Generating business ideas
August 24th, 2008
All businesses start somewhere – even the big conglomerates didn’t just happen overnight – the businesses were launched – grew (either organically or through acquisition) and stabilised into the businesses they are today.
Each of these business phases are as a result of many individual steps – e.g consider launching a businesses – this includes thinking of the business concept – generating finance – hiring staff – building product.
How to generate business ideas?
The first step of generating business ideas is often the most daunting. There must be an idea to start with - there are a variety of methods of generating ideas for businesses these include:
• Exploiting existing skills or knowledge
• Exploiting an existing market through a franchise
• Exploiting a pre-existing product in an existing market
• Exploiting a gap in the market or niche where only a small number of products exist
Once the basic business idea has been thought of it can be expanded or validated through market research for example who will be the target audience – your market may be automotive but will that be luxury or value. Once the idea has been generated market research should be used to help build the business plan and ensure that the business idea provides a stable platform for a valid business.
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