Question

‘The process of generation of ideas’ can be streamlined by developing an awareness about it and these work as the convenient frames of references for this.

(i)Identify the concept stated in the above lines. 

(ii)Explain any three sources of the concept identified which are used by an Entrepreneur.

Answer 1

(i) Idea fields 

(ii) (a) Natural resources: Ideas can be generated based on natural resources. Aproduct or service may be desired from forest resources, agriculture, horticulture, mineral, animal husbandry, wind, sun, and human resource. 

(b)Existing products or service: A business opportunity or idea often comes from everyday problems that someone solves. Successful businesses find a need and fill it by providing a service or product. Entrepreneurs who look at ways to make an existing product or service better can be as successful as those who create or invent products. 

(c)Market driven or demand driven: Market research is any organized effort to gather information about target markets or customers. Ideas can be generated based on existing demand in the market. It is a very important component of business strategy.