Service sector ideas : Entrepreneurial opportunities are not only restricted to the manufacturer. Service sector is the most growing field these days, the world over, thanks to emerging knowledge societies and advancements in Information and Technology. So, new opportunities can be identified by understanding the linkages to different business activities.
OR
Market driven or demand driven ideas : Market research yields valuable data about trends of supply, demand and consumer preferences. Market research is a key factor to maintain competitiveness over competitors.
OR
Creative efforts : Apart from applying creativity to spot and harness opportunities, it can also be applied to develop new products and services.
There are basically five ways in which creative ideas can be generated:
(a) Develop a new product or service.
(b) Improve an existing product or service
(c) Find a new process or resource for manufacturing a product.
(d) Find new markets for existing products or services.
(e) Find a new use of an existing product or service.
A very useful concept to bear in mind is that, most often creative products and services are born as results of problem solving. The child could have written any one of the above options and should not have explained the same option in (b) part.
(b) (i) Natural resources : Ideas can be generated based on natural resources. A product or service may be desired from forest resources, agriculture, horticulture etc.,
(ii) Existing products or services: A great business idea combines skills with imagination and market demand.
(iii) Trading related ideas : Trading these days is not limited to ordinary grocer or distributor outlets. With increasing consumerism, the scope and nature of trade has enlarged; local trade, import and export, ecommerce are all making trading a very wide area of enterprise.
Detailed Answer :
(a) Idea field explored by Dr. Bhim—Natural Resources : An entrepreneur can generate ideas on the basis of natural resources available. He may think about producing the goods or services based on agriculture, mineral, animal husbandry, wind, sun and horticulture etc.
| Natural resources |
Existing use |
Potential use |
| Coconut oil |
Mainly it is used as hair oil. |
• Coconut oil gives a protective shine to wood furniture..
• It can be used for cooking.
• Coconut oil fights these fungal infections internally and externally. |
| Water resources (sulphur, spring, waterfalls) |
Mainly water resources are for domestic and recreational use. |
• Water resources can be used to open a water plant.
• Water resources can be utilised for : (i) Residential, commercial and industrial use (ii) Irrigation
(iii) Hydropower |
| Basil (Tulsi) |
The most common use of basil is for cooking, such as in tomato sauce, pesto, or vinegars. |
• Medicines
• Herbal home remedies. |
| Lumber |
Mainly lumber is used to make timber. |
Lumber can be used for making furniture and other wood based products. |
(b) (i) Existing Products or Services :
- Entrepreneurs play important role in improving the products and services already exist in the market. For example: LCD TV to LED TV, black and white computer screen to colour monitors.
- There are new techniques and strategies being developed in every service like teaching, medicine and management etc.
- An entrepreneur will be called successful only when it finds different ways to make an existing product or service better.
- If there is a constant change in the products or service offered by an entrepreneur, in such a case, entrepreneur must keep an eye on the latest trends adopted by the competitors.
- An entrepreneur must ensure that changes in existing products and services would help in increasing in the sales and revenue.
(ii) Market Driven or Demand Driven Ideas :
- Market research plays important role in generating the business ideas. An entrepreneur must collect the valuable data about the taste and preferences of the customers, latest trends, demand and supply, competition level and market size.
- Market research helps in understanding the environment and gathering valuable information. It also helps in decision making.
