July 12, 2010 | 2:43 am
Where do entrepreneurs get their business ideas
There are many sources of business ideas. Some entrepreneurs build something new, while others discover an untapped market. Another source that is quite fruitful is to improve on an existing business concept. Indeed, modifying or improving on an existing business is how many entrepreneurs begin. You don't always have to reinvent the wheel. Online florists, for instance, combine selling flowers, the Internet, and a delivery service to create their business and a fresh approach. As a start, take a critical look at businesses you see around you every day. Is there a better,or faster, or more cost-effective way to do what they are doing? Complement your first-hand research by reading business magazines, researching emerging trends, and listening to people and their needs. A good idea will make people's lives a little easier, simpler and save them some money. It helps if it's positioned to capitalize on a growing trend. Fads come and go, but trends such as online shopping, seniors' care, adventure travel, or home entertainment can last for years. So if you can find a way to deliver a product or service better than it is being done today in a way that actually provides a tangible benefit to people, you'll be ahead of the game.