1. Identifying a Need

A need can be an opportunity and indeed a consumer buys to satisfy a need. Abraham Maslow in his humanistic hierarchy of needs, referred to physical needs to be very highly personalized needs. Therefore identifying an unsatisfied or unserved need is a sure way of generating business ideas or opportunities.

The Maslow’s Hierarchy of needs

Self actualization;

Self esteem / ego;

Social needs;

Safety and security needs;

Basic/ Physiological needs;

i) Basic or physiological needs;

The first and the most basic need such as thirst, hunger and sleep. Therefore in the process of satisfying these needs, entrepreneurs can generate a lot of business ideas: such as cloth stores, food stores, building materials etc.

ii) Safety and security needs

Human beings require these and entrepreneurs can generate ideas in the process of satisfying them e.g. security, watchmen, come up with security companies e.t.c.

iii) Social needs

Generally speaking this is the need to belong to others or to some group of members or to be accepted in the society e.g. membership clubs, beauty clinics e.t.c.

iv) Self esteem or ego

At this point people only need recognition or to be recognized by others e.g. need for luxury cars cellular phones e.t.c. Thus as entrepreneurs try to satisfy these needs they end up starting various business depending on the society these people belong.

v) Self – actualization

The need to prove the ability in one’s self i.e. self fulfillment; For example research institutions opportunity is to do something in one’s ability. At this point people are attaining the highest level of success in their lives.

2. Brain Storming;

This is a process of coming up with analysis of an idea from the actual ideas generated. The idea may or may not be related to a given product. In brainstorming even silly and stupid ideas may be generated and accepted. However at the end of the brain storming session the ideas are filtered and the best idea is selected for implementation.

 

3. Building on One’s Skill, Hobbies or Interests;

Business ideas can be generated through personal interests and hobbies, and even Copying or improving somebody’s ideas or skills. For example people in the music industry, just develop or improve on their skills, talents and hobbies to come up with a business. 

4. Sporting a Market Niche

Entrepreneurs usually look for gaps in the growing markets, identifying market sections which are not being utilized. This is a situation where entrepreneurs have to identify unexploited opportunities in terms of missing products or services in the market for a certain group of customers.

5. Listening to what people say;

There are people who simply say or speak their needs e.g. if these are good business services and products then you get a chance of exploiting such an idea.

6 Attribute listening;

This method of generating business ideas is based on changing the way one looks at something in order to find a new use for it. It attempts to answer the question what do we do with this product.