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Question
Vinay was a young entrepreneur who wanted to start a new business with an initial investment of 25 lakhs. He was not sure of what business he has to undertake. His friend suggested seeking the help of professionals who would spot the latest trends in the market and give him an idea, but Vinay decided to do it by himself. Suggest the various ways by which he can do it.
Solution
Vinay is a young entrepreneur and wanted to start a new business with some initial investment, accordingly he can follow different sources of business idea ways for generating ideas.
Sources of business ideas
(i)Vinay must examine his own skill set for business ideas
(ii)Keep up with current events and be ready to take advantage of business opportunities
(iii)Invent a new product or service
(iv)Add value to an existing product
(v)Investigate others markets
(vi)Improve an existing product or service
(vii)Get on the band wagon.
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| Pooja after finishing her catering course wanted to start her pastry shop in her home town - Jaipur. She knew that there were a lot of national and international tourists who visit the place whom she considered as her target customers. She also planned to have a centralised kitchen to make the pastries and then use vans to transport to various shops all around Jaipur. For the same, she also decided to rent a warehouse near to her centralised kitchen. |
From the above case study, identify and explain the factors which Pooja has paid attention whilst doing market assessment.
Explain the first five steps involved in idea and opportunity assessment.
