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The Process Of Business Idea Generation

A business idea is the response of a person or organization to solving an identified problem or to meeting perceived needs in the environment (markets, community, etc) A business idea is a pre – requisite for a successful business venture. Good business ideas result from effort and often creativity of the entrepreneur. Finding a good idea is the first step in transforming the entrepreneur’s desire
and creativity into a business opportunity. There are several sources of good ideas. To be successful in generating or finding one, however, the entrepreneur needs to keep his/her mind and eyes open and be alert to opportunities. An idea however good, is only a tool at the end of the day. It needs to be developed and transformed into a viable business opportunity.


Sources of business ideas include:
 Hobbies/interests
 Personal skills and experience
 Franchises
 Mass media (news papers, magazines, TV, internet etc)
 Exhibitions
 Surveys
 Complaints
 Brainstorming
 Creativity


Reasons for generating business ideas:
 Business idea generation is a sine-qua-non ((inevitable) for business.
 Ideas are generated to respond to market needs
 Ideas are also generated to respond to changing fashions and requirements.
 In order to stay ahead of competition
 To be in tune with latest technology so as to do things better.
 In response to product life cycle
 In order to spread risk and allow for failure. 

Stay tuned for more updates. Have a wonderful day.

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