Business is a commercial or industrial enterprise and the people who constitute it. Also it can be defined as an organization.

The starting point for developing new business ideas lies inside the prospective entrepreneur rather than in the marketplace, laboratory, business plan etc. You are the critical component - it is your strengths and weaknesses which should dictate the areas in which to seek ideas and the likely scale & scope of your business. At the end of the day, support for your business by financiers, suppliers, customers etc. will also be a vote of confidence in your abilities to make it successful. First try to build your strengths and concentrate on weaknesses, and understand your limitations.

When looking for business ideas, it should be based on any of the following:
A manufactured product where you buy materials or parts and make up the product(s) yourself. A distributed product where you buy product from a wholesaler/MLM, retailer, or manufacturer and the service which you provide.

It is better to pursue several specific ideas (hypothesis) rather than one diffuse concept which lacks specifics and proves impossible to research and evaluate. Generally always aim for quality rather than cheapness. Be very cautious about pursuing ideas which involve any prospect of price wars or very price sensitive, of getting sucked into short-lived fads, or of having to compete head-to-head with large, entrenched businesses.

First look into customer's requirements like, what they buy? Why do they buy? What are they buying more of? Put up some questions like this and get into business according to that to become succuessful in business.

Try to do some changes in already existing products like, changing the size, color of the product, altering their quality or quantity, increasing mobility, access, portability, disposability, simplifying repair, maintenance, replacement, cleaning, Introducing automation, simplification, convenience , adding new features, accessories, extensions , changing the delivery method, packaging, unit size/shape, improving usability, performance or safety and by improving the quality of service.

For some more ideas ask your friends, talk with experienced people, read relevant magazines, browse the relevant topics in the net, etc....

Above all, you keep your eyes wide open and grab the oppurtunity and enter into the market. By all means be inventive, imaginative and original in your thinking but stay market and consumer orientated rather than product-obsessed.

After listing out all ideas these must be evaluated so that a short-list of preferred options with the greatest potential and lowest risk can be assessed in greater depth. Before scoring individual ideas, run through the criteria and set what you feel should be minimum desirable scores for each. The resultant total could be used as your overall minimum threshold. In some ideas if you didn't find satisfactory result drop that plan and look for better ideas.

Once your short-list has been developed, you will need to start devoting substantial time for assessment, research, development and planning. Discuss the products and services with the customers and listen to their views and expectations. Assess the market by field research. Then identify who are all your competitors and think over how to overcome those competitors, etc.....
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