A PAPER ON GENERATION OF BUSINESS IDEAS

BEING A TEXT OF STUDY CONDUCTED BY:

ADELEYE AKINROYEJE FESTUS

AS A REQUIREMENT FOR A COURSE WORK ON

ENETERPRENEURSHIP DEVELOPMENT (ACC817)
At the South-western University Nigeria, Okun Owa, Ogun State
21st May, 2024

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1. INTRODUCTION

Businesses today are very different from the ones that existed several

decades ago. This is due not only to the environmental changes or to the

technology improvements. To a large extent, the difference emerges from

the way businesses are started and developed. For many years until the

industrial revolution, business simply emerged to meet some objective of the

founder. The main characteristic about these businesses is that they assumed

as long as the founder had something to offer, the market would be there.

This model of product driven businesses, however, had a fatal flaw. If the

market changed after some time, the founder was left with only production

facilities and a broken heart. This trend started breeding a new type of

businesses, that focused on a need of the society that was expected to be

durable. These businesses also suffered a fatal mistake. The market always

changed and what appeared to be a durable business model, after some time,

would wither away. After the collapse or disappearance of many businesses,

a new type of business emerged, which is said to be the modern business.

This is a business based on a flexible model, a business that always

anticipates the market behavior and changes accordingly (McAdam, 2004).

One characteristic of this type of business is that at any given time it can

take a totally new model that has nothing in common with the original

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business idea. Some theorists have argued that modern businesses change so

frequently and so significantly that it is possible to think of them as many

businesses operating serially. Although the modern business have identified

the trick of lasting longer, maybe even forever, by constantly changing the

business model, the problems do not end there. For the businesses to change,

they must be able to continuously generate new business ideas that are

viable in the changing environment (Smith, 1998). This is the main task for

modern businesses and the focus of this study. Modern businesses have been

described as entrepreneurial businesses to reflect this nature of constantly

searching for new ideas and adopting them to continue operating profitably.

Idea generation is generally a process and business have tried many models

that have been adopted in many disciplines. 2. Business evolution over time

The evolution of business is quite similar to the evolution of the human race.

In today’s world, the business holds a key component in the society, since it

offers a means of livelihood to almost everybody. Today’s business is far

much different from the way it used to be several years ago. It has changed

through various aspects and this change is attributed to the various

innovations that occur with the human race. In real sense, the term

‘business’, can mean the aggregate economic activities which human beings

choose to engage in. These economic activities are categorized by

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production of goods or services and trade of those goods and services

(Burnes 2004). Modern business, thus, means using the latest innovations

and technologies to engage in economic activities in the best way possible

(Burnes, 2004; Pettigrew, 1973; Penrose, 1959). Just like other economic

activities, the evolution of business has been in three stages, which are the

pre-industrialized period, the industrialization period and the modern

internet period (Burnes, 2004; Miller, 2010; Miller, 1992). 2.1 Business in

Pre-Industrialized World During this time, the agriculture was the dominant

economic activity. Other minor economic activities in this period included

various forms of trade in non agricultural activities, like handiworks and

other rural based industries. Barter trade existed in the market and later on

was developed into an advanced and organized form, that broadened beyond

countries and continents. Barter remained common, even in the eighteen

century, although transactions were still documented in financial terms. The

pre-industrial society tended to be fairly local, even though barter trade

resulted to local markets that were small and regionally focused businesses.

The ancient civilizations confirm that both local and international trade

existed during this period, and the items for trade included precious metals,

fruits, and jewels (Galbraith, 1952; McGrath, 1993). During this age, the

production of goods took place at diverse levels in the society. In the rural

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set up, production of goods composed of handicrafts like weaving, metal

work or wood work. Hence, this period relied on the skilled craftsmen,

artisans, and individuals with farming skills. On the other hand, production

in the urban centers included efficient trading activities as the most dominant

feature. As time went by, trading began to take another dimension as it was

now more centered toward specialization. Business personalities started to

form various classes of trading, for instance, in India, the trading business

class was known as Vaishya, who were one of the four castes in the society

(Galbraith, 1952; Langbert, 2005; Kuchinke, 2001). International trade

began taking shape during the third century B.C. and at this time

international trade was dominant in many parts of Europe and Asia. The

traders travelled widely across various countries with the common goal of

exchanging their goods for a proper fee. As a result of this, trading empires

started to build up in various parts of Europe and Asia (Galbraith, 1952;

Krefting and Nord, 2003; Knight, 1921). The empires became so powerful

such that they influenced the direction of trade in the whole region. Hence,

the pre-industrialized period was a trial and error mode for the individual

inventor or industrialist and his ‘dream’. Business ideas during this period

were quite low as the innovation model was highly risky. Since the business

approach was not very systematic, the business environment was static in

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 nature, hence little scope for innovation. During this period, businesses were

infringed of resources (Verloop and Wissema, 2004). Hence, innovation

could not be stimulated in order to come up with solutions that would be

able to propel the businesses forward, so as to position it to achieve its goals

and objectives. The lack of access to resources in this period contributed in

affecting the growth prospects of the businesses (Krefting and Nord, 2003).

