Sources of Idea Generation For Small Business

  A small business is born with an idea.Ideas provide opportunities. A small business owner should have the ability to generate a number of ideas. Such ideas should have potential to make profit.The most promising idea should be selected for establishing small business.

1. Situation Survey-This provides useful ideas for small business.It involves survey current situation in the environment.Signs of environmental changes are identified.Changes already under way are detected.The forces of changes can be political-legal,economic,socio-cultural and technological.
2. Internal sources-The idea comes from prior work experience it is the source of about 45% new ideas.The suggestions made by employees.research and development department,committees and task forces.Creativity is human faculty of generating novel,unique or improved ideas to solve problems.
3. External sources-They can be need and requirement of consumer provides new ideas.It requires outside consultants and experts can provide promising new ideas.Competitors activities provides ideas for small business too.Foreign countries can be a good source of new ideas also.Whereas television,journal,newspaper,enternet also provide the new ideas for small business.                                                                                                                                                      Legal provision can also be the source of ideas.All the ideas developed from source are pooled together.They represent potential opportunities for small business.They are evaluated for selection purposes.