List three sources of new business ideas for an entrepreneur - Leaving Cert Business - Question 15 - 2009
Question 15
List three sources of new business ideas for an entrepreneur.
(i)
(ii)
(iii)
Worked Solution & Example Answer:List three sources of new business ideas for an entrepreneur - Leaving Cert Business - Question 15 - 2009
Step 1
(i) Personal interests, hobbies, skills
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Answer
An entrepreneur can draw inspiration from their personal interests, hobbies, or skills. For example, someone passionate about baking might consider starting a bakery or a catering service. Identifying personal strengths can lead to innovative business ideas.
Step 2
(ii) Other businesses
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Observing successful business models or products from other businesses can inspire new ideas. An entrepreneur can analyze competitors and identify gaps in the market that they can fill with their unique offerings.
Step 3
(iii) Foreign travel
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Traveling to different countries exposes entrepreneurs to diverse cultures and market trends. This exposure can spark new business ideas by observing how products and services are delivered elsewhere, and adapting these insights to meet local needs.
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