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Homework answers / question archive / What are the three most common sources of new business ideas? Briefly describe how each of the sources generates potential business ideas

What are the three most common sources of new business ideas? Briefly describe how each of the sources generates potential business ideas

Business

What are the three most common sources of new business ideas? Briefly describe how each of the sources generates potential business ideas.

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Sources of business ideas.

  • Interests and hobbies of an individual- hobbies entail the activities that an individual enjoys doing in their leisure time. For example, if one has a traveling hobby, they can start a travel agency and gain profits from the venture.
  • Mass media- the internet, radio, and magazines are essential in the dissemination of information. If there is a fitness trend on the internet, an entrepreneur can start a health and fitness blog, YouTube channel, or center and gain from the activity. It is also possible to identify business activities that are practiced in other countries and adopt them.
  • Business experience - a person who has been working for a firm can start their own business in the same line because they have enough skills and experience in the job.