Sources of Business Ideas (Leaving Cert Business): Revision Notes

Sources of Business Ideas

Sources of Business Ideas:

• Internal Sources**:** Ideas that come from within the company, such as from employees or existing operations. These might include new ways to improve products or services or ideas generated during team meetings.
• External Sources: Ideas that come from outside the company, such as market trends, customer feedback, or competitor actions. This can also include insights from industry events or partnerships with other businesses.

Examples of internal sources of Business ideas:

• For new entrepreneurs: Business ideas can come from skills and hobbies or personal experiences, which involve turning personal interests or past experiences into business opportunities.
• For established businesses: ideas can emerge through research and development, intrapreneurship, and brainstorming, focusing on innovation, employee-driven projects, and collaborative idea generation.

Examples of external sources of Business ideas:

• For new entrepreneurs: Ideas can come from friends and family, media, import substitution, and state agencies.
• For established businesses: External ideas can be sourced from competitors and customer feedback, which involve analysing competitor strategies and listening to customer needs to identify new opportunities.