Enterpreneurship Development

Entrepreneurship Development

Lesson 9 : Commencement of Business/ Enterprise

Sources of business or product ideas

1. market characteristics-
   Unfulfilled demand a product will open the door for new product. Supply and demand of various products and demand for new products should also be analyzed.
2. Import and exports
   The Government of India is encouraging exports and various EXIM policy encourage entrepreneur to think about the new option.
3. Emerging new technology and scientific know how –
   Commercial exploitation of indigenous or imported technologies and know – how is another source of project idea.
4. Social and economic trends –
   Social and economic status of people is always dynamic in nature and offer wide opportunities. An entrepreneur should observe such changes. For example there is now shift towards readymade garments; possessing consumer durables, western outfit, priority and preferences for cosmetics, etc.
5. Product profile-
   An analytical study of the end products and by products can throw light on new project idea. For example by product of sugar industry gave rise to one more large scale industry called paper industry.
6. Changes in consumption pattern –
   Changes in consumption pattern of the people in the home country and a foreign country also requires the entrepreneur’s attention.
7. Revival of sick units-
   A sick unit gives investment opportunities in the hands of dynamic entrepreneur. He can revitalize and turn a sick unit into a profitable one.
8. Trade fairs and trade journals-
   Magazines, journals, industries or trade fairs offer wide scope for business opportunities.