Skills &                                        R&D
          Hobbies
         Experience
              s
                                   Internal 
                                 sources of 
          Communit                  ideas
           y Needs
                                                           Intrapreneurshi
                                                                   p
        Brainstormin
              g
                    Ms. Marshall 6th year Business
                                  Import 
                                Substitutio
                                     n
           Customer                                        Market 
           Feedback                                      Research 
                                                             Co.
                                  External 
                                 Sources of 
                                   Ideas
          State                                      Competitio
        Agencies                                          n
                                 Media
                   Ms. Marshall 6th year Business
     SOURCES OF 
     BUSINESS/PRODUCT IDEAS
     Internal- new         Internal- existing  External 
     business              business
     1. Skills & Hobbies   1. All of column      1. Customer 
                           one                   Feedback
     2. Experiences        2. Research &         2. State Agencies
                           Development
     3. Community          3. Intrapreneurship 3. Media
     Needs
     4.  Brainstorming                           4. Competition
                                                 5. Import 
                                                 Substitution
                                                 6. Market Research
                   Ms. Marshall 6th year Business
      INTERNAL SOURCES OF 
      IDEAS – NEW 
    Source                       Explanation                  Example
    1. Skills and Hobbies        The entrepreneur own         Cully & Sully had a 
                                 strengths and interests      shared interest in the 
                                 often provide inspiration.   food industry.
    2. Experiences               Personal frustration with    Richard Branson set up 
                                 not being able to find a     Virgin Atlantic because 
                                 product or service or        he was not happy with 
                                 noticing a way to            the service he got with 
                                 improve it.                  other airlines. 
    3. Community Needs           Recognising community        e.g. a convenience store 
                                 needs & wants that are       beside new apartments.
                                 not being satisfied.
    4. Brainstorming             Everyone calls out as        e.g. Cadburys staff would 
                                 many ideas as possible,      do this when thinking of 
                                 none are dismissed.          new flavours
                      Ms. Marshall 6th year Business
     INTERNAL SOURCES – 
     EXISTING BUSINESS
   Source                Explanation                       Example
   1.                    The business could have an        e.g. Art Fry, a worker 
   Intrapreneurship      employee suggestion               at 3m, invented the 
                         scheme offering rewards.          Post-it
                         Idea generation and 
                         development techniques 
                         could be used.
   2.  Research &        Dept. could be staffed with       Pfizer – pharmaceutical 
   Development           innovative and technical          co – spends $7 billion 
                         staff to come up with new         annually on R&D
                         products.
                     Ms. Marshall 6th year Business