Chapter8

Business Idea Generation Techniques

chapter, various techniques ofoftbusiness idea generation are presented
Inthis
brief. These ideas are generated in the product/project identification stage.
in
Business idea is a business seed, which expands and grows into a business
A business idea can emerge fromitechnical source,(within the
tree. A company) or
sourcee(outside the company).
fromthe market
Sources of Business Ideas

Technical Sources Market Sources

Company, Internal R&D Consumers, distributors, suppliers

Figure 8.lBusiness Idea Sources
Business Ideas from Technical Source
Generally, new ideas are generated within the company. They are generated
- (a) By the scientists working in the Research and Development department,
(b) by the engineers working in the production department; and (c) also by the
field staff who may get new ideas while solving problems. Generally, these ideas
relate to the (a) new methods to be adopted for production, (b) new product
design; and (c) new machinery, etc. Besides, new ideas generated by market
sources also0 reach the scientists for development.
Business Ideas from Market source
There are various methods of generatingideas frommarket sources. We shall
discuss each one of them in brief below:
1. Focus Groups
In this method, a group of consumers is interviewed. Amoderator leads a
goup of people through an open, in-depth discussion ratherthan simply asking
questionsto solicitt participants' response. The moderator focuses the discussion
of the group on the
newproduct area in either adirective or anon-directive manner.
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