2. LITERATURE REVIEW

The issue of creativity and idea generation in businesses is not new. In the

18th century, economists started analyzing the purpose of new businesses in

the economy. It was immediately realized by Adam Smith (1981), who

supported the idea of free enterprise, that businesses are usually based on

idea generation and improvement. Other economists, like Milton Friedman

(1962), have also contributed to the idea of free enterprise, which is the base

of creativity and entrepreneurship. Apart form the economic point of view,

the issue of creativity and idea generation has been tackled in other

disciplines, such as business management, notably by Peter Drucker (1954)

who argued that the purpose of business is innovation and marketing.

Innovation, according to Drucker, involved the constant search for better

ways of producing and for products that can meet the needs of the customers

better. The literature of idea generation techniques can be analyzed in three

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headings: those techniques that prefer group work, those techniques that

prefer individual approach and those techniques that apply a schema to

develop an idea. These are reviewed below. 3.1. Group Approach systems

The most common of the group approaches techniques is the brain storming

method. This method was developed in the early 1960s by Osborn. The

method is also perhaps the first attempt to develop a formal model that can

be used for idea generation. The method involves the participation of many

individuals who are concerned with the main problem or issue. All the

individuals produce ideas and these are then vouched by the whole group

(Mumford et al., 2001). The method has been applied in many organizations

to generate ideas. However, the model has a particular weakness. The major

weakness with the model is that it assumes people in a group can be able to

generate good ideas. Research by Amabile (1988) showed that in groups

people may lower their level of risk appetitive and therefore generate ideas

that are not optimal. The key strength with this model, however, that has

made it endure for a long time, is that it facilitates the generation of many

diverse ideas (Mumford et al., 2001). The other popular group method of

idea generation is the Team Process. This process has been very popular

with large organizations where the process of idea generation is seen as a

collective process (Taylor and Greve, 2006). It requires the assignment of

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the job of idea generation to a team that handles no other role. The team then

engages in intensive debate, similar to what would be expected in

brainstorming (Payne, 1990). This model has been applied in various forms

in different businesses. In many technologically involving businesses, the

team comprises of technical experts. In other businesses, the team may

comprise of a managerial group. This process, although successful, has a

major limitation. The team does not have very good access to externals

ideas. Charlan and Ormiston (2007) demonstrated that although a closed

group in harmony is capable of generating quality ideas, a group that is

stimulated by constant changes, that brought in new perspectives, had better

ides. The critical element learned from this model therefore is that diversity

is critical. Problem mapping is a technique that involves a group of people

working in a room with a board. The technique involves the establishment of

the main problem (McAdam, 2004). Ideas and the way they connect to the

main problem are then raised building the map into a bigger and more

complex model. When all the relevant issues and their relationships with the

main problem are mapped out, the process then focuses on developing a

method to solve them systematically. This method was developed by T.

Buzan in the early 1970s to be applied as an individual technique. However,

the complexity that arises when the relevant factors are mapped out together

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with their relationships, made it be more applicable in groups. The main

success with this model is that it helps in focusing the idea generation on the

main problem by identifying all the relevant factors and their relationships.

The method stimulates thinking of solutions and reinforces memory.

However, the main problem is that there are usually no real boundaries

between problems and it might therefore take a very long time to map out

the whole problem (Weisberg, 1999). The model has two critical factors,

which are the focus on the main problem and the establishment of a way to

harvest ideas without the need to engage in endless analysis. 3.2. Individual

Approaches The most popular model of the individual approaches is the

Delphi Method. The Delphi method is symbolically named after the

Apollo’s temple in Greece. In line with the ancient Greece philosophers

method of analysis, it involves individual critical thinking, that is supposed

to follow the logical way of thought of the individual. The method is

expected to produce pure and complete ideas on how to confront the

problem. The method appreciates that individual analysis may result in more

concrete ideas than group thinking (McAdam, 2004). It however assumes

the problem may be possible to be comprehended by an individual in its

completeness. This is usually the major flaw and when the problem is big

enough or when the variables involved are too many, the individual may

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take a very long time to figure out a new idea to solve the problem

(Weisberg, 1999). The critical element in the method is the emphasis on

critical analysis of the problem. Due to the focus of the effort on a critical

and logical method, the technique is capable of producing unique ideas that

are complete. Lateral thinking is another very popular technique of idea

generation that can be applied by an individual. The process was developed

and popularized by de Bono (1970). The main feature of the method is that it

involves the application of common solutions to different problems or

introducing new problems to common scenarios (Terwiesch and Ulrich,

2009). The method emphasizes on the ability to recast the existing

knowledge in different scenarios that have little resemblance to the scenarios

in which the knowledge is commonly used in. The critical elements of this

method are therefore the emphasis on transcending the existing boundaries

of thought and critical thinking by the individual as in the Delphi method.

