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Question
Enlist the various sources which lead to the emergence of basic ideas.
Solution
The various sources which lead to the emergence of basic ideas.
(i) Problems: When a problem exists, an idea leads to a solution to resolve that problem, emerges as a business opportunity.
(ii)Change: A change in social, legal, technological aspects etc. leads to new opportunities to start a business,
(iii) Inventions: New products or services leads to new business opportunities.
(iv)Competition: Competition often results in emergence of new and better ideas that result in new business opportunities.
(v)Innovation: Creating new things of value as well as new and creative processes that add value to the existing products or services. For example, computers to tablets.
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