CHOOSING AN IDEA
To get established as a successful entrepreneur depends to a large extent on a good idea. Idea must not only be good for the market, but good for the project and good for the entrepreneurs. Further, it should be manageable without much dependence on others and should provide satisfactory results to the entrepreneur. In the idea stage, suggestions for new products are obtained from all possible sources viz. customers, competitors, R&D, distributors and company employees. Essentially the entrepreneur needs to scan the environment.
THE VARIOUS SOURCES ARE
Personal Informal Sources
- Family
- Customers
- Friends
- Colleagues
- Salesman
- Social Contacts
- Employees
Personal Formal Sources
- Bankers
- Business Consultants
Impersonal Written Sources
- Magazines
- Journals
- Books
- Newsletter
- Newspapers
- Catalogues
Impersonal Oral Sources
- Trade Shows
- Seminars/ Workshops
- Professional Organizations
- Small Business Organizations
- Suppliers/ Dealers
One should use as many resources as possible for the purpose of scanning the environment.
OBSERVATIONS
- With constant observation, entrepreneurs target potential market, consumers, products and availability raw materials and widening of market demand.
- Entrepreneurs get tempted to step into the field that profit potential and is socially acceptable.
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