REASONS FOR GENERATING BUSINESS IDEAS
A business idea is the response of a person or an organization to meeting perceived needs or to solving an identified problem in the environment. REASONS FOR GENERATING BUSINESS IDEAS 1. Need for an idea. A good idea is essential for a successful business venture, both when starting a business and to stay competitive afterwards. 2. To respond to market needs A business can be successful if it provides new products or services or manages to reach a new group of clients or finds a new channel to reach the customers better. 3. To respond to natural threats and scarcities. New innovative business ideas in water harvesting, irrigation, weather forecasts, improved farming practices, insurance and finance help a business (farmer) adapt to changes in the natural environment. 4. To change fashions and requirements This helps the entrepreneur to respond to demand with new ideas, products and services. 5. To stay ahead of competition. An entrepreneur needs to cope up with new ideas, product...