How to generate Business Ideas.
Business opportunity can mean a good or favourable change available to run a specific business in a given environment at a given point of time. In general sense, the term opportunity implies a good chance or a favourable situation to do something offered by circumstances.
A business opportunity can involve the sale of goods or services that enable the entrepreneur to begin a business. A good business opportunity should have real demand, return on investment, be competitive, and meet objectives.
6 Great Sources of Business Ideas.
Here are some great sources from where prospective entrepreneur can get ideas for establishing his / her new enterprise or business.
Consumers demand for products and services to satisfy their wants. No business enterprise can be thought of without consumers. An entrepreneur needs to know what the consumers actually want so that he/she can offer the product or service.
- Existing products and services:
Another great way to have an enterprise idea may be monitoring the existing products and services already available in the market and making a competitive analysis of them to identify their shortcomings and then, based on it, decide what and how a better product and service can be offered to the consumers.
- Distribution Channels:
Distribution channels known as market Intermediaries, serves as a very effective source for new ideas for entrepreneurs. This is because they deal directly with the consumers and can better understand the consumers’ wants. The channel members include wholesalers and retailers who can provide ideas for new product development and modification in the existing product.
A prospective entrepreneur can also get business idea from the publications of patents available for license or sale. Besides, there are some governmental agencies that assist entrepreneurs in obtaining specific product information. Such information can also become basis for enterprise formation.
- Research and Development:
Research and Development (R&D) activity can be carried out in-house or outside the organization. R&D activity suggests what and how a new or modified product can be produced to meet the customers’ requirements.
- The Internet:
The internet provides a means that enables higher levels of communication between people, companies and countries throughout the world. The internet by far is the greatest business opportunity that you can Implore to grow your business.