Fleming and Singh (2007) demonstrated that when the boundaries of

knowledge are assumed away, the generation of ideas becomes stimulated

and the result is usually a multiplicity of many new ways of doing the same

thing. Revolutionary Idea Generation is best applicable at an individual level

although it has also been applied in groups. The method involves discarding

all the existing knowledge about a problem and coming up with a new and

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original way of doing things or a new and original product. This idea is

supported by many theorists like Goldenberg, Lehmann, and Mazursky

(2001) who argue that an idea that is really helpful must not be limited by

existing systems and knowledge. Kavadias and Sommer (2007)

demonstrated that ideas that are built on existing systems or evolutionary

ideas rarely bring in radical improvements in products or systems. But ideas

that were developed without the limitation of existing systems and ideas

always brought about radical improvements. The critical idea in the method

is therefore the lack of imitation from the existing knowledge and systems.

The method therefore encourages unbounded imagination. 3.3. Schematic

Approaches One of the most popular schematic approaches is the 1H5W

method. The method focuses on answering the questions How, When,

Where, Who, What, and Why. By focusing on these questions, the method

seeks to identify all the elements of the problem and as a consequence, to

make the solution show up (Finke et al, 1992). The focus on questions offers

a comprehensive approach to understanding problems, which makes the

approach very popular in businesses. However, by asking the questions

endlessly, the method suffers from the same problems as the mapping

technique. Since there are no real boundaries between problems, the

questions may be asked endlessly unless there is a limiting mechanism. The

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key element in the technique is the emphasis on comprehensiveness and also

,like the mapping technique, on the importance of having a way to utilize

ideas without being paralyzed by endless analysis. The Five Why Method is

similar in many ways to the 1H5W method. The method involves asking the

question Why for five times. By developing answers to the questions, the

method hopes to develop a credible solution to the main problem. This

method works by deconstructing the problem into its fundamental elements

and then building a solution from the fundamentals. The model has been

used successfully in businesses as it simplifies the idea generation problem.

The main flaw with this method is that it assumes there is a limit to the

fundamental factors of a problem. This is not always so. Amabile, Schatzel,

Moneta and Kramer (2004) argue that the nature of business problems is that

they are interrelated and therefore an attempt to create a boundary in itself

introduces a weakness to the model. The critical element in this model is the

focus on the main problem and the establishment of a way to limit analysis.

The Checklist Method is another schematic method that is very popular in

businesses today. The method has three aspects, which are attribute listing,

wishful thinking and demerit listing (Ford, 2000). Attribute listing endeavors

on identifying all the important characteristics of the systems and the people

involved in the problem. This is expected to produce a comprehensive list of

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all the relevant attributes that can be integrated in problem solving or in the

development of the new idea. Wishful thinking involves the unlimited

imagination that focuses on ideals that can be achieved in resolving the

current problem. The ideals are to be compared with the available attributes

and with the best way to combine the attributes outlined (Estes and Ward,

2002). Demerit listing endeavors to identify all the possible ways in which

the current situation can be altered to achieve better results. This method is

the most strategic of all the schematic methods. The method not only

ensures the focus on the main problem, but also helps map out all the

available resources in form of attributes and does not limit the way the

attributes can be combined. However, by focusing on improving the existing

situation, the method suffers from the flaw of evolutionary approaches

(Smith, 1998). The key element of this model is the emphasis on

comprehensiveness and free imagination.

WHAT IS BUSINESS IDEA GENERATION

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.

there are many techniques that can be used.

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WHAT DOES THE IDEA GENERATION PROCESS OF NTREPRENEURSHIP

INCLUDE?

An idea generation technique is a creative process of coming up with

solutions and ideas. It also involves developing these ideas and

communicating them. Entrepreneurship is being able to create and run a

business. In entrepreneurship, idea generation is one of the main

factors that lead to its success

WHAT ARE THE 5 STEPS OF IDEA GENERATION PROCESS?

Follow these steps to generate creative ideas:

1) Gather raw materials;

2) Digest materials;

3) Do something else that stimulates your emotions;

4) The idea appears;

5) Develop and test the idea

HOW TO IDEATE

Ask questions: Foremost, idea people are curious people. ...

Write Your Ideas Down: Creative people keep lists and notes. ...

Think Associatively: Many ideas are the result of associative thinking. ...

Put Ideas to the Test: Innovators know the importance of experimentation.

HOW MANY PROCESSES ARE THERE IN IDEA GENERATION?

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Defining Your Idea Generation Process

The key steps in a traditional idea generation process follow a set path;

submission, collaboration, evaluation, and implementation.

HOW MANY PROCESSES ARE THERE IN IDEA GENERATION?

