(i) Need for an idea: - a good idea is essential for a successful business venture i.e
both for start-up and in order to stay competitive afterwards.
(ii) Respond to market needs: - the need to satisfy consumer needs and wants in the
market through production of goods and services.
(iii) Changing fashions and requirements: - entrepreneurs are constrained to
respond to such changes with new ideas, products and services.
(iv) Stay ahead of the competition: - the challenge to be different from others will
force the entrepreneur to come up with new ideas, products and services.
(v) Technology: - the desire to do things in a better way will compel entrepreneurs
to innovate. Rapid changes within the business industry and the market-place call
for development of new technologies that will be crucial in opening up new
opportunities.
(vi) Product life-cycle: - every product has a life-cycle. With the passage of time
consumer tastes and preferences do change in response to emerging market
conditions. Such developments coupled with the entry of new products in the
market will render the ‘old established products’ obsolete. Entrepreneurs must
constantly plan for new products and their growth.
(vii) Spread risk and allow for failure: - research has shown that over 80% of new
products do fail. Such a scenario makes firms to spread their risk and allow for
failures that may occur from time to time through generation of new ideas.
Kavungya answered the question on April 24, 2019 at 06:29
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