Suppose you are an entrepreneur and want to start a new business but you actually don’t know from where to start, what will be your new product and what will be its position in market. You don’t even know that will it be acceptable in market or not. For this, you want some ideas to produce a product which is attractive for consumers. From where will you get some general ideas for new product development?
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I’m guessing you ain’t an entrepreneur yet then son. Otherwise you’d already know the answer yourself!
Sources of Ideas
At this stage, someone has an idea for a new product or service. Ideas can come from many sources, for example:
1. Complaints from current customers (see Customer Service and Customer Satisfaction)
2. Requests for Proposals from large businesses, government agencies, etc.
3. Modifications to current products (see Innovation)
4. Suggestions from employees, customers, suppliers, etc. (see Creative Thinking)
As an entrepreneur you want to start a new business but you actually don’t know from where to start, what will be your new product and what will be its position in market.