Entrepreneurship, ideas and creativity

In today’s world, it is true that new industries are developing as a result of these three transforming environmental dynamics, demand shortages and unresolved issues. These proposals are promising and feasible. An entrepreneur can be excited about an idea and suit for the abilities of an entrepreneur. People should need a business idea and they are ready to buy it. Company loss is the product of poor business plans. Various approaches are used in the sourcing of these concepts. The most famous will be covered in this piece of work.

Changing Environmental Trends

Essentially, economic trends, social trends, technological advancement, and political and regulatory changes define the changing environmental trends in defining the business ideas. A shift to these factors often provide new business ideas. Distinguishing these trends is vital as they are interconnected. They should be considered simultaneously when brainstorming a new business idea. A strong economy signifies that customers are willing to buy more of the produced products and services. For instance, an essential economic trend is the ability to buy baby boomers. As they reach retirement, their size portions of their outlay will be reduced to areas that support their retirement. This trend always offspring new businesses in different places. This is so because boomers have a great income disposable as compared to the previous generations. Other ideas and sectors include finance, housing, healthcare and recreation.

Unsolved Problems

Identifying and solving problems is another approach for identifying a business idea. These problems are evident and are experienced by individuals through their hobbies, jobs, and their daily activities. For instance, Jay Sorensen dropped a cap of coffee due to its hotness on his lap. Afterwards, He invented a cap sleeve and started a company to sell it. Ever since, he has made 1 billion cup sleeves. An advancement in technology result in problems for those who have little or no knowledge in technology. A good example is when old people find it hard to use phones. Small buttoned phones are problematic as writing and sending text is a problem. Solving this problem can be designing a phone with large buttons. For instance, GreatCall is producing Jitterbug which is for the old alone. Firefly mobile is producing tweens’ phones.

Gaps in the Market

The essential technological aspects that identify business opportunities are trends and technology, globalization, combinations and hidden industry opportunity. In order for one to find the gaps in the business market today, they have to seek more information through means such as research, focus groups and brainstorming. In a market where there are too many trends in the technology industry but very limited specialists in the field to deal with the challenges that come along. In the recent past, there was the invention of the drones which have taken the market by a storm. The companies are selling many of these gadgets daily but for maintenance purpose there are no specialists. With this gap in mind, staring up an online repair business for drones is the best opportunity available. With the skills in repairing of electronics that I possess gives I the chance to venture into this field since as the wave of technology sweeps across so will the demand for repair be higher. The competition level will be quite low since very few can handle a drone and there are not many people who view the repair industry as the best path to take. The society majors on the white and blue colour jobs. Just like any other business, an online repair business will earn the state a lot of income through revenue. This is because the government monitors all activities being run online on a daily basis.

Reference

Barringer, B., Hess, E. D., Goetz, C. F., & Ireland, R. D. (2012). Entrepreneurship Lessons for

Success (collection). FT Press.