Business Ideas; Meaning, Sources & Features Of Good Business Ideas //openbook247


    Business Ideas

    The technique or way of doing a particular business is known as business ideas. Generally it refers to the opportunities converted into profit for the organisation.

    Business idea is the reason for creating a new firm or enterprise.In business an idea is the first milestone in the process of creating or introducing a successful business model.A business idea must be innovative, unique, understandable, profitable and problem solving for creating a successful business enterprise.

    An innovative business idea helps businesses to be more capable of handling every situation in enterprise and manage the management system of the company property.

    Business ideas are not only helpful for the company but also helpful for the employees of the company for the smooth running and sound productive process. Business idea is also helpful for avoiding critical situations in future and it also aims to solve all problems in the running business model.

    Sources of Business Ideas

    The different sources from which business ideas are collected with the purpose of getting a creative or best solution to a problem are called sources of Business Ideas. Some of the Best sources for business ideas are discussed below -:

    Market is considered as the most important source for business ideas. Business model is successful if you know all the facts and information about the market strategies. The proper utilisation of business ideas depends upon the types of market demand and fluctuations. For smooth functioning, more productivity, marketing, and selling is wholly dependent on the market. If you start a new business then you must have a proper mindset about marketing skills and strategies.

    The customers are considered as the most important sources for the business idea.

    C.Suppliers & Other Business Partners:
    The suppliers and other business partners are also considered as important sources of new idea generation.They also enable understanding about market and market conditions, so that business activities can be undertaken in a profitable manner.

    Certain practices or situations are considered as important and common sources of business ideas. It ensures to understand or recognise market opportunities and derive maximum benefit. It includes such trends-:

    i. Social Trends
    ii. Economic Trends
    iii. Government Trends
    iv. Technological Trends

    E. Competition:
    The initiation to overcome others in a business market is called competition. It includes getting an edge over your competition and looking for various opportunities. So it is also considered as another important source of business idea generation.

    F. Publication:
    The publication of project reports is also considered as another important source of idea generation. Normally it is a secondary source that enables an entrepreneur to work out industry requirements.

    G. Invention & Innovation:
    The generation of new ideas creating new things of new technology is called inventions. It ensures to add more values to existing products and create a profitable market for the organisation.

    i. Existing Product view:
    The existing product also helps in generating new ideas for improving the existing product and service; it enables an entrepreneur to collect various information about the product and make changes accordingly.

    J. Other Consideration:
    The generation of business ideas is not only possible in the above important sources but also these are so many sources that provide various business ideas to the entrepreneur. Some of the most important sources for business ideas are highlighted below.

    • Employment generation
    • Development of rural area 
    • Opportunity of problem solving etc.
    • Women employment.

    Features Of Good Business Ideas:

    For the sake of clarification some of the most important features of Business Ideas are discussed below.

    A good business idea must be a sustainability one. It means the ideas should be used and provide benefits for a long period.

    Another important feature of a good business idea is attractive.That means it should be formulated in such a way so that it can be converted into reality and provide good results.

    A good business idea must be reliable and achievable that means the business ideas must be physically possible to be performed.

    Innovation is considered as another important feature of good business ideas which is also considered as the heart of entrepreneurship.It is also implemented in a creative manner for better results.

    5.Generate revenue:
    A good business idea should be able to generate revenue.It must be capable of increasing and maximising revenue year after year.

    Another important feature of a business idea is to satisfy the needs of the customers in a faster manner.It must be able to provide quick results as seen as possible.

    7.Customer Focused:
    The customers are considered as the good of the business work so good business ideas must be customer focused and should ignore product derived ideas.It also dries to provide and produce products as per customer requirement.

    A good business idea should be different from the ideas on which existing businesses are working.It must be a different one in comparison to other prevailing ideas in a particular situation.

    9.Better and Cheaper:
    Another important feature of good business ideas is better and cheaper. That means the business ideas should provide better and cheaper solutions to the problem.

    The business ideas must ensure the growth of business and its economy.It should be formulated so that maximum prosperity can be achieved with maximum resources.

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