Highlight five Sources of Business Ideas

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i. Newspapers-Local newspapers like the Daily Nation, East African etc. especially in the
business and advertising sections have a lot of information about commercial opportunities
as well as personal services.
ii. Shows and exhibition-Visiting shows and exhibitions organized by manufactures and
distributors and asking questions from the sales persons. Entrepreneurs can also get business
ideas from products displayed in such shows.
iii. Magazines and journals-Reading magazines and journals with business information may
equip an entrepreneur with new business ideas.
iv. Hobbies –These are activities pursued for pleasure but they can also serve as a source of
business ideas e.g. photography.
v. Vocational training and experience-A business idea may be developed from one’s own area
of training or experience e.g. a teacher may use ideas from his/her training to start a private
school.
vi. Surveys and market research-This involves conducting an investigation to gather
information from consumers on what products they require.
vii. Recycling/using waste products-Some waste products could be converted into useful
products e.g. scrap metal for making jikos, old tyres for making sandals etc.
viii. Listening to what people say-By listening keenly to what people say, one can identify
unsatisfied needs e.g. complaints about goods and services in the market. These complaints
may form a basis of a business idea for an entrepreneur.
ix. Identifying a market gap (niche)-An entrepreneur may try to identify/spot the needs of
consumers which are not being met by the existing goods and services.
x. Brain storming-An entrepreneur can engage other people in a discussion on how best to
develop businesses.
xi. Listing attributes of a product-By listing the attributes of a product that is already existing in the market, one can find new use for the product.
xii. Copying/improving an existing business-This involves identifying the weaknesses of a
business and trying to come up with solutions.

Titany answered the question on November 10, 2021 at 07:36

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