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Idea Generation

The document outlines the business idea generation process which includes generating ideas from various sources, screening ideas, and developing the selected idea. It discusses techniques for generating ideas such as brainstorming, focus groups, surveys, research and development, trade shows, and environmental trends. The document emphasizes assessing ideas by identifying the customer value, discussing the idea with potential customers, and researching the market. It stresses that a good opportunity has qualities of being attractive, durable, timely, and adds value for customers.

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568 views

Idea Generation

The document outlines the business idea generation process which includes generating ideas from various sources, screening ideas, and developing the selected idea. It discusses techniques for generating ideas such as brainstorming, focus groups, surveys, research and development, trade shows, and environmental trends. The document emphasizes assessing ideas by identifying the customer value, discussing the idea with potential customers, and researching the market. It stresses that a good opportunity has qualities of being attractive, durable, timely, and adds value for customers.

Uploaded by

Enjoy Sheshe
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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BUSINESS IDEA

GENERATION
Mr R.VUDZIJENA
OBJECTIVES
Outline the idea generation process
Identify the various sources to generate potential
business ideas for new ventures;
Discuss methods available for generating new
ideas;
Utilise the existing need to turn an idea into an
opportunity;
Describe the concept of business idea assessment
INTRODUCTION
Entrepreneurs need business ideas to start and grow their
entrepreneurial ventures.
Generating ideas is an innovative and creative process.
The most difficult aspect of starting a business is coming up with
a business idea.
Fruitful ideas often occur at points where your skill set, your
hobbies and interests, and your social networks intersect.
Idea generation process
Idea generation process
1. Idea generation
generate as many ideas as possible using different sources
and techniques
2. Screening ideas
decide which ideas to pursue and to discard
 choose one that best meets the needs of the customer
generate more profit and fits with the business goals
technically feasible and where there is less competition
3Developing an idea
develop a prototype
 create the product design
 create the product
 develop the packaging
 obtain a patent, design right or
trade mark
Build an idea upon the already
existing material
(a) Develop ideas as an extension (e) Introducing automation,
of an existing product (e.g. simplification, convenience (i.e.
adding camera and song smart product).
features to a mobile phone). (f) Changing the delivery method,
(b) Create an improved service packaging, unit size or shape.
(fast delivery services). (g) Increasing mobility, access,
(c) Market a product at a lower portability or disposability.
price (via e-commerce e.g. (h) Simplifying repair,
amazon.com). maintenance, replacement or
(d) Altering their quality or cleaning.
quantity (i) Changing the colour, material
or shape.
Sources of business ideas

Holidays and Exhibitions, Expos


travel and Trade Shows
Listen to customers
Hobbies and complaints
interests Technology
Franchises Personal experience
Mass media and talents
TECHNIQUES FOR GENERATING
IDEAS

(a) Brainstorming
Small group of people interact with the goal of producing
a large quantity of novel and imaginative ideas.
The goal is to create an open, uninhibited atmosphere
that allows members of the group to “freewheel” ideas.
The leader of the group asks the participants to share
their ideas.
Each idea sparks the thinking of others, and the
spawning of ideas becomes contagious
Observation
b) Focus Groups
A method that can be used to
These are groups of describe a person or group of
people’s behaviour by probing:
individuals who discuss and (i) What do people/organisations buy?
provide information using a (ii) What do they want and cannot
structured format. buy?
A moderator will lead a group (iii) What do they buy and don't like?
of people through an open, in (iv) Where do they buy, when and
how?
depth discussion. (v) Why do they buy?
This technique is an excellent (vi) What are they buying more of ?
source for screening ideas and (vii) What else might they need but
concept. cannot get?
(e) Environmental or Emerging
(d) Surveys Trends

 the gathering of data based on These trends include social,


communication with a technological, economic,
representative sample of
individuals. environmental etc.
 asking people who are called  Social trend example is based
respondents for information on the population
either verbally or by using
written questions. within your area that may be
 Questionnaires or interviews are getting older and
utilised to collect data on the creating demand for new
telephone or face-to-face interview products and services.
g) Tradeshows and association
meetings
(f) Research and Development

an excellent way to examine the


discovering new knowledge, products of many potential
with the hope of developing competitors
new or improved products and uncover product trends and
services. identify potential products.
Researching new methods, (h) Other Technique
skills and techniques enable reading relevant trade magazines
entrepreneurs to enhance their and browsing through trade
directories.
performance and ability to
deliver better products and These may include local, national
and foreign publications.
services
IDEA ASSESSMENT
You may already have a good idea for your business.
What is rare, on the other hand, is the ability to execute an idea
and turn it into a profitable business.
 The ability to take action is far more important than the idea
itself.
Once your idea has been developed, you will need to start
dedicating a substantial time for assessment, research,
development planning and implementation.
Tasks in Developing Business
Ideas
(a) Identify the value proposition of your (c) Assess the market using in-depth
business idea market research
describe the unique value that you may (i) How is the market segmented (by
be able to bring to your customers that price, location, quality, channel etc.)?
your competitors cannot. (ii) What segments are you targeting?
(b) Discuss products/services with (iii) How large are these segments (in
prospective customers terms of volume) and how are they
Would they buy from you, at what changing?
price, with what frequency etc.? (iv) What market share might be
Why would they prefer your products available to you bearing in mind your
to the competitors? likely prices, location, breath of
Find out what they really think about distribution etc.?
the product/service.
Listen carefully to what is being said.
OPPORTUNITY ANALYSIS
Successful entrepreneurs know that Before writing a business plan, an
a good idea is not necessarily a good assessment must be made through
opportunity the opportunity analysis plan.
An opportunity has four essential The opportunity analysis will
qualities: identify which business ideas have
 it is attractive, real commercial potential.
 durable, The role of well prepared business
plan is to explore this potential in a
 timely and systematic way.
 anchored in a product, service or The purpose of the opportunity
business that creates or add value analysis is to make sure that the
for its buyer or end user. entrepreneur is on the right track.
THE END
rvudzijena@hit.ac.zw

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