Source of New Business Idea

The first approach to start new business ideas is changing environmental trends changes. There are four trends to follow: economic trends, social trends, technologies advances, political action and regulatory changes. The economic trend is determining areas that are ripe for new business idea. When economic is strong, people are more willing to buy discretionary products and service. It is important to evaluate who has the money to spend on the new business. Also, economies trends help to discerning areas to avoid where this is not a good time to start up a business when economic downward. Social trends id related to people who lives their lives and the product and service that they need. For example, nowadays people are concern about the healthier food, so this might be a good chance and opportunity to start this type of business. The product and service that exist in market do more to satisfy the social need than the actual need the product fills. Technological advances provide an ongoing source of new business. Technologies can be used to satisfy basic or changing human needs. For instance, creation of mp3 make people can enjoy the music of the world anytime and anywhere. Once a technology is created, products emerge to advance it, just like MP4 has been replaced MP3. Changing in political and regulatory create opportunities for entrepreneurs. Changes in government regulation motivate entrepreneurs to differentiate themselves by exceeding the regulation. Political change can engender the new business idea.

The second approach to start new business ideas is unsolved problems. Problems can be experienced or recognized by people through their jobs, hobbies, or everyday activities. Commenting on this issue and how noticing problems can lead to the recognition of business ideas. Many companies have been started by people who have experienced a problem in their own lives, and in the process of solving the problem, realized that they were on to a business idea.