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Generating Business Ideas

Updated on September 9, 2009

Keeping our eyes and ears open to the many opportunities in the environment is a big factor in determining what kind of business to put up. In environmental scanning, you must be able to give answers to some of your questions like, what kind of services and products do they need? Are these things being met adequately?

Being observant, inquisitive and creative will help you a lot in doing so. Here are some ways you can possibly generate ideas for business:

1. Examine existing goods and services.

Examine the way the product is packed. Adopt quality materials. Introduce new ways of using them. Appreciate available goods and services outside the community that may need improvements.

2. Examine present and future needs.

Determine the needs of the community in the future. For example, 3 to 5 years from now, there'll be a great demand for school supplies, restaurants and transportation facilities to answer the students' needs at nearby schools.

3. Examine how needs are satisfied.

Are there enough supply? Are they satisfied with the quality and quantity of the product. Is the price reasonable? Does the method of distribution answer the demand?

4. Account available resources around you.

Will there be enough supply of the raw materials? Are they available anytime you need them? By utilizing your creative mind, you can produce or even create quality products from those indigenous materials around you.

6. Read journals, books, and magazines; attend seminars; interview people on new product techniques and technology.

Exploring the environment will give you better ideas and opportunities for business. Just try to create, invent, and innovate.


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