Source of business ideas

Source of ideas arises from three categories

  • Internal sources
  • External sources
  • Personal activities

Internal sources

  1. Research and development department
  2. Sales personnel
  3. Employees who serve the customer
  4. Production personnel
  5. Executive or top level staff
  6. Customer care department

External sources

  1. Customer suggestions
  2. Competitors product
  3. Trade journals and magazines
  4. Member of the distribution channels e.g. suppliers, manufacturers, wholesalers etc
  5. Trade associations
  6. Government libraries and government statistics
  7. Government agencies who facilitate in entrepreneurial activities i.e. financing and providing entrepreneurial information tree of charge
  8. Business partners
  9. Marketing and advertisement agencies
  10. Schools and training institutions
  11. The internet
  12. Non-government organizations
  13. Trade fairs and exhibitions
  14. Business seminars and workshop
  15. Industry/market survey

Personal activities

  1. Experience and exposure i.e. through traveling
  2. Developing creative thinking
  3. Converting talent from business opportunities
  4. Keeping up with the current trends in business i.e. technology
  5. From the occurrence of evenly both within and outside the business
  6. Adding value to an existing product

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