Business ideas are all around us.
Some business ideas come from a careful analysis of market trends and consumer needs; others come from dreaming. The location and development of viable business ideas is a matter of art, of luck, and the use of systematic techniques. The reality is that having the right background, being in the right place at the right time, and working hard to create lucky breaks are likely to be just as important in coming up with sound business ideas.
Searching for business ideas
The starting point for developing new business ideas lies both inside the prospective entrepreneur as well as the marketplace. Both are the critical component for ideas.
Managers need to examine their own skill set for business ideas.
Managers should build on their strengths and work on strengthening weaknesses.
Do they have a talent or proven track record that could become the basis of a profitable business? To find a viable business idea, they should ask,
“What have we done?
What can we do?
Will people be willing to pay for these products?”
When looking around for business ideas, bear in mind that these could be based on a number of approaches
What are your views on this? Let me know?
CEO The Centre for Market Development – email@example.com
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