The business idea arises from an opportunity in the market. Entrepreneurs should have a
keen and open mind to look for opportunities and generate business ideas. It is not a matter of
analysis but of instinct. Ideas come from many sources. Some of the sources are as below:
- OUR OWN NEEDS
- TRADE AND PROFESSIONAL JOURNALS.
- PROJECT PROFILES.
- TRADE FAIRS AND EXHIBITIONS
- SUCCESS STORIES OF FRIENDS AND RELATIVES.
- PROSPECTIVE CONSUMERS.
- RESEARCH ORGANISATION.
- UTILISATION OF WASTE MATERIALS.
- STUDY OF GOVERNMENT POLICY.
- DEVELOPMENT OF OTHER NATIONS.
- ITEMS RESERVED FOR SMALL SCALE UNITS.
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