Answer to Question #254517 in Economics for Neha

Question

Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.

–Steve Jobs, Co-Founder, Chairman and CEO, Apple

a. From the viewpoint of the entrepreneur, describe different methods of generating/sources

the new ideas for an innovative business?

b. In starting your start up, it is absolutely important to possess funds for doing the business, Considering the fact enlist the different sources of capital for startup’s that would act as source for the funds?

Answer 1

a. A focus group is defined as a group of individuals providing information in a structured format.

The brainstorming method allows a group of individual to be stimulated to greater creativity by interacting with each other and participating in organized group experience.

Problem inventory analysis is a method for obtaining new ideas and solutions by focusing on existing problems. In this approach, the customers or consumers are provided with a list of problems in a general product category.

b. The sources of start-up financing:

• Personal investment.
• Love money.
• Venture capital.
• Angels.
• Business incubators.
• Government grants and subsidies.
• Bank loans.