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What are the sources of business ideas?

The following are the sources of generation of business ideas.

Environmental Scanning: Environmental scanning refers to the idea generation technique where in an entrepreneur gathers huge amount of information and analyzes this information to identify potential business opportunities from the emerging trends. To gather the information they use channels like news magazines, commercials, trade publications, government and consumer publications, reviews, journals, books, seminars, trade shows, family members, customers, friends etc. The ideas generated from this information are then evaluated against the prevailing environment.
Creativity: Creativity refers to the process of where in two or more ideas are combined in a new way and create innovative association among them.
Creativity requires looking a problem in a new
angle
approach
connection
This process leads to a structured approach in which a number of creative alternate solution to a problem at hand can be developed.
Few examples include

Free association: In this process a chain of words are associated to arrive at a creative idea.
Attribute Listing: In this process the positive or negative attributes of a product or service or enlisted and analyzed to arrive at a creative idea.
Brainstorming Brainstorming refers to the generation of ideas to solve a problem or to innovate new products or services to meeting the needs. In this, a group of people sit together an unstructured discussion. During this discussion one idea will lead to an another idea. At the end of the discussion, a number of ideas are generated. This is one of most productive methods to generate ideas.
Focus Groups: A focus group consists of group of persons. One person acts as a moderator. The moderator initiates a group discussion or put other issues in front of the group. The focus group put forward their opinions about the topic. They provide information about the product or service under discussion, in a structured fashion. The focus group is an excellent way of generating new ideas and to screen proposed ideas and concepts.
Market Research: In this process the information is procured about products or services that are prevailing in the market. The information thus gathered is then deeply studied in a structured fashion. This gives the demand supply gap that is prevailing in the market for this product or service. This leads to innovative ideas about a product or service.

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