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Building Business Ideas (Using Imagination/Intuition)

              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:


                                                            Ideas



                                                               Location based


                                                                Season based



                                                             Based on events like
                                                            weddings, parties, etc.



                                                               Ideas based on
                                                                 self-interest


                                                                Study based




                          Task



                   Asha, the chai-seller
                   Asha started working in a multinational company after completing her MBA. She found that the cafeteria in the
                   company did not serve good quality tea. She also did not find any tea vendor near her company offices. After
                   working in the company for three years, she decided to start a venture of her own. For this, she chose to sell
                   good quality ‘chai’. She chose the area outside her previous company to start her ‘chai’ business. Every morning,
                   she would serve hot tea to her customers with a smile. She also included several varieties of ‘chai’ like ‘Tulsi chai’,
                   ‘Masala chai’, ‘Ginger chai’. Soon, her business started growing. People would willingly stop to buy a cup of ‘chai’
                   from her and even chat with her. She started only one tea stall but now runs five tea cafes in three different cities!
                   1.  Which ideology of idea creation did Asha follow?


                   2.  Why did Asha come up with this idea?


                   3.  Can you think of any idea to start a business?





                      Understanding the Market

              Entrepreneurs are directly responsible for ensuring that the needs of customers are met by the products or services
              offered by them. Therefore, in this phase of the business, it is very important to understand exactly what most customers
              want. Customer needs can be grouped into four types:
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