List three sources of new business ideas for an entrepreneur - Leaving Cert Business - Question 15 - 2009
Question 15
List three sources of new business ideas for an entrepreneur.
(i)
(ii)
(iii)
Worked Solution & Example Answer:List three sources of new business ideas for an entrepreneur - Leaving Cert Business - Question 15 - 2009
Step 1
(i) Personal interests, hobbies, skills
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Answer
Entrepreneurs can draw inspiration from their own personal interests, hobbies, and skills. This source allows them to build a business around something they are passionate about, which can increase motivation and commitment.
Step 2
(ii) Other businesses
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Observing and analyzing other businesses can provide valuable insights. Entrepreneurs can identify gaps in the market or innovative practices that they can adapt or improve upon in their own ventures.
Step 3
(iii) Foreign travel
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Traveling to foreign countries exposes entrepreneurs to new cultures, ideas, and ways of doing business. These experiences can inspire unique business ideas that cater to untapped markets or combine elements from different cultures.
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