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Tuesday, May 5, 2009

HOW TO SOURCE FOR WORKABLE BUSINESS IDEAS

When an entrepreneur identifies a business opportunity which he want to exploit, he then need business ideas that will help him reach his targets or set of goals. Business ideas can be sourced under two main sources: internal source and external source. Workable ideas are good ideas that are feasible and can help to achieve the target at hand and also to achieve the major business goal.

  • USE OF CREATIVE IMAGINATION: this falls under an internal source which needs the use of mind power by engaging in productive thinking which results to answers to the supposed question. These answers generated from the mind can be the idea for your business after reviewing them.
  • DISCUSSIONS: one can generate a business idea by engaging in one-on-one or group discussions with members of his/her social network, business owner or the management, workers, family members, friends and close associates. These discussion can be formal or in informal in nature.
  • CUSTOMER SURVEY: this is also one of the good means entrepreneurs generate workable ideas for their business by seeking the opinions of their customers, clients even to the general public. It can be done by issuing a survey form to their customers or even members of the public to generate statistical data that will serve as a base for decision making. When using this method, an entrepreneur should endeavor to give space in the form for other contributions or areas of interest that are not included in the form in case if there is any.
  • THROUGH RESEARCH: this is an external source of business ideas. Information moves the world and is necessary for an entrepreneur to engage in research time to time to be able to update his knowledge and to gain insight and uncover more business ideas. Your research can be made online through search engines or e-zines or offline through the use of research institutions, magazines, newspapers and other publications.
  • USE OF CONSULTING FIRMS: there are business firms with professionals in business fields whose job is to help other businesses grow or reach their goals. They are consulting firms who offer advice and business ideas to their clients. They make a lot of research across different sectors to be able to provide information needed when their services are requested. You can check on them for workable business ideas.
  • REVIEWING COMPLAINTS AND SUGGESTIONS: an entrepreneur should not look down on any suggestions coming form his workers without first evaluating them. It is a good business practice to listen to the complaints of their customers or clients as this will help give them ideas for a better performance in their business.

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