2-4 Short Paper- Sources of New Business Ideas OL 321 PDF

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1 2-4 Short Paper: Sources of New Business Ideas

2-4 Short Paper

Sources of New Business Ideas

OL 321

SNHU

March 11, 2021

2 2-4 Short Paper: Sources of New Business Ideas

Three Common Sources

A business plan guides the entrepreneur through each phase of beginning and dealing with your business. You'll utilize your marketable strategy as a guide for how to construct, run, and develop your new business. It's a method to consider the vital components of your business thoroughly. The three familiar sources for a business idea are changing environmental trends, unsolved problems, and gaps in the marketplace.

Changing Environmental Trends includes Economic Trends, Social Trends, Technological Advances, and Political and Regulatory Changes. Changes in these zones for a new business thought will regularly give the force. An example is the first approach will be Apple company because it is constantly updating there itself. There are always working to improve and have a better product out there for the customers. Other companies, as an example, are automobile companies constantly updating their safety features and following all rules and changes made by the government. The third example can be Tesla's company energy with electric cars, solar and integrated renewable energy solutions for homes and businesses.

Unsolved Problems are the second approach to a new business idea. Noticing problems can lead to the recognition of a business idea. (Barringer, 2014. Pg. 28) This approach can be used when you have experienced a problem or difficulty of your own or by someone else. Our experiences can give us ideas to solve those issues. An example can be angiestlist.com; this website finds anything for you with reviews. Examples are interior, exterior lawn, garden,

3 2-4 Short Paper: Sources of New Business Ideas

handyman, etc.… that you can search on this website. The second example can be Uber makes the ride cheaper by sharing the ride. It makes it more affordable than traditional taxi rides. The third example is Blue Apron making it much easier for the customer to cook a great healthy meal and stay home. It also helps customers save and deliver to your door; it saves you the market trip. Gaps in the Marketplace, Is the third source in getting ideas in a new business idea. Products or service gaps in the market create new business ideas. Large Retailers Compete on Price but Leave Gaps. Another way will be taking an existing product and target a new market or geographic area. (Barringer, 2014. Pg. 29) This source comes very handy an example can be planet fitness is becoming more popular, less expensive, opens 24 hours, and have different things as classes, tanning machines, and massage chairs. I think that Ikea can be another example due to the majority of items available and other unique stuff available for home décor that you cannot find in many stores and at a reasonable price. The last example can be Esty, an online ordering product that is unique, handmade, and special. This website brings together small business owners that provide their product but what makes them different is that you can find thing s there that are more unique

4 2-4 Short Paper: Sources of New Business Ideas

Reference

Barringer, B. R. (2014). In Preparing effective business plans: an entrepreneurial approach (pp. 22–23). essay, Pearson Education....