Sources Of New Business Ideas

Secondly, knowing your competitors is vital to be a business, because there could be a new business

2. New perspectives- Let's face it, the business world is constantly changing and in order to be successful companies must adapt and change over time.

This activity is designed to encourage students to appreciate the process of generating business idea with limited funds. Anybody can come up with a good business idea regardless of their age, race, experience and others.

The study looks in-depth at the direct effect of new ideas on the progress of any business. The study focused on trying to look past the overt benefits like profit, dividends, revenues etc. that a new business model would bring to a striving organization. The study researched into the adaptability of many of these companies interest into entering the always changing local and international markets, and also what steps that would need from each model to be successful in doing so. It also showed that trust is part of making strong business sense decision.it also spoke of developing more business links and better understanding of standard principles were fostered by the incorporation of new ideas into any business. This study was useful in the sense that it uses a business model which allows companies to follow a business plan and not to go into a major business idea without a sound thought process.

Organizations pursuing this type of business strategy try to develop a competitive advantage based on product innovation. The strategy requires employees to continually develop new products and services to create an organization’s advantage in the market. These companies create and maintain an environment that encourages employees to bring new ideas into the company.

An understanding of a competitor’s position can be a key for a business to determine where funding and resources should be allotted to create new products or services.

In pursuance of this goal, a business cannot simply enter a new market, but has to take a look at its own inner workings to realize if those will function in the target environment.

Chapter 4) to gain insights into how our customers are talking about and engaging with our brand. Monitoring competitive market intelligence through the use of competitor analysis (Identifying key competitors; assessing their objectives, strategies, strengths and weaknesses, and reactions patterns; and selecting which competitors to attack or avoid. Chapter 18) will also allow us to make better strategic decisions by understanding the current consumer environment, tracking competitor actions, and providing warnings for potential opportunities.

Featured in this and many of the other theories and definitions for Innovation, are two strong common elements. Firstly the notion that innovation involves something new, original or improved and secondly the suggestion that this creates value and generally refers to an idea that changing processes or improves effectiveness or efficiency of a product, process or organisation. For businesses, this could mean implementing new ideas, creating dynamic products or improving existing services. Innovation can be a catalyst for the growth and success of a business, and help to adapt and grow in the marketplace.

A good example is a children?s clothing store. They must be able to understand what has made their competitors like Carter?s and

Napoleon Hill stated ideas are the beginning points of all fortunes. When you have a great business idea it is not enough just have it somewhere in your brain, the second thing to do is to realize it in other words it is called idea feasibility. Same as this American author stated by having a successful idea you can open doors to new opportunities and attract fortune. The idea is like a new product which can be applied to a new business. The more successful the product is the better results it will give in the

Focussing on the organizational level, research argues that in order to pursue exploratory innovation, the business departments are supposed to be decentralized with loose cultures and have to be relatively small (Benner & Tushman, 2003). Startups more or less all meet those characteristics. This should mean that the possibility to present ideas within business plan competitions could mostly be exploratory in nature. There is no business structure more flexible and loose as a startup.

     Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting

1. Idea Generation: Idea generation is the actual development of ideas that can become products or services. Either competitors, employees, suppliers, or customers can be the generators of these ideas. Idea generation is the first step in the offered get development process and is often the least costly financially speaking.

Before starting a business, entrepreneurs need to take and use the methods to generate creative ideas for product to be marketed and test new ideas. The methods are the focus group method, brainstorming, brainwriting and problem inventory analysis. These methods are best suitable for an organization that needs expansion in products or services