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2-4 Short Paper: Sources of New Business Ideas
2-4 Short Paper
Sources of New Business Ideas
OL 321
SNHU
March 11,2021
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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.
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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 decor 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