There are various ways through which business ideas can be generated. These include:
- 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.
- 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.
- Listening to complaints of customers so that you improve an existing business.
- 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.
- 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