Creating Ideas Definition: Identifying the appropriate project ideas is the most important step in the entire project preparation process. The discovery of promising project ideas is the first step towards establishing a successful venture. If the key to success is joining the right business at the right time.
So it directly means that its purpose is to identify investment opportunities. While there is a sensitivity to environmental changes for the creation of a new product and the idea of creating a new business. But is real evaluation necessary? But this idea is usually formed through discussion by experts and local leaders of the needs of a community based on issues and which turns into a proposal. But we need to discuss it more.
The emergence of project ideas from various sources is called the generation of project ideas. The idea must be sound and practical so that it can be exploited. The entrepreneur must be imaginative and visionary to discover the idea of a business/project.
What is the Source of Project ideas
Business ideas originate from an opportunity in the market. Entrepreneurs must have a deep and open mind to seek opportunities and generate business ideas. It is not a matter of analysis but of instinct. Ideas come from many sources. Some of the sources are as follows: On which we must look at it.
- Use of waste material.
- Study of government policy.
- Development of other nations.
- Items reserved for small screen units.
- Need our own
- Business and Business History.
- Project Profile.
- Business Fairs and Examinations.
- Success stories from friends and relatives.
- Potential consumer.
- Research Organization.
Screening Project Ideas
The need for screening of the ideas arises because all the ideas generated may not be promising. Only the most promising or most profitable ideas are to be selected for further study. The process of evaluating the project ideas with a view to select the best and promising idea after eliminating the unprofitable ideas is called the screening of project ideas. The following factors need to be considered:
- Compatibility with the Entrepreneur: The idea must suit the interest, personality, and resources of the entrepreneur. It should not be beyond his capacity.
- Consistency with Government Regulations and Priorities.
- Availability of Inputs: The resources and inputs required for the project must be reasonably assured. The availability of skilled workers is to be ensured before launching an enterprise.
- Marketing Facilities: Existing and potential demand in the domestic and export market, nature of competitions, sales and distribution systems, consumption trends, etc., should be assessed and evaluated before taking the final decision.
- Profitability: The project yielding a higher return must be selected.
- Cost of The Project: A study of the cost structure under material cost, labor cost, factory overheads, etc., will give a good idea regarding different types of costs.
Business management expert and Leadership Consultant and Business Coach, who writes her blog, Jay’s Trends, focused on helping small business owners understand trends in Business management. Other posts by Jayprakash Prajapati»