When an entrepreneur looks outside for business idea he often sees that business opportunities exist in the environment. First Stage: Spotting an opportunity by analyzing the needs and problems that exist in the environment.
(i)Busy life work schedules, frequent corporate travelling created the need for fast banking services and hence the ATM, credit card, debit card and telephone banking came in popularity.
(ii)With the increase in number of murders and other crimes taking place in big cities entrepreneurs can tap the niche of households for installing security systems like alarms, CCTVs, cameras and other safety gadgets, etc.
Second Stage: Evaluating the ideas received from different sources to find a creative solution.
Third Stage: After evaluating each ideas received, selecting the best ideas to start a business venture.
Fourth Stage: Setting up a project and nurturing success.
