Question

Explain in detail Idea Fields.

Explain in detail the following sources of Idea Fields:

1. Natural resources
2. Existing products or services
3. Market driven ideas
4. Trading related ideas
5. Service related ideas

Answer 1

Idea fields are well-defined frames of reference that guide the generation of ideas.
Various idea fields are examined below: 

1. Natural resources: Ideas can be generated based on natural resources. A product or service may be desired from forest resources, agriculture, horticulture, mineral, animal husbandry, wind, sun and human resources. Entirely new products or service-related ideas can be generated from these resources, or pictures to supplement these natural resources can be derived.
2. Current (Existing) products or services: A great business idea combines skills, imagination, and market demand. A business opportunity or idea often comes from everyday problems that someone solves. Successful businesses find a need and fill it by providing a service or product. Entrepreneurs looking at improving existing products or services can be as successful as those who create or invent products.
3. Demand or Market-driven ideas: Conducting research in the Market to procure the information related to the gap between demand and supply, changing consumer preferences, trends, technology helps generate new ideas for products or services. The data gathered is analyzed using business intelligence and benefits as good new ideas sources.
   In addition, the demand prevailing in the Market will also help generate new ideas.
   Analyzing the products and services offered by the competitors will also act as a valuable source for generating a new idea.
4. Trade: As globalization has expanded the scope of business to the entire world, carefully analysing the prevailing trades and methods will be a good source of idea generation. Earlier the trading was limited to local distribution network or grocery stores. However, the business has expanded from the local Market to import and export goods. The most recent revolution in trade is e-commerce, which has broadened the global trading scope and is not time bound. Thus it became a valuable, most effective, less risk prone area for originating new ideas.
5. Service sector: As society is becoming more educated and there is tremendous growth in information and technology, it opened up new challenges and opportunities and became a gran excellent for generating new ideas in various entrepreneurial sectors. Few of the sources are in the
   
   1. Service of home appliances
   2. Automobile servicing
   3. Fast food
   4. Cool drink outlets
   5. Ice cream outlets
   6. Tourism
   7. Personal grooming
   8. Career counselling
   9. Emigration services
6. Creativity: Creativity, one of the most important competencies of an entrepreneur, plays a vital role in getting an idea for a new product or service or improving an existing product or service. Most often, it is noticed that the need to solve a problem triggers creativity to come up with new ideas. It helps in
   
   1. Adding additional value to an existing product or service
   2. Innovate a new product or service
   3. Innovate a new methodology or material to produce a product
   4. Expand the demand and Market for the current product or service
   5. Expand the usability of an existing product or service