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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.





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