Defining Your Idea Generation Process

The key steps in a traditional idea generation process follow a set path;

submission, collaboration, evaluation, and implementation.

Idea generation is the practical method companies use to generate clever

ideas and refine their operations. It's like a creativity workshop, a place

where new ideas get a chance to shine. Think of it as the special ingredient

that adds flavor to business success.

WHAT IS IDEA GENERATION DEFINITION?

It's a creative process that involves actively making and developing

innovative ideas to enhance business performance. At idea generation

sessions companies generate and refine diverse ideas, fostering a creative

environment for continuous improvement. This approach aims to identify

creative solutions, optimize operations, and drive overall success in a

straightforward and effective manner.

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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. There are

many techniques that can be used.

IMPORTANCE OF IDEA GENERATION FOR BUSINESS GROWTH

Idea generation is one of the main keys to unlocking growth and staying

ahead of the competition. Also, defining an innovation strategy is paramount

as it serves as the compass guiding an organization's creative endeavors,

ensuring alignment with overarching goals and maximizing the impact of

inventive initiatives. Here we've listed some of the most obvious benefits of

generating ideas on a regular basis. This is how it serves as a catalyst for

business expansion:

1. Staying Ahead in the Market

In the race for market leadership, those with a knack for generating

innovative ideas have the upper hand. Idea generation is the compass that

guides businesses to navigate through industry changes and evolving

customer preferences and market trends. By continuously generating new

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ideas, companies position themselves not just to keep up but to lead the way,

staying relevant and competitive.

2. Improving Existing Products and Services

Picture your business offerings as a constantly evolving menu. Idea

generation allows for a critical examination of current products and services.

This process of continuous improvement ensures that businesses don't just

meet customer expectations but exceed them. By tweaking and enhancing

existing solutions through product innovation, businesses can provide better

value, leading to increased customer satisfaction and loyalty.

3. Creating New Products and Services

Innovation is the lifeblood of business, and idea generation is the source. It's

the engine that drives the creation of new products and services. By tapping

into creative thinking, businesses can introduce groundbreaking solutions,

expanding their product/service portfolio. This not only attracts new

customers but also keeps the brand dynamic and adaptable to changing

market needs.

4. Enhancing Problem-Solving Abilities

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Idea generation not only opens the door to the innovation process but also

sharpens a business's ability to tackle challenges. The deliberate effort to

encourage creative thinking becomes a powerful tool for addressing issues

efficiently and cultivating adaptability. By fostering a mindset that sees

problems as opportunities, businesses enhance their problem-solving

capabilities, ensuring a more resilient and successful journey.

In essence, the importance of idea generation for business growth lies in its

ability to guide strategic decisions, foster a proactive approach to market

dynamics, and drive continuous innovation. It's not just about generating

ideas; it's about sculpting a path for sustained success in the ever-evolving

business landscape.

STEPS OF IDEA GENERATION PROCESS

Before diving into idea management, remember that it's more than a series

of steps; it's a dynamic journey of creativity. Now, let's explore specific

steps and practical advice to fuel innovation and drive positive outcomes for

your business:

Define Your Goal: Start by clearly defining what you want to achieve.

Whether it's solving a problem, improving a process, or creating a new

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product, having a specific goal gives direction to your idea generation

efforts.

Gather a Diverse Team: Bring together a team with diverse skills able to

analyze the issue from a different perspective. Different backgrounds and

experiences can spark a variety of ideas and approaches, enriching the

creative process.

Create a Brainstorming Environment: Set up an environment to

brainstorm ideas. Encourage an open exchange of different ideas, where

team members feel comfortable expressing themselves. This can be in the

form of a dedicated meeting or an online platform.

Generate Ideas Freely: During the brainstorming sessions, encourage

participants to generate ideas freely without judgment. Quantity matters at

this stage, so aim to provide as many ideas as possible without worrying

about feasibility.

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Encourage Collaboration: Foster collaboration among team members. One

idea can spark another, leading to innovative combinations and solutions

that might not have emerged individually.

Evaluate and Prioritize: Once the initial ideas are gathered, it is time to

perform idea evaluation and prioritization. Consider factors like feasibility,

potential impact, and alignment with your goal. This step helps refine the list

to focus on the most promising ideas.

Refine and Develop: Take the selected ideas and work on refining them.

Develop more detailed plans, consider potential challenges, and assess how

each idea aligns with your overall business strategy.

Test and Gather Feedback: Before implementing new ideas, conduct

small-scale tests or seek feedback from a sample audience. This step helps

identify potential issues early on and ensures that the ideas align with

customer needs.

Implement and Monitor: Once you've refined and tested the idea, it's time

for implementation. Monitor its progress closely and be ready to adapt based

on real-world feedback and evolving circumstances.

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 Celebrate and Learn: Celebrate the successful implementation of creative

ideas, but also take the time to learn from the process. Understand what

worked well, and what could be improved, and apply these lessons to future

idea generation endeavors.

