IDEAS FOR BUSINESS
                  •   Every new business begins with an idea. 
  Internal Sources of Business Ideas for Entrepreneurs
        Interests and    • The entrepreneur looks at what they enjoy 
                          doing. They might be able to turn their 
           hobbies        hobby into a successful business.
         Unexpected      • The eureka moment – a thought or event 
                          provokes an idea for a good or service.
            events
                         • An entrepreneur may be frustrated about 
         Frustration      the lack of a product on the market. 
          Skills and     • An entrepreneur may have particular skills or 
                          knowledge that can be turned into a 
         knowledge        business.
  Internal Sources of Business Ideas for Existing Firms
                        • People from different areas of the 
       Brainstorming     business come together to think of as 
                         many ideas as possible. 
                        • Intrapreneurship means that ideas 
      Intrapreneurship   come from employees, through 
                         suggestion schemes or boxes. 
                        • A specialised department in the 
        Research and     business that develops new goods or 
        development      services and new ideas for existing 
                         products.
 External Sources of Business Ideas For Entrepreneurs
    Family and friends
    Ideas for new products can come from family 
    members, friends and colleagues.
    Networking
    Meeting with people to build relationships and share 
    business ideas and information.
   External Sources of Business Ideas For Existing 
             Businesses
    Competitors
    A business might copy or adapt a competitor’s 
    goods or services. 
    Customer feedback
    This gives the business insight into products that 
    consumers would like to buy.