- Newspapers-Local newspapers like the Daily Nation, East African e.t.c especially in the business and advertising sections have a lot of information about commercial opportunities as well as personal services.
- Shows and exhibition-Visiting shows and exhibitions organized manufactures and distributors and asking questions from the sales persons. Entrepreneurs can also get business ideas from products displayed in such shows.
- iii. Magazines and journals-Reading magazines and journals with business information may equip an entrepreneur with new business ideas.
- Hobbies –These are activities pursued for pleasure but they can also serve as a source of business ideas e.g. photography.
- Vocational training and experience-A business idea may be developed from one’s own area of training or experience e.g. a teacher may use ideas from his/her training to start a private school.
- Surveys and market research-This involves conducting an investigation to gather information from consumers on what products they require.
- vii. Recycling/using waste products-Some waste products could be converted into useful products e.g. scrap metal for making jikos,old tyres for making sandals e.t.c
- viii. Listening to what people say-By listening keenly to what people say, one can identify unsatisfied needs e.g. complaints about goods and services in the market. These complaints may form a basis of a business idea for an entrepreneur.
- Identifying a market gap (niche)-An entrepreneur may try to identify/spot the needs of consumers which are not being met the existing goods and services.
- Brain storming-An entrepreneur can engage other people in a discussion on how best to develop businesses.
- Listing attributes of a product-By listing the attributes of a product that is already existing in the market, one can find new use for the product.
- xii. Copying/improving an existing business-This involves identifying the weaknesses of a business and trying to come up with solutions.
(Visited 809 times, 1 visits today)
Share this on:
