Idea generation in a business plan Idea generation may vary depending on the set up, type and size of the business to be started. For instance, small businesses are likely to get their ideas from past experiences and magazines while ideas for larger companies are likely to be found on review of patents (Terrance 2004). When using publications for idea generation, some of the best tips that the idea will be viable are classifications such as the fastest growing industry in certain locations, underutilized business opportunities and other classifications publications may consider helpful to potential investors. Magazines like Forbes and Fast Company are good in tracking top and fastest growing companies (Miniti 2006). Recent patents can also be reviewed and are exceptional sources of the business idea. Business journals, newspapers and internet are other very resourceful areas where a business idea can be generated. The ideal business plan requires no investment, has a recognized, measurable market, has a dependable source of supply for the required input, has a great publicity value, does not require any labor force, has no government regulation and above all, will give a gross margin of 100 percent. Creative thinking can also be a good source of a business idea. Its advantage is that it does not have to follow stringent paths followed by other corporations especially those that are government regulated. Whatever the source of the business idea, it should be screened critically to ensure all areas are addressed and no loopholes are left (Gartner 2001). The questions this should be able to answer are: does the executive summary which contains the statement of the business idea generation reflect a realistic and adequately researched idea? Who came up with the idea? Does the owner of the business idea fully own it or are there some reservations on some aspects of the business? Are you familiar with the area of business? Strategic objectives Some check list questions that the business strategic objectives are: Have you determined the nature and direction of the business for the next few years? Do you know the businesses’ strategic objectives with all their specificity? Is the strategy very clear so that you can tell the exact products and markets your current strategy would include or exclude? Are strategic objectives held separately from the long term plans? Is future strategy related to capital improvement or does it set a foundation for such improvement? In your strategic objectives, tell the reader what you want, for instance business loan to expand or build new premises. State your sales, production and profit goals with specificity in both amount and time. It is also good to state the time you anticipate to service the debt (Marburg 1994). Market analysis and research and the competitive strategy Here you ought to discuss the target market and market segment. Describe the customers in terms of their location, purchasing power and any other relevant information about your target customers (Miniti 2006). The information of what they buy and how much they buy is especially critical since they are the most important aspects of the market. Alongside this, it is important to discuss the industry itself, that is, is it