product/Service Idea. While electing a project, an entrepreneur may also have other considerations in mind. These include employment generation, area development, community enlistment, environment preservation, poverty alleviation, empowerment of women and so on. If most of the entrepreneurs follows these considerations, the result will be sustainable development. It may be noted that sustainable development is process of economic development which flutist the needs of the present generation without causing any harm to the ability of the future generation to fulfill their needs.

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