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P rinciples of Idea Creation
Keep the following principles in mind while coming up with an idea:
Customer’s Need
An idea must satisfy the customer’s demand or need. A Customer's
Need
business idea can arise from an existing need in the market
or from a desire to improve what is already in the market.
The product or service may not satisfy the customer’s needs.
Hence, there is a need to fill the gap.
So, an entrepreneur thinks of starting a business to fulfill this Idea
need. Creation

For example, during the winter season, when the weather is
very cold, people like to sit in the sunshine and drink hot tea/ Entrepreneur’s
coffee/soup, so an entrepreneur can start a hot drink stall in a Innovative Own Interest
busy market. Entrepreneurs often work with the idea that they or Talent
are passionate about. Not all entrepreneurs start with work as
per market needs. Some entrepreneurs use their own interests
and talents to start a business and serve their customers. Knowing your interests and aptitudes is certainly
important for entrepreneurs. It leads to self-confidence, and even others believe, and trust your abilities.

Entrepreneur’s Own Interest or Talent
Entrepreneurs typically pursue a passion project. Entrepreneurs do not always focus solely on market demand
and needs. Some businesses begin by employing their own interests or talents to assist customers. Identifying
one's interests and talents is crucial for entrepreneurs, as it boosts self-confidence and builds trust in their
abilities. For instance, a textile design student may capitalise on her passion to open a boutique selling various
clothing items.

Innovative
Innovative refers to fresh approaches or original ideas. Businesses can be innovative in their ideas or processes.
The odds of a business expanding increase if the idea is original, as is the way it is implemented. For example,
a restaurant offers unique meal options for those who are ill, setting it apart from others.

B uilding Business Ideas

Most ideas come from either customer needs or inspiration from the behaviour of others. There are many
ways to develop innovative and practical ideas for businesses. Following are the various types of ideas that
entrepreneurs look into:

Idea Description
Location based Entrepreneurs can develop ideas to meet the needs of
customers in a particular location.

Season based In the summer, people in big cities want to drink cold and
healthy drinks, but in the winter, they like hot drinks. Depending
on the season, entrepreneurs can develop ideas.

Based on Events Considering methods to assist guests at events is another
approach to generate business ideas. Various businesses,
including wedding, parties, decor and food business, etc. offers
a unique perspective for generating business ideas.

Design Thinking and Innovation XI
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