Sources of ideas:
Following are some of the sources for ideas;
- Good understanding of economies & the economy.
- Changing need of the people in a locality/society.
- Emerging trends in the society.
- Extensive travelling & a wide range of reading.
- Creativity – Creativity is a major tool for the survival of an entrepreneur. It not only gives one of the edge for recognizing needs, generating business & marketing ideas, but it also help in solving problems. Creativity tend to decline with age, education & lack of use.
- Brainstorming – Brainstorming is a process of detaching analysis of ideas from the actual development of ideas. Usually more ideas with a group are generated. Weird & silly ideas will lead to an euphoric or idea high which makes the ideas flow. After a list has been generated of each can take place. Thus the brainstorming method helps to generate new ideas & problem solving.
- Observing markets for product analysis & market survey – One major aspect while choosing a project should be ascertained to the extent of the marketability of the product proposed to be manufactured, its general use, industries which use it, its end use & its buyers. One should therefore, study the demand & supply of the product. The entrepreneur should probe the various consequences of giving a practical shape to his ideas with an analytical mind.
- Significance of trade fair – Fair & exhibition offers opportunities for meeting large nos of buyers from different places/countries, assessing market trend, assessing the attitude of the competitor, comparing the price & quality of similar product & so on.
- Selection of product – Nature, quality, quantity, function of products also help to select the product. Selection of product is done by catalyst of or combination of various ideas at a time.