Business Ideas – Sources of Business Ideas

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A business idea is a concept that can be used for financial gain that is usually centered on a product or service that can be offered for money. An idea is the base of the pyramid when it comes to the business as a whole.

There are billions of entrepreneurs throughout the world and their testimonies suggest that there are many potential sources of business ideas.

Sources of Business Ideas

  • Hobby.
  • Complaints.
  • Exhibitions.
  • Experience.
  • Brainstorming.
  • Surveys.
  • Mass media etc…

1. HOBBY:

An activity you do when you’re not working.

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Do you know that you can make money from whatever it is you like or enjoy doing? All you have to do is to identify the things you do most often especially when you’re free, evaluate them and act. (Just have a quiet time and reflect on how to make money from what you enjoy doing).

2. COMPLAINTS:

Expressing unhappiness.

Critically evaluate the following statements…

  • “I wish there was…”
  • “If only there were a product that could…”
  • “If only there were services that could…”
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Most of these come up maybe when a customer is not satisfied with a product/service that he or she has tried. Your role here is to put those complaints into consideration then generate ideas to solve such problems because from what you heard above, there is a problem that needs a solution.

3. EXHIBITION:

A demonstration of a particular skill or craft.

Attending exhibition and trade fairs regularly will help you discover new products or services and give you an opportunity to meet with manufacturers, sales representatives, wholesalers, distributors, etc… They can help you with information on getting started or might need your services.

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4. EXPERIENCE:

Knowledge or skill gained through been involved in or exposed to something over a period of time.

Don’t look down on any skill or training you learned or passed through because over half of the ideas of successful businesses come from the experience in the work. The background of a potential entrepreneur plays a crucial role in the decision to go into the business as well as the type of venture to be created. Your skills and experience are your most important resources, therefore, be productive and capitalize on them.

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5. BRAINSTORMING:

This is a way of making a group of people all think about something at the same time.

Often, in order to solve a problem or to create good ideas. It usually starts with a question or problem statement and each idea leads to one or more additional ideas, resulting in a good number.

  • Ensure you don’t criticize or judge the ideas of others.
  • Consider all ideas even those that seem to be wild or crazy.
  • The greater the number of ideas, the better.
  • Combine and improve upon the idea of others.

6. SURVEY:

To look at or consider something in a general or very broadway.

This has to do with an investigation on the opinions, behavior, etc… of a particular group of people which is usually done by asking them questions. Such a survey can be or might be conducted formally or informally by talking to people, usually using a questionnaire or through interviews and, or through observation.

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7. MASS MEDIA:

This is a great source of information and news such as newspapers, magazines, radio, the internet and television.

They reach and influence a large number of people from the advertisements and offers and even information you derive from the mass media, you can come up with ideas to work on.

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