Discuss the different means of generating a business idea

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1. 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.

The Maslow’s Hierarchy of needs Self actualization
Safety and security needs
Self-esteem / ego
Social needs
Basic/ Physiological needs
Self-actualization
i)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.
ii) Safety and security needs
Human beings require these and entrepreneurs can generate ideas in the process of satisfying
them e.g. security, watchmen etc.
iii) Social needs
Generally speaking to need should be accepted in the society e.g. membership clubs, beauty
clinics etc.
iv) Self-esteem or ego the need only needs recognition e.g. need for luxury cars cellular
phones etc.
v) 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.
2. Brain Storming
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.
3. Building on One’s Skill, Hobbies or Interests
Business ideas can be generated through
i. personal interests and hobbies
ii. ii. Copying or improving somebody’s ideas. (Skills)

4. Sporting a Market Niche
Entrepreneurs usually look for gaps in the growing markets, identifying market sections which
are not being utilized.
5. Listening to what People say.
These are people who simply say or speak their needs e.g if these good bus services
6. Attribute listening
This method of generating business ideas is based on changing the way one looks at something
in order to find a new use for it.
It attempts to answer the question – what do we do with this product.
7. Gaining from Waste
What would appear waste can be used- say recycles to create a new opportunity.

Titany answered the question on November 10, 2021 at 07:34

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Discuss the different means of generating a business idea

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