SOURCES OF BUSINESS IDEAS

 Common sources of business ideas include the following;

1. Mass media

This includes newspapers, magazines, television and the internet. These form a great source of information, ideas and often business opportunities, for instance one may read that there is more interest in physical fitness. In this, one may need to look for new enterprise ideas that are related to physical fitness such as sporting goods, health foods.

2. Hobbies/interests

These are activities pursued for pleasure and relaxation. They are often a source of ideas for new enterprises, for instance one enjoys photography he or she may be able to expand his or her hobby into a profitable full-time enterprise. A business related to one’s hobby will enable him or her to spend more time doing what he or she enjoys.

3. Vocational training/personal skills and experience

A business idea can be developed from one’s area of training. For instance, a teacher who starts a private school, a carpenter who starts a carpentry workshop, e.t.c.

4. Trade shows and exhibitions

These are sponsored by manufacturers, distributors and government departments. When one goes to a trade show, he or she can see sales persons, products demonstrators who can give him information that he or she requires. In this case, one can discover a business idea that matches his or her interest and abilities.

5. Surveys

New business ideas can be identified by finding out what consumers need and want. Such surveys can be conducted informally through observation and personal contacts or formally by talking to people through a questionnaire or through interviews.

6. Customer complaints

When customers complain bitterly about a product or service, one gets a potential for a business idea. The idea could be to set up a rival firm offering a better product or service.

7. Franchises

A franchise is an arrangement whereby the manufacturer or sole distributor of a trade mark, product or service gives exclusive rights for local distribution to independent retailers in return for their payment of royalties and conformity to standardized operating procedures.

8. Brain storming

Brain storming is a creative problem solving technique for generating ideas.

The objective here is to come up with as many ideas as possible. It usually starts with a question or problem statement. For instance, what products and services are needed in the market which are not available?

Each idea results into one or more additional ideas resulting in a good number.

Rules to be followed in brain storming include;

(a)Don’t criticize or judge the ideas of others.

(b)Encourage free wheeling, i.e welcome ideas that may seem wild or crazy.

(c) Try for quantity since the greater the number of ideas, the better.

(d)Combine and improve upon the ideas of others.