Page 83 - Webapplication11_C11_Flipbook
P. 83
4.7 PRINCIPLES 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 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 need. For example, during the winter season, when the
weather is very cold, people like to sit in the sunshine and drink hot tea/coffee/soup, so an entrepreneur can start a hot
drink stall in a busy market. Entrepreneurs often work with the idea
that they 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. Customer's
Need
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 Idea
Entrepreneurs typically pursue a passion project. Entrepreneurs Creation
do not always focus solely on market demand and needs. Some
businesses begin by employing their own interests or talents to Entrepreneur’s
assist customers. Identifying one's interests and talents is crucial for Innovative Own Interest or
entrepreneurs, as it boosts self-confidence and builds trust in their Talent
abilities. For instance, a textile design student may capitalize 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.
4.8 BUILDING 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.
Entrepreneurial Skills-III 81

