Business Ideas

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Search for Business Ideas: 

Search for Business Ideas

Factors of Business Ideas: 

Factors of Business Ideas It involves of creative dimensions to Opportunity – Identification and Selection (OIS) It also involves the problem of time and cost of undertaking a comprehensive in-depth opportunity scanning. In-depth evaluation exercise related to investment and other source required for the opportunity one choose.

Process of OIS: 

Process of OIS There are seven step process form OIS. Step 1 Preparation of Person Profile Step 2 Development of OS frame work Step 3 Generation of Idea Step 4 Snap Investigation Step 5 Evaluation and short listing of Idea Step 6 Pre-feasibility studies Step 7 Opportunity Selection

Step 1 - Preparation of Person Profile : 

Step 1 - Preparation of Person Profile Entrepreneur make an enterprise idea work, he has certain attitude towards business. Hence he has to write about him/her. Prepare a profile of one self.

Personal Profile : 

Personal Profile Name Education Work Experience Other Academic / Practical Interest Personality Objectives for Establishing an Enterprise Investment Preparedness Attitude towards Risk- taking Personal Consideration

Step 2 – Development of Opportunity Selection Framework: 

Step 2 – Development of Opportunity Selection Framework Investment feasibility. Technical sophistication. Managerial/Organizational Demand Market and competition. Sector Preference. Government Intervention/ Dependence. Implementation Time. Profitability. Degree of Risk and its Forms Location Personal Consideration – Life style, Religious consideration etc.

Step-3 Generation or Identification of Ideas: 

Step-3 Generation or Identification of Ideas One has to watch what his happening around him/her, And reach out to the knowledge sources of Business opportunity, Seize any chance in the course of Job, travel, or meeting to generate Idea.

Ability to Generate Ideas: 

Ability to Generate Ideas Interest in sensing opportunity over a period of time. Urgency or motivation to establish own establishment. Ability to harness source of knowledge and information. Vision and creativity.

7 Approaches to Generation of Ideas: 

7 Approaches to Generation of Ideas Natural Resources. Existing /Anticipated Industries. Market- Driven Service Sector Scanning. Extension /Modification of Present Work Contents. Creative Efforts Other ways.