Sources of business ideas

INTRODUCTION
The task of promotion begins with the search for a suitable business
idea or opportunity. The idea may originate from various sources
e.g., success story of a friend or relative, demand for certain
products, chances of producing a substitute for an imported
article, visits to trade fairs and exhibitions, study of project profiles
and industrial potential surveys,, meetings with Government
agencies, etc. The idea may relate .to the starting of a new
business or to takeover of an existing enterprise. The idea should
be sound and workable, so that it may be exploited. It should yield
a reasonable return on investment and the one which can be
converted into a business. The promoter has to be imaginative and
foresighted to discover a business idea.
• 1 Observing Markets
• 2 Prospective Consumers
• 3 Developments in other nations
• 4 Study of project profiles
• 5 Government organisations
• 6 Trade Fairs and Exhibitions
 Conclusion

In addition to the above, business ideas

can be discovered from other sources like
a new invention awaiting commercial
exploitation, an unexploited resource, an
unsatisfied demand, an inferior product,
etc. For example, housewives need a
product that can tell them the quantity of
gas left-in the cylinder. But no such
product is available in India at the
moment.