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Entrepreneurship: Sources of New Ideas

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In this presentation the main concept behind"How to get new and innovative way improve your business?!!" is covered practically as well as theoretically.

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Entrepreneurship: Sources of New Ideas

  1. 1. Entrepreneurship A presentation on Sources of New Ideas Prepared By: Kushal Panchal
  2. 2. Introduction • The main thing which is required for thinking or finding new ideas or solutions is “Creativity”. • Creativity is nothing but Thinking out of “THE BOX!!” • BUT, What is this box? What are the boundaries of this box? • So, invent or to find out the new idea first we need to understand this box, for that the main keys are “To Observe” and “keep learning!” • **KNOW YOUR BOX FIRST**
  3. 3. Sources of New Ideas • NOW, after getting clear in mind these are some basic methods of finding new ideas: • Consumers • Existing Companies • Distribution channels • Government • Research & development
  4. 4. Consumers • The potential consumer should be the final focal point of ideas for the entrepreneurs. • The attention to inputs from potential consumers can take the form of informally monitoring potential ideas or needs or formally arranging for consumers to have an opportunity to express their concerns. • Care needs to be taken to ensure that the new idea or the needs represents a large enough market to support a new venture.
  5. 5. Existing Companies • With the help of an established formal methods potential entrepreneurs and entrepreneurs can evaluate competitive products & services on the market which may result in new and more market appealing products and services.
  6. 6. Distribution Channels • Members of the distribution channels are familiar with the needs of the market and hence can prove to be excellent sources of new ideas. • Not only do the channel members help in finding out unmet or partially met demands leading to new products and services, they also help in marketing the offerings so developed.
  7. 7. Government Research & Development • The patent office files contain numerous product possibilities that can assist entrepreneurs in obtaining specific product information, and secondly, response to government regulations can come in the form of new product ideas. • Entrepreneur’s own R&D is the largest source of new idea.
  8. 8. Thank You!!

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