Sources of Business Ideas - Business Plan Preparations, Entrepreneurship & Small Businesses Video Lecture | Entrepreneurship & Small Businesses - B Com

sources of business ideas for the
entrepreneur coming up with a business
idea is not a difficult thing as they
are constantly looking for gaps in the
market or innovative ways of using
technology they may find many new
business ideas coming their way the
difficulty is in executing the idea
bringing together the resources that can
turn the idea into a business
entrepreneurs can develop business ideas
in many different ways they might draw
on their business experience an
entrepreneur might realize there is a
more efficient way of producing a
product while working for his employer
the characteristics of an entrepreneur
suggest that they are likely to want to
be their own boss and may then take this
idea to develop on their own they must
also consider that the potential
benefits from being their own boss must
be weighed up against the fact that they
are giving up a well-paying job this is
the risk that the entrepreneur must be
willing to make they might have built up
some expertise in a particular hobby
that can now be turned into a business
for example a housewife that bakes cakes
might find that she can turn this skill
into a wedding cake business this type
of business is likely to grow slowly
from the hobby
however the entrepreneur must consider
the fact that she may have the skills
for making wedding cakes but does she
have the skills for the administration
of orders that will be required in the
business an entrepreneur might be able
to solve a problem that his family is
having by creating a new product for
example elderly relatives may not be
able to open tinned goods with existing
can openers the entrepreneur might be
able to invent a new type of can opener
this may well solve his elderly
relatives problem but what he must
consider is will there be enough demand
from other elderly people finally an
entrepreneur might bring together a
group of people for a brainstorming
session where lots of ideas are
discussed and hopefully an innovative
idea will come from the discussion as
stated previously coming up with the
idea is not particularly difficult for
entrepreneurs it is the implementation
of the idea that is difficult
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