Ways of Generating Business Ideas

There are various ways through which business ideas can be generated. These include:

  1. Identifying a need in the community: people usually have many unsatisfied needs. By carrying out a market survey on the location where you need to establish your business and talking to the potential customer may reveal gaps in that market.
  2. Market research: Conduct a market survey and try to identify business opportunities existing in the market. People may be requiring new product/services or the ones existing could be having several weaknesses. These are good opportunities for you.
  3. Listening to complaints of customers so that you improve an existing business.
  4. Brainstorming this involves sitting in a group and trying to think of as many possible businesses as possible using the ‘freewheel ’policy . take time and digest all the suggested ideas as a basis for making the final decision on the one most suitable for you.
  5. Creativity By looking at things in a new way and  combining  two or more ideas in a new way, such as, one stop shopping spots for customers e.g.. a restaurant and a salon combination.

Business ideas can also be generated through developing personal hobbies and discussions with friends

Guidelines for Business Idea Generation Process:

  • Think of as many ideas as possible
  • Go out, look and listen.
  • Always analyse ideas carefully before finally selecting which ones to implement.
  • Be simple
  • Start small. “If you want to go somewhere start small” Schummacer

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