Explain in detail the following sources of Idea Fields:
A. Natural resources B. Existing products or services C. Market driven ideas D. Trading related ideas E. Service-related ideas

Question

Explain in detail the following sources of Idea Fields:

A. Natural resources B. Existing products or services C. Market driven ideas D. Trading related ideas E. Service-related ideas

Accepted Answer

**Natural resources:** Ideas can be generated based on natural resources such as forest resources, agriculture, horticulture, minerals, animal husbandry, wind, sun and human resource. A further exercise with a field may generate many useful product ideas — for example, lumber leads to furniture and other wood-based products, horticulture to food preservation, canning, freezing and pickling, flowers to wider-scale selling for floral decorators, and water resources to paid tours or the opening of a water plant.

**Existing products or services:** A great business idea combines skills with imagination and market demand. There is a constant and consistent effort on the part of all entrepreneurs to improve the products and services already existing in the markets. This helps the entrepreneur keep up with the competition and increase sales — for example, a hair-product store upgrading from flat irons to ceramic irons, or a math tutoring business expanding into science and commerce. Such thinking can also generate ideas for cheaper substitutes or a reduction in price.

**Market driven or demand driven ideas:** One of the important methods for generating ideas is to carry out market research — any organized effort to gather information about target markets or customers. Such a study yields valuable data about trends of supply, demand and consumer preferences, and provides important information to identify and analyse the market need, market size and competition.

**Trading related ideas:** Trade, in simple terms, is buying goods and services and selling them to consumers at a profit. With increasing consumerism, local trade, import and export, and e-commerce have all made trading a very wide area of enterprise. One big advantage of trading is that it is easier to launch and less risky, though new entrants need skills, competencies and knowledge to survive intense competition from departmental stores, chain shops and umbrella markets.

**Service sector ideas:** Entrepreneurial opportunities are not restricted to manufacturers. The service sector is the most growing field the world over, thanks to emerging knowledge societies and advancements in information technology. Interesting opportunities include Indian fast food or finger food, family dinners, ice-cream and juice parlours, Indian dessert and snack food chains, speciality tourism, personal grooming salons, career counselling centres, and chains of repair and maintenance services for electrical and electronic products.