By following these steps, you create a structured and effective idea

generation process that can fuel innovation and drive positive outcomes for

your business.

Idea Generation Techniques

Diverse business needs call for diverse approaches to the ideation process.

That's why there are various idea generation techniques out there, each

meticulously crafted to address specific challenges and fuel creativity in

distinct ways. Here is our choice of 16 most popular ones.

1. Brainstorming Technique with Brainstorm Cards

In this approach, each team member contributes ideas on individual cards.

After shuffling and redistributing, team members build upon and enhance

the ideas on the cards they receive. A group discussion follows, exploring

merged concepts and prioritizing promising ideas for further development.

This technique fosters collaboration and ensures a diverse range of

perspectives contribute to the ideation process.

Brainstorming Technique

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2. Blue Sky Thinking

In this technique, participants engage in unrestricted thinking, imagining

ideal scenarios without limitations. Emphasis is placed on unconventional

and innovative ideas, encouraging divergent thinking. The focus is on

generating as many ideas as possible without immediate concern for

feasibility and fostering innovation by exploring possibilities beyond the

usual constraints.

3. First Principles

This idea generation technique involves breaking down a problem into its

fundamental components, questioning assumptions, and reconstructing

solutions from the ground up. Key steps include:

Deconstruction: Identify and deconstruct the fundamental elements of a

problem or situation.

Challenge Assumptions: Question existing assumptions about the problem,

fostering a fresh perspective.

Reconstruction: Rebuild solutions based on newly identified fundamental

truths, often leading to innovative outcomes.

This technique encourages a deeper understanding of challenges and

promotes inventive problem-solving by reconstructing solutions from

foundational principles.

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4. Role Playing

As an idea generation technique, it involves team members stepping into

different roles to gain unique perspectives and stimulate creativity. Here's a

brief overview:

Team members take on predefined roles related to the challenge or scenario

being explored.

Participants immerse themselves in the assigned roles, adopting the

perspectives, thoughts, and feelings associated with those roles.

Through interaction and dialogue within the assigned roles, new ideas and

insights emerge, often offering unconventional solutions.

Following the role-playing session, participants reflect on the experience and

extract innovative ideas generated during the immersive process.

Role playing injects creativity by encouraging participants to step outside

their usual perspectives, fostering a dynamic approach to problem-solving

through embodied exploration.

5. SCAMPER Technique

This is a comprehensive approach to alter existing ideas, concepts, or

processes. The aim of SCAMPER is to refine specific aspects of the current

idea or process to achieve the optimal solution. SCAMPER is an acronym

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 that stands for: Substitute, Combine, Adapt, Modify/Magnify, Purpose,

Eliminate/Minimize, and Rearrange/Reverse.

SCAMPER Technique

Here's a concise overview:

 Substitute: Consider replacing elements of an existing idea with

something else to explore new possibilities.

 Combine: Merge different elements or ideas to create a hybrid

solution.

 Adapt: Adjust existing features or elements to better suit the problem

at hand.

 Modify: Alter aspects like size, shape, color, or other attributes to

generate variations.

 Put to Another Purpose/Use: Explore alternative applications or

uses for existing ideas.

 Eliminate: Identify and remove unnecessary elements or steps to

streamline the concept.

 Reverse/Rearrange: Flip perspectives, reorder steps, or reverse

processes to uncover new insights.

6. Storyboarding

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 Creating a visual story is another way to approach idea generation. In this

technique, team members collaboratively create a step-by-step visual

narrative, enabling a detailed exploration of the idea's progression. Through

this process, concepts come to life visually, fostering collaboration as the

team refines and enhances the clarity of the depicted ideas. It's a creative

journey where ideas evolve and take shape through a shared visual narrative.

7. Questioning Assumptions

It is possible to uncover new perspectives by challenging established beliefs.

This technique is based on this approach. Instead of accepting assumptions

about a problem or situation, this technique encourages a deliberate

questioning of those assumptions.

By challenging assumptions, participants open the door to fresh

perspectives, allowing them to see problems or challenges in a new light.

This often leads to the discovery of creative solutions and innovative

approaches that may have been overlooked.

8. Idea Challenge

This technique introduces a structured competition to stimulate innovative

thinking. Teams or individuals engage in a competitive setting where they

actively propose solutions or ideas related to a specific challenge or goal.

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 Participants are given a defined timeframe to generate and present their

ideas, promoting quick and focused creative thinking. The competitive

element encourages participants to push boundaries, resulting in a variety of

diverse solutions and approaches to the challenge at hand.

Idea challenge technique harnesses the power of competition to fuel

creativity, prompting participants to think outside the box and present

inventive solutions within a set timeframe.

9. Mind Mapping

This visual technique organizes ideas around a central theme. Starting with a

main idea, branches extend to key concepts, further branching into sub-ideas

with keywords. Incorporating visual elements, it offers a non-linear

structure, promoting creative exploration and idea connections. This

dynamic visualization tool enhances brainstorming and idea organization.

