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.

5 Questions To Answer Before Approaching A Business Consultant For Registration

Happy Children's Day. Business registration or incorporation is one of the very important moves to better positioning and structuring your business. Providing answers to the questions that follows below is the next best thing to do after finding out why it is important to register your  business name.
1. PURPOSE - The purpose or aim of your business should be clear to you before going to any agent to register your business name. Is your business going to be for profit or for non-profit? Is it to promote personal brand or for corporate brand?
2. THE SCOPE: What scope, coverage, area or subject will your business cover. Will it be a specialized or generalized kind of business? Will it deal on physical goods, services or skill oriented? For instance, you cannot use a specialized kind of business name such as 'A and Z Farm' to carry out a business for clothing line. Get clear on the scope of your business to avoid placing unknown limitation to your business in the future unless you want to run a specialized venture.
3. OWNERSHIP: The question of ownership is very very important when thinking about business registration. Do want a one man kind of business, a partnership, a limited liability or trusteeship? The reason you should answer this question is to avoid wasting your energy, resources and time with someone who is not ready to work, collaborate or play his own part in running the business but will be very much interested when the busies begin to pay. Many times, clients have approached me complaining bitterly how they have been the only one that is actively running the business even when his capital investment is same with that of their partner. One even told me he does virtually everything while the  partner does nothing at all. He went ahead to ask if it is possible to remove his name from been the owner of the business.
4. THE CAPITAL - Knowing the available capital or capital at hand is also necessary as the amount required to incorporate an enterprise is different from that of a limited liability company likewise an NGO.
5. THE LONG TIME GOAL/SPAN - The long time objective of the business is important to know. Are you building for the present (the one that dies when you are gone) or building for the future (posterity), the one that can outlive you  (one that can be inherited). if you can sincerely provide answers to the above questions, then you will not find it difficult when you want to coin a name for the business. I am available to answer your questions on ideas stated. Have a nice day.