- Identification of a business idea
- Development of a business plan
- Location of a business demand evaluation
- Registration of the business
- Choice of the business organization
- Business name
- Trading licences / permit
- Start-up and management of the business.
- All entrepreneurs are business people – though not all business people are entrepreneurs.
- Entrepreneurs tend to be more innovative than ordinary business people and end up developing a business plans.
Means of Generating a Business Idea
- identifying a need
- building on ones skill, hobbies or interests
- spotting a market niche
- listening to what people say
- attribute listening
- gaining from waste
- look to see and listen to hear
- importing an idea
- day dreaming
- Spin off from employment.
Identifying a Need
A need can be an opportunity and indeed a consumer buys to satisfy need. Abraham Maslow in his humanistic hierarchy of needs, physical needs to very high personalized needs. Therefore identifying an unidentified or unserved need is a sure way of
generating business ideas.
Basic or physiological needs
The first and the most basic need such as thirst hunger and sleep – in the process of satisfying these needs, entrepreneurs can generate a lot of business ideas- such as cloth stores, food stores, building materials etc.
Safety and security needs
Human beings require these and entrepreneurs can generate ideas in the process of satisfying them e.g security, watchmen e.t.c.
Generally speaking to need should be accepted in the society e.g membership clubs, beauty clinics et..c
Self esteem or ego
the need only needs recognition e.g need for luxury cars cellular phones e.t.c
self – actualization
The need to prove the ability in one’s self i.e self fulfillment – research institutions opportunity to do something in one’s ability.
This is a process of detaching analysis of an idea from the actual ideas. The idea may or may not be related to a given product. In brainstorming even silly and stupid ideas may be generated.
Building on One’s Skill, Hobbies or Interests
business ideas can be generated through
- personal interests and hobbies
- Copying or improving somebody’s ideas. ( skills)
Sporting a Market Niche
Entrepreneurs usually look for gaps in the growing markets, identifying market sections which are not being utilized.
Listening to what People say.
These are people who simply say or speak their needs e.g if these good bus services
This method of generating business ideas is based on changing the way one looks at something in order to fins a new use for it.
It attempts to answer the question – what do we do with this product.
Gaining from Waste
What would appear waste can be used- say recycles to create a new opportunity.
By soliciting ideas by interview, reading, observations, listening