Mind Mapping Technique

10. Opposite or Reverse Thinking

This idea-generation technique involves deliberately considering the

opposite of conventional thoughts or actions to spark creativity. It

encourages individuals to step outside traditional thought patterns. By doing

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 this, participants often discover unconventional and innovative solutions that

might not emerge through traditional thinking.

11. Social Listening

This technique involves monitoring online platforms to understand and

analyze conversations surrounding a brand, product, or industry. Companies

actively track discussions, mentions, and trends on social media platforms,

forums, blogs, and other online spaces. After that, they perform the

sentiment analysis of conversations to gauge public opinions, preferences,

and trends. This provides valuable insights into customer opinions, needs,

and concerns, helping businesses tailor strategies to meet customer

expectations.

12. Analogy Thinking

This is an idea-generation technique that involves drawing parallels between

seemingly unrelated concepts to stimulate creative ideas. First, teams should

seek similarities between the current challenge or idea and unrelated

concepts, drawing connections. Then, they transfer insights or solutions

from the unrelated concept to the original challenge. Analogies serve as a

creative springboard, prompting new perspectives and ideas by associating

the familiar with the unfamiliar.

13. Six Thinking Hats

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 Template for Six Thinking Hats Technique

Developed by Edward de Bono, Six Thinking Hats is a methodical approach

to idea generation and decision-making. Here's a brief overview:

Six Perspectives: Assign different "hats" to participants, each representing a

unique perspective: White for facts, Red for emotions, Black for critical

judgment, Yellow for optimism, Green for creativity, and Blue for managing

the thinking process.

Sequential Focus: Participants wear one hat at a time, allowing for focused

and structured thinking. For example, start with White for gathering facts,

then switch to Red for emotional considerations.

Role-Based Thinking: Each hat guides thinking in a specific direction,

ensuring a comprehensive exploration of a topic or decision from various

angles.

Reduced Conflicts: By dividing thinking into distinct roles, the Six Thinking

Hats method minimizes conflicts, encourages constructive dialogue, and

facilitates well-rounded decision-making.

14. Product Trend Approach

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 Following market trends can help generate new ideas and initiate the

innovation process. The Product Trend Approach involves aligning product

development strategies with current and emerging consumer trends. By

staying flexible and customer-centric, businesses can innovate and respond

swiftly to the dynamic landscape.

15. Yes, and…

This is a powerful tool in improvisation and collaborative settings, creating a

positive atmosphere that stimulates creativity and collective idea-building.

Participants respond affirmatively ("Yes") to ideas or statements,

acknowledging and accepting them. They then add to the conversation by

contributing new ideas or information ("and").

This technique encourages a supportive environment where contributions are

built upon, fostering a flow of creative ideas without judgment.

16. The 5W's and the H

The 5W's and the H is a questioning technique that helps gather

comprehensive information by asking and answering 6 basic questions:

Who: Identifying the individuals or groups involved.

What: Defining the subject or action being discussed.

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Where: Pinpointing the location or context of the subject or action.

When: Establishing the timeframe or occurrence of events.

Why: Understanding the reasons or motivations behind actions.

How: Exploring the methods, processes, or means involved.

Generating Ideas for Business - Examples That Changed the World

Innovative ideas have the power to reshape industries and leave a lasting

impact. Let's explore some exemplary cases where groundbreaking ideas

transformed the business landscape, introducing novel approaches and

ushering in unprecedented success. From pioneering technologies to

revolutionary business models, these examples highlight the transformative

potential of creative thinking in the business world.

And finally, here are some tips on how to perform idea generation and idea

management:

Efficient Idea Capture: Utilize idea management software to centralize and

track ideas, providing the team with a user-friendly portal for submissions.

Timely Idea Reviews: Establish a regular review cadence to evaluate ideas

promptly, initiating dialogues within the team to gather comprehensive

information about specific use cases.

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 Implement Value-Based Scoring: Create a scorecard with metrics such as

impact and effort, enabling the ranking and prioritization of ideas based on

projected maximum value using a value vs. effort scale.

Identify Common Themes: Analyze and track common themes among

ideas to strategically focus on areas of improvement and identify ideas with

significant potential.

Seamless Idea Promotion: Promote ranked ideas to features and add them

to your roadmaps, ensuring a seamless transition from idea to

implementation.

Align with Strategic Goals: Use your product strategy and team capacity as

guiding frameworks to decide which ideas align with strategic goals and

have the potential for the most significant impact.

Business Ideas to Become Your Own Boss

Learn about what makes a good business idea, and how to take your idea
from inception to production.

Endless job applications and interview callbacks may seem like the
gatekeepers of employment, but that’s not necessarily the case.
Entrepreneurship is an option that many people pursue, especially in our
expanding freelance and small-business economy. There are pros and
cons to working for yourself, and each new venture comes with its own set
of challenges. Below, we’ll explore the qualities of a good business idea,

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how to generate great business ideas, and the pros and cons of being your
own boss.

