The concept of generating a new business idea is not only essential for intending or prospective entrepreneurs, existing business owners also need to understand how new business ideas can change the level of business operations that invariably will lead to greater productivity and success.
It is an establish fact that for any existing business to experience growth and expansion, idea generation, creativity and innovation are three necessary factors that must come together in application and practice.
Below are some of the more frequently used sources of idea for existing and prospective entrepreneur.
From consumer or target audience
Every creative and innovative entrepreneur must pay close attention to potential customers, client or consumers on a continuous basic. This kind of attention can take an informal approach of personally monitoring potential ideas affecting the needs of customers or formally arranging for customers/consumer to have opportunity to express their opinion.
This could be achieve through a comprehensive survey/questionnaire or forum. The ideas or opinion generated from the target audience must be to a large extent represent enough market to support a new business or expand a section of an existing business.
From existing products and services
Existing products and services could be carefully monitored and evaluated to uncover ways to improve them. This might results in a new product or service that has more market appeal and better sales and profit potential.
In this period of advancement in information communication technology (ICT), creative and innovative approach of ICT can have far-reaching effect on existing products and services.
Prospective entrepreneurs can therefore take advantage of information communication technology (ICT) to build new variant of old products or services with a more market appeal, better sales and profit potentials.
From marketing distribution channels
For a product that involve a marketing distribution channel (sale representative group), members of such distribution channels are also excellent sources for new business ideas, because of their familiarity with the needs of the market.
For example, let’s imagine that a company has ten sales persons in one zone. In each month, every member of the group can itemize why his/her sales is high, low or below average.
Ideas gotten from such analysis could become a source of innovation and creativity that will lead to a better business idea in marketing.
From research and development
The greatest source of a new business idea is the entrepreneur’s own effort in research and development.
The quest to gather information, ask questions from existing entrepreneurs, analyze economic data and information within the market can lead to a unique business concept.
The prospective entrepreneur’s creativity and innovation coupled with foresight and much research can be a source of business idea.
From the Government of the day
The federal, state and local government can be a source of new products or business ideas in two ways.
First, basis information about products/services are obtained from government data bank or statistical unit like the National Bureau of Statistics (NBS). A thorough analysis of such data can provide clear guides to new area of business.
Secondly, new product ideas can come in response to government regulations or policies. For examples the current regulations by the federal government that telecommunication operators/company should register their subscribers.
This could be an open door to greater services by their distributors, even though registration is free. An area of local content management system can also evolve as the result of this government policy, thus creating new business opportunity for the operators in the near future.