The generation of workable ideas is very important to making a business plan. Entrepreneurs usually look around to find clues and ideas.
Customers through their frank reactions, often, communicate some ideas to the sales force who make these delivered to the people in search of those.
The table provided below contains a list of such sources of new business ideas.
Table of Contents
Sources of new business ideas
1. Salesforce
- Knowledge of customer’s needs
- Knowledge of the industry competition
- Inquiries from customers or prospects
2. Research and Engineering
- Application of basic research
- Accidental discoveries
- Original or creative thinking
- Testing existing products and performance records
3. Outside sources
- Inventors
- Stockholders
- Developments in other nations
- Fashion trends of developed countries
- Study of project profiles
- Various Government and public agencies periodic profiles
- Various private agency’s projects and industry profiles
- Suppliers or vendors
- Middlemen
- Ad agencies
- Prospective consumers suggest observing markets
4. Observation of markets
- Utilization of by-products or scrap
- Income levels
- Market surveys
- Future demand
- Suggestions from employees
- Technology, etc.
5. Development in other nations
- Fashion trends of developed countries
6. Study of project profiles
- Various government and public agencies periodic profiles
- Various private agency’s projects and industry profiles
7. Other agencies
- Consultancy organizations
- Investment centers
- Export promotion councils
8. Trade Fairs and Exhibitions
- National and international trade fairs
Salesforce, suppliers, middlemen, advertisement agencies, trade associations’ workshops, seminars, and consultancy organizations help interested parties with new ideas.
Some organizations of their own, engage competent persons like researchers, engineering talents, incubators, and others who in a scientific process constantly look for workable ideas.
Such a model of finding ideas may see below:
The above figure shows the Creativity Thinking Progress
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