Developing Business Ideas

Business venture begins with an idea or concept, which represent an object that consumers want, and will be ready to buy in quantity that calls for establishing a business. The idea might come to mind as a result of a number of events, e.g. poor delivery of present products, successful research, failure of current products, possibility of adoptions, faster growing market etc.

The process entails in determining a viable business ideas. To determine a viable business idea, it will require classifying those ideas in the entrepreneur’s vision into appropriate investment areas, here are those areas;
Agriculture that relates to farming, fishing, forestry and animal husbandry, Mining or extraction industry this is that process of extracting raw material from beneath the surface of the earth. The raw materials are then converted to customer goods or they could be sold in their extracted forms to firms that convert them into useable forms, Manufacturing the transformation of raw material into finished goods and services, Construction road and building construction, Wholesaling distribution of both consumer and industrial goods in large quantity, retailing this involves buying products from wholesalers manufacturers or company representatives and selling them in small quantities to the end users consumers, Services it entails rendering of various types of services catering, barbing saloon, medical services, management consultancy, transportation etc. finance this is are the services of commercial banks, finance houses and discount houses to mention just a few.
Sources of business ideas. There are several ways to conduct research or search for a business idea. The predominant ones are listed below, the mass media (Radio & Television) it could be obtained from the commercials, advertisement and government sponsored programmmes, the printing media (newspaper, published works, exhibition, government publication, trade association reports, professional bodies publications.) the advertisement seen or publish in the newspaper could bring a business opportunity as in information publish for a company need product and services and been present at a book show can serves as an avenue of obtaining new ideas for new business enterprise, hobbies that activities you engaged in for pleasure and relaxation e.g. gardening, photography, written and work of art as side attraction could be turned into profitable business.
Processes and factors that determining viable business ideas. To develop a good business plan, the business environment must be carefully and threats systematically evaluated for the purpose of identifying the opportunities and threats that may confront a business initiative.
Process of determining viable business ideas. This relates to further analysis of the business opportunities. The process of identify business investment opportunities will involves: environmental analysis, analysis of the current pattern of business, analysis of the target group with respect to resources, linkage, market options and export opportunities.
Investment decision. Convert the available resources to one-investment ideas.