Creativity
and
the Business Idea
Generation of New Ideas
Trends
Sources
Methods
Trends
A general development or change in a situation or in
the way that people are behaving.
The start of a trend that lasts for a considerable period of
time provides one of the greatest opportunities for
starting a new venture.
❑ Trends that will provide opportunities include:
Green trend, (water use efficiency, eco-friendly printing, recycling, using
worms to recycle food waste into fertilizer, or some other person uses same
for fuel)
Clean-energy trend, (solar and wind energy)
❖ Coal was the power in 19th century
❖ Oil in 20th century
➢ Smaller businesses and homeowners are a significant untapped market in
this area.
Organic-orientation trend, (meat, dairy, fruits, vegetables, breads)
Economic trend, (garden products, outsourcing, virtual meetings)
Social trend, (Facebook, Myspace, LinkedIn), Travel
Health trend (Cosmetic procedures, Fitness Centers, Personal health Portals,
wellness coaches
Web trend (Consulting, blogging, Online video, mobile applications(app),
gaming
Payments:
Money and the way we mange and exchange it.
Maker Trend: Etsy
Mobile Trend: Instead of desktop activities on phone
Sources of New Ideas
Consumers
➢ Potential entrepreneurs should pay close attention to potential
consumers.
1. Informally monitor potential ideas and needs.
2. Formally arrange for consumers to express their opinions.
Existing Products and Services
❖ Potential entrepreneurs should establish a formal method for
monitoring and evaluating competitive products and services in the
market. This analysis uncovers ways to improve offerings that may
result in a new product or service.
❖ Walmart.
Distribution Channels
❖ They are an excellent source of new ideas because of the familiarity with
the market.
❖ Channel members can help suggest and market new products.
❖ Example: One entrepreneur found from his sales clerk that his hosiery was
not selling because of its color.
Sources of New Ideas (cont.)
Federal Government
❖ New product ideas can come in response to government regulations
Research and Development
❖ A formal endeavor connected with one’s current employment.
❖ An informal lab in a basement or garage.
Methods of Generating New Ideas
Focus Groups
➢ A moderator leads a group of 8 to 14 participants through an open, in-
depth discussion in a directive or nondirective manner.
➢ An excellent method for generating and screening ideas and
concepts.
e.g. “Warm and comfortable slipper that fits like an old shoe”
➢ Theme of marketing campaigns came from comments of focus group
members
Methods of Generating New Ideas
(cont.)
Brainstorming
❖ Allows people to be stimulated to greater creativity.
❖ Good ideas emerge when the brainstorming effort focuses on a specific
product or market area.
❖ 6-8 members
Rules of brainstorming:
➢ No criticism.
➢ Freewheeling is encouraged. (the wilder the idea, the better)
➢ Quantity of ideas is desired. ( the greater the number of ideas, the
greater the likelihood of the emergence of useful ideas)
➢ Combinations and improvements of ideas are encouraged. (ideas of
others can be used to produce still new idea)
Example:
➢ A large successful bank used brain storming to develop a journal that
would provide quality information to its industrial clients. The brain storming
among the financial executives focused on the characteristics of the
market, the information content and the potential value of the journal for
the bank.
➢ Focus group of vice presidents of finance of Fortune 1000 companies were
held in three cities to discuss journal format, relevancy and value to them.
Methods of Generating New Ideas (cont.)
Brain writing
A form of written brainstorming.
➢ Participants write their ideas on special forms or cards that circulate within
the group.
➢ Each group member generate and writes three ideas during a five minute
period time, then it is passed on to a new person who writes down three
new ideas, until each form has passed all members.
➢ 6 members
Problem Inventory Analysis
➢ Consumers are provided with a list of problems and are asked to identify
products that have those problems.
➢ Results must be carefully evaluated as they may not actually reflect a new
business opportunity.
Page No. 93
WHAT IS AVAILABLE?
WHAT IS POSSIBLE?
Necessity is the mother of Invention
when the need for something becomes essential, you are forced to find ways
of getting or achieving it.
➢ Solve a problem
➢ Create a solution
➢ Fix things that are broken
➢ Observe
➢ Be curious
Need
Find a need and fill it
1. Take an existing product/service (Modify or improve it)
2. Brand new idea
IDEA
➢ Initial idea is an answer to a Question
➢ Simplify or improve the lives of people
How?
➢ Quality, Cost, Convenience, Features
