CHAPTER 16

-SEARCH FOR A BUSINESS IDEA JD-

Introduction
Industrialisation is widely recognised not only as one of the important means to
usher in socio-economic transformations and achieving industrial self-sufficiency but
also for the accelerated development of agriculture, transport, trade, services and other
potential sectors through the forward and backward linkages. It is a process which
accelerates economic growth; effects structural changes in the economy, particularly
in respect of resource utilisation, production functions, income generation, occupational_
pattern, population distribution and foreign trade; and induces social change.
Jawaharlal Nehru had emphasised that "RealproTessmust_ultimately_lewricion
industrialisation. Throughout the world, industrialisation has indeed become the magic
word of the mid-twentieth country."
Industralisation is brought about by well-trained entrepreneurs. Entrepreneurship is one of
the most important factors of industrilalisation in the process of economic growth.
Choos
ing an
Idea
Establishing yourself as a successful entrepreneur depends, in part, upon choosing
a good idea. That idea must not only be good for the market, but good for the project
and good for the entrepreneurs. It should also be manageable by you without much
dependence on others. Importantly, the idea should give satisfacting results to you.
As an entrepr,eur, when you are searching for an idea worthy of your
commitment, don' ursue one idea at a time. Develop five or ten in parallel until one
emerges so appropr to that it begins to dominate your thoughts and fantasies. To adopt
one idea at a time has several disadvantages. First, because you are constantly receiving
,random information from what you read and from people you talk to, having a number
of back-burner ideas, gives you a greater likelihood of finding uses for information you
pick up. Secondly, if you are pursuing a single idea by feigning commitment before
you feel it, you may*it yourself into a tight corner. It is very hard to be objective when
you are down to your last idea.
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