Sources of Business Ideas

Sources of Business Ideas:

• Internal Sources**:** Ideas that come from within the company, such as from employees or existing operations. These might include new ways to improve products or services or ideas generated during team meetings.
• External Sources: Ideas that come from outside the company, such as market trends, customer feedback, or competitor actions. This can also include insights from industry events or partnerships with other businesses.

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Examples of internal sources of Business ideas:

• For new entrepreneurs: Business ideas can come from skills and hobbies or personal experiences, which involve turning personal interests or past experiences into business opportunities.
• For established businesses: ideas can emerge through research and development, intrapreneurship, and brainstorming, focusing on innovation, employee-driven projects, and collaborative idea generation.

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Examples of external sources of Business ideas:

• For new entrepreneurs: Ideas can come from friends and family, media, import substitution, and state agencies.
• For established businesses: External ideas can be sourced from competitors and customer feedback, which involve analysing competitor strategies and listening to customer needs to identify new opportunities.