Your business idea is the first step in setting up a new business. Some of the best business ideas come from the least likely of sources. The sources of ideas are divided into Internal and External.
Internal Sources
- Personal skills or hobbies - someone who is artistic may set up an interior design business.
- Experiences - someone may have experienced a bad service and set up a company to address this. Richard Branson set up Virgin Atlantic Airways because he was unhappy with the services from other airlines.
- Research & Development - Nokia, Samsung and Apple have dedicated R&D departments whose sole purpose is the development of new ideas.
- Customer Feedback - Complaints from customers and feedback from sales staff can be a very valuable source of information. The Mc Donalds Salads Plus range was the result of feedback from customers concerned about the healthiness of the food being served.
- From employee suggestions - Intrapreneurship.
External Sources:
- Family & Friends - Sometimes ideas come from a business person listening to a family member complain about something. Jack Odell invented the Matchbox toy range in 1953 when his daughter told him that she could only bring a toy to school if it fit into a matchbox!
- Competition - Businesses can get an idea by copying and adapting the successful ideas of their rivals. The Xbox was developed by Microsoft when it saw the success of the Sony Playstation.
- Import Substitution - Entrepreneurs can get ideas from travelling and importing products into the country that they have seen abroad. The best idea of this is Tayto Crisps, which was set up in 1954 by Mr. Joe 'Spud' Murphy when he saw the idea while travelling in England. In 1954, Tayto sold 347 packs per day. Today, Tayto sells over 525 packs a minute!
- State Agencies - Government agencies provide ideas for new products and new markets for business people. Enterprise Ireland produces reports and research findings about potential business opportunites around the world.
Another great source of generating ideas is Brainstorming.
If used correctyly, brainstorming can be a powerful system that can be used by individuals and businesses to generate ideas. It is often referred to as a 'think-tank'
The principle of brainstorming is 'there is no such thing as a stupid suggestion'
The process of brainstorming is as follows:
- A group leader is appointed to oversee and direct the session.
- A time keeper is appointed to keep the session on schedule.
- Members call out as many ideas as possible, while observing the principle of brainstorming. This encourages innovation and radical thinking.
- Once completed the information is evaluated and ideas showing potential go onto the next stage.
A good brainstorming session can start here....
And finish here......
Remember always the principle of brainstorming... there is no such thing as a bad idea...
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| Sometimes it can be hard though! |
