Entrepreneurial Opportunity — Entrepreneurship STD 12 Commerce — Question

Idea fields are well defined frames of reference that guide the generation of ideas. Various idea fields are examined below:

1. Natural resources: The idea for a product or service can be derived from the available natural resources like

1. Agricultural
2. Breeding and Caring of animals (animal husbandry)
3. Cultivation or Horticulture
4. Human
5. Mineral or Soil
6. Solar
7. Tidal
8. Wind

Entirely new products or service related ideas can be generated from these resources or ideas to supplement these natural resources can be derived.

2. Current products or services: It requires careful analysis of the existing products or services and put the expertise and imagination to improve the current products or services. The demand for a product or service or the need to tackle the competition will also help in origination of a new idea. As the value addition to the existing product or service is as good as inventing a new product, the existing products or services also act as a good source of new ideas.

3. Demand or Market: Conducting a research in the market to procure the information relation to the gap between demand and supply, changing consumer preferences, trends, technology helps in the generation of new ideas for products or services. The data gathered is analyzed using business intelligence and helps as a good sources of new ideas.

In addition to this, the demand prevailing in the market will also help in generation of new ideas. The analysis of the products and services offered by the competitors will also act as a valuable source for generating a new idea.

4. Trade: As the globalization has expanded the scope of business to the entire world, a careful analyis of the prevailing trades and methods will act as a good source of idea generation. Earlier the trading was limited to local distribution network or grocery stores. However the trade has expanded from the local market to import and export of goods. The most recent revolution in the trade is e-commerce and has broadened the scope of trading globally and is not time bound. Thus it became a valuable, most effective, less risk prone area for originating new ideas.

5. Service sector: As the society is becoming more educated and as there is tremendous growth in information and technology, it opened up new challenges and opportunities and became a great source for generation of new ideas in various entrepreneurial sectors. Few of the sources are in the

1. Service of home appliances
2. Automobile servicing
3. Fast food
4. Cool drink outlets
5. Ice cream outlets
6. Tourism
7. Personal grooming
8. Career counseling
9. Emigration services

6. Creativity: Creativity being one of the most important competency of an entrepreneur plays a vital role in getting an idea for a new product or service or improving an existing product or service. Most often it is noticed that the need to solve a problem triggers creativity to come up with new ideas. It helps in

1. Adding additional value to an existing product or service
2. Innovate a new product or service
3. Innovate a new methodology or material to produce a product
4. Expand the demand and market for the current product or service
5. Expand the usability of an existing product or service