1 Discuss the most innovative idea you can dream up for a ne

1. Discuss the most innovative idea you can dream up for a new business. Explain why you think it would be successful.

Solution

For a new business, an idea should be innovative in the sense that it should radically change the lives of people. Any business which is founded on a great and innovative idea creates a sustainable advantage for it in the long run.

My idea is to make disposable plates and bowls made from sheath of arecanut plants. These plants are in abudance in north-eastern part of India, Tibet, Bhutan and Bangladesh and is very cheap.

The plates and bowls that will be manufactured are high quality, eco friendly and disposable. The cost of raw materials is low and the venture will also provide employemnet opportunities to people in rural areas.

The venture would be successful as there is no producer making disposable and eco friendly plates and bowls. There is a big market for such plates and bowls but they are all made of plastic or foam material. They are not eco friendly and do not decompose naturally.

The market for this is present on a global scale. Availability of raw materials is also not a bottleneck and there is sufficient availability of manpower in rurla areas. The venture is not capital intensive so the initial and upfront investment is also low.