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Question

What are the different sources of ideas for new businesses?

Ideas for new businesses come from a great variety of sources. A person who desires to start a business may begin searching for opportunities that exist in the marketplace, perhaps as a way to use skills and knowledge that he or she has acquired in college or in work experience.
Regardless of whether the idea came first or the decision to start a business came first, the factors that lead small business owners to their business idea are:
1. Work experience: Many successful business owners spent years working for a company and gained valuable experience about how things might be done differently. Sometimes the idea grows out of listening to customer complaints. Entrepreneurs use their own work and personal experiences to think of ideas for doing things differently. Sometimes the best business ideas come from their own frustration or from not finding exactly what they are looking for as a consumer.
2. A similar business: Even if entrepreneurs do not have years of work experience in an industry, they might see a business in an area that intrigues them because they like certain products, or they learn that there is a growing market for this business and they think of a way to expand on the opportunity.
3. Hobby or personal interest: Many people find a way to turn their hobbies into successful businesses.

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