SEARCH FOR A BUSINESS IDEA

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.