Key elements of a good business idea

There’s no limit to what kind of business you can build for yourself. While
the specifics will vary, there are a few consistent key elements to all
successful businesses.

Clear demand for a product or service

Supply and demand are the building blocks of all business. Every business
idea should have hard and clear evidence of demand in your market or field.
You can gauge market demand in a few ways. Marketing and outreach
software can get your idea in front of your desired audience, or you could
get in touch with them using interest surveys or open forums. The better you
know your audience, the better your likelihood of success; consider the fact
that 14% of startups fail by not regarding customers’ needs.

Short and long-term goals

Having a detailed plan is crucial to making any entrepreneurial endeavor

successful. Your long-term plans and your short-term plans should work
together to keep you on track. Setting SMART goals in the short term will
set you up for success in the long term.

Room for growth

Don’t be afraid to alter part—or all—of your idea based on new information
or experience. Sometimes change is necessary. It’s important to keep up
with the current market and be willing to adapt to unanticipated feedback
from your customer base. Being flexible and open-minded can mean the

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 difference between having your idea remain an idea or getting it out in the
world. Remember, you can always circle back after you’ve established
yourself.

The right amount of motivation

Your business idea doesn’t necessarily have to be based on doing something

that you love—though that helps—but it should be based on something
you’re motivated to pursue. Whether you’re working to serve a cause or
community that’s important to you, honing a skill set, or helping others do
the same, motivation can help keep you inspired during challenging times.

Learn how to develop your unique brand voice, design a beautiful website,
and create content that grabs attention with a little help from us.

HOW TO GENERATE BUSINESS IDEAS

Generating business ideas is one of the most important steps for any
entrepreneur. If you don't have any good ideas, it's going to be tough to get
your business off the ground.

In this paper, we will teach you how to generate business ideas that will
help you achieve success. We will also provide some tips on how to make
sure your idea is a viable one.

1. Ask family and friends

The first place any entrepreneur should look when coming up with new
business ideas is their own network of family and friends. After all, these are
the people who know you best and will be most likely to support your new
venture.

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 By asking those closest to you for ideas, you'll not only get some great
suggestions, but you'll also get an idea of what kind of business would be a
good fit for your skills.

Your friends and family will also have very different perspectives than you.
They have their situations they deal with every day that you may not have
thought of.

2. Consider problems in your everyday life - then solve them!

The best business ideas come from solving problems that you or others face
every day. If there's something in your life that frustrates you, chances are
there are plenty of other people who feel the same way.

Come up with a list of different problems you face going about your day.
Once you have a list of about 10 different problems, try to brainstorm 1 to 3
different solutions that don't exist yet.

By identifying these pain points and coming up with a solution, you'll be

well on your way to starting a successful business.

3. Build on your hobbies

You're not going to get many business ideas for rocket engineering if you've
never even built a model rocket before.

This is why it's important to look at your hobbies and interests when trying
to come up with a business idea. It's much easier (and more enjoyable) to
build a business around something you're passionate about.

If you love hiking, for example, you could start a hiking gear rental company
or a hiking tour company. If you're into cars, you could start a car detailing
business or a classic car restoration business.

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 Whichever option you choose, you'll end up following the journey till its end
because you care more about the outcome.

4. Consider if there are tasks you could make easier

The problem many entrepreneurs run into when thinking of a new business
idea is trying to create the next biggest thing. But sometimes the best
business ideas are those that solve a more mundane problem.

A great way to come up with new business ideas is to think about ways you
could make existing tasks easier or more efficient.

For example, let's say you're a real estate agent. You could come up with a
service that helps people find their dream home by doing all the research for
them.

You could also start a business that helps people stage their homes for sale
or that provides virtual tours of properties.

By thinking about ways to make everyday tasks easier, you'll be able to

come up with plenty of new business ideas that have the potential to be
successful without all the mental effort.

5. Build on existing products or services

If you're struggling to come up with new ideas for a business, it often helps
to build on products or services that already exist. You won't have the
pressure of coming up with something completely new, and you can focus
on improving upon what's already out there. Research similar businesses;
what are they doing well? What could you improve upon?

A great way to do this is by looking at the current services or products you're

already using and asking yourself the "What if?" questions. What if this

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service was available in my city? What if this product was cheaper/better
quality/easier to use?

HOW TO CREATE YOUR BUSINESS

Once you’ve got an idea and know that there’s a demand for it, you can get
started on making it a reality. Below are some standard starting points in
getting a business up and running.

Research the market

Whatever idea you have, your product or service will be aimed at a specific
group of people and/or at meeting specific needs. It’s important to research
the market you plan to serve. The results of that research will be the
foundation of your customer service philosophy. Decide how you’re going
to serve your customers, through what channels, and what is easiest or most
accessible for your client base. Market research is also important to get an
accurate read on the real problems, hardships, or difficulties your
prospective customers face.

