Methods of Generating New Ideas for Entrepreneurs – Fundamentals of Entrepreneurship | Management Notes

Methods of Generating New Ideas for Entrepreneurs
Fundamentals of Entrepreneurship
Management Notes

Idea generation is the process of creating, developing, and communicating ideas which are abstract, concrete, or visual.Idea generation is a creative process businesses use to generate new ideas, whether they’re tangible or intangible. It involves gathering ideas, research, testing, editing or revising, and ultimately implementing the plan. Even with the wide variety of sources available, coming up with an idea to serve as the basis for the new venture can still be a difficult problem. The entrepreneur can use several methods to help generate and test new ideas, including focus groups, brain storming and problem inventory analysis.

1. Focus groups:

Focus group is an excellent method for generating and screening ideas and concepts.Group of individuals providing information in a structured format is called a focus group. The group of 8 to 14 participants is simulated by comments from other group members in creatively conceptualizing and developing new product idea to fulfill a market need.

2. Brainstorming:
Brainstorming is a group creativity technique by which efforts are made to find a conclusion for a specific problem by gathering a list of ideas spontaneously contributed by its members. The brainstorming method for generating new ideas is based on the fact that people can be stimulated to greater creativity by meeting with others and participating with organized group experiences. Although most of the ideas generated from the group have no basis for further development, often a good idea emerges.Here, no criticism is allowed by anyone in the group.

3. Problem inventory analysis:
Problem inventory analysis is a method for obtaining a new ideas and solutions by focusing on problems. However instead of generating new ideas themselves, consumers are provided with a list of problems in a general product category. They are then asked to identify and discuss products in this category that have the particular problem. This method is often effective since it is easier to relate known products to suggested problems and arrive at a new product idea then to generate an entirely new idea by itself.

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