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Sources of Business Ideas

There are millions of entrepreneurs throughout the world and their testimony suggest that there are many potential various sources of new business ideas or sources of entrepreneurship ideas and sources of business opportunities. Some of the useful ones are outlined infra:

1. Hobbies/Interest: An hobby is a favourite leisure time activities. Many people in pursuits of their hobbies and interest many business partners have founded businesses. For example, you love cooking, you might end-up being a Cafeteria owner just because you have interest in cooking.

2. Personal skills and Experience: All over the world, it has been discovered that over 60% of successful business ideas comes from experiences and skills acquired in the work place and skills acquired in the work place. For example, a mechanic working for a large garage can start selling a second hand car. Your skills and experience are probably your most important resource not only in generating ideas but also in capitalizing on them.

3. Franchise: A franchise is an arrangement whereby the manufacturer or sole distributor of a trademark or product give exclusive right for local retailers in return for their payment royalty in conformity to standard operative procedures.
Franchise may take several forms including a type that offers a name, method, operating procedure and image. Apart from buying a franchise, a person can develop and sell franchise. There are many directives and handbooks as well as associating; including International Franchise Association (I.F.A) which can provide further information.

4. Mass media: It is a great source of information, ideas and opportunities e.g newspaper, radio, television, books, internet and magazines e.t.c For example, you can consider a commercial advert as a way of finding new businesses as you respond to the offer of such adverts.

5. Exhibitions: As a potential entrepreneur you can get business ideas by attending exhibitions and trade fairs by doing so regularly you will discover new products /services, opportunities to meet sales representatives, manufactures, wholesalers, distributors and franchisers as some of them may be looking for you.

Other sources of business ideas are through business survey, customers complaints/ frustrations and Brainstorming.

Hope we are fixing a friction. Read more business and economy oriented contents on THINK MEDIA NIGERIA.
Cheers 🙂

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