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Meaning and sources of business Ideas

Answer Text:
Meaning and Sources of Business Ideas.
-Business ideas are thoughts on possible business that are capable of being converted into successful ventures.
Sources of Business Ideas
i. Newspapers-Local newspapers like the Daily Nation, East African e.t.c
ii. Shows and exhibition-Visiting shows and exhibitions organized by manufactures and distributors .
iii. Magazines and journals-Reading magazines and journals with business information may equip an entrepreneur with new business ideas.
iv. Hobbies –These are activities pursued for pleasure but they can also serve as a source of business ideas e.g. photography.
v. Vocational training and experience-A business idea may be developed from one‟s own area of training or experience.
vi. 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.
ix. Identifying a market gap (niche)-An entrepreneur may try to identify/spot the needs of consumers which are not being met by the existing goods and services.
x. Copying/improving an existing business-This involves identifying the weaknesses of a business and trying to come up with solutions.