Fulfill a need

Once you’ve found your market and done some research, it’s time to identify
a specific need you plan to address. For example, entrepreneur Sara Blakely,
the creator of Spanx, identified a need for shapewear that was discreet and
comfortable. She filled that need with Spanx. After you’ve identified the
needs of your market, you can start to create something concrete that can
answer those needs.

Survey your customer base

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Another helpful step in the creative process is to get out and directly address
your potential customer base. You can do this with an email campaign, an
open forum, or an online survey. This can help you market more effectively
and help grow your business by building connections and uncovering further
market needs. See how Mailchimp's free online survey maker compares to
the competition.

Build a budget

Make sure you consider all potential costs when creating your business
budget. There are a lot of resources that can help you do things for free or at
a reduced cost, like website building or product page design. But there are
some things you just can’t DIY. Startup business costs can include:

 Product production/manufacturing
 Store or office rental
 Staff
 Promotional materials
 Storage or production space rental
 Interior design

It can be easy to underestimate the cost of starting a business if you’ve never

done it before. If you’re feeling overwhelmed by the what-ifs, hire a
financial adviser who can help you build and maintain a flexible budget.

Find investors if necessary

After you’ve established your budget, you can determine whether acquiring
investors will be a helpful or feasible option for you. Investors can be a great

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resource for getting a new business financially established. However, they
can also mean sacrificing some creative control. If you are going to pursue
investors, you’ll want to learn how to prepare a pitch deck.

Be flexible

It’s important to remember that business ideas are rarely perfect from the
get-go. Be open to adjusting your plan, budget, and ideas as needs arise. Try
to avoid major last-minute changes, however, because they can have effects
down the line.

Set deadlines

Deadlines can be a useful tool and can help keep your goals on track. With
firm deadlines, you can help yourself maintain boundaries, recognize what is
plausible and implausible for you, set detail-oriented goals, and measure
your success.

Once you have a business idea, use these steps to evaluate it and make sure
it's a sustainable idea to help you be successful:

 Determine a target market. ...

 Create a buyer persona. ...

 Conduct a market analysis. ...

 Analyze your competitors. ...

 Understand your finances. ...

 Get feedback.

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 PROS AND CONS OF ENTREPRENEURSHIP

Entrepreneurship can be rewarding, creatively fulfilling, and a great

alternative to a traditional 9-to-5. However, it’s not easy to start and
maintain a small business.

Benefits

There are some incredible benefits for starting your own business or
becoming a freelancer, including:

 Being your own boss

 Finding untapped niches in a market

 Becoming an innovator

 Reaping financial payoffs

 Being creatively fulfilled

 Drawbacks

But along with the benefits, there are some drawbacks that new and
seasoned small business owners alike can experience.

 Uncertainty about the future

 Financial ups and downs

 Skewed work-life balance

 Limited support and resources

 Set yourself up for success with your new business idea

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Generating a business idea, completing your research, and seeing it through
the creation process can be a difficult but ultimately rewarding choice. If
you’re motivated, organized, and goal-oriented, then running your own
business might be the right career move for you. Consider tools that can help
you reach your desired business heights, like Mailchimp, and put your
venture on the path to success.

How can we screen ideas?

 Your step-by-step guide to the idea screening process

 Host an idea generation session. ...

 Establish your screening criteria. ...

 Conduct a preliminary screen with qualitative research. ...

 Get granular with quantitative research. ...

 Prioritize and assess the feasibility of your ideas. ...

 Begin concept testing.

Here is a step-by-step idea screening process.

 Idea Generation Stage. The process of idea screening begins with

the generation of new product ideas. ...

 Initial Idea Screening. ...

 Concept Development and Concept Testing. ...

 Business Analysis. ...

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  Test Marketing. ...

 Final Screening.

What are the five steps of screening?

Steps in the applicant screening process

 Step 1: Skills testing.

 Step 2: Resume screening.

 Step 3: Interviews.

 Step 4: Background check.

 Step 5: Job trials.

WHAT IS A SWOT ANALYSIS FOR IDEA GENERATION?

A SWOT analysis is a valuable tool that can help you generate new ideas for

your project by analyzing your strengths, weaknesses, opportunities, and

threats. It can also help you improve your creative thinking and problem-

solving skills

CONCLUSION

In wrapping up our exploration of idea generation in business, we've

uncovered practical tools and idea generation techniques to fuel creativity

and problem-solving. The journey from foundational concepts to powerful

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analytics tools like iSwarm reveals a diverse toolkit ready to empower your

team.

In the business realm, innovation isn't a fancy term—it's the driving force

behind progress. It's about solving real problems and adapting to change. So,

armed with practical insights and adaptable tools, let's shape a future where

your new ideas lead to tangible success.

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