In this tutorial, we will learn that idea generation is the process of creating, developing, and communicating abstract, concrete, or visual ideas.
Selecting an idea:
Creating yourself as a flourishing entrepreneur depends upon choosing an excellent idea. That idea must not merely be good for the market but suitable for the development and fine for the entrepreneurs. The plan should furnish satisfying results.
As an entrepreneur, when you are penetrating for an idea worthy of your obligations, don’t follow one idea at a time. To implement one plan at a time has quite a few shortcomings.
Foremost, because you are consistently receiving information from what you understand and from people you communicate to having several back burner ideas gives you a superior probability of finding utilization for the information you lift.
Secondly, if you are practicing a solitary idea by inventing commitment before you feel it, you may put yourself into a rigid corner. Selecting an idea is moderately complicated, and the entrepreneur has to recall his basic competence independently in finalizing a plan.
Generating an idea:
The process of identifying business opportunities is scientific, and for this, one has to create a lot of business ideas. Let’s see opportunity:
Solving people’s problem:
- You will find that large at any given point in time have requirements which are not fulfilled by existing products and services. Understanding and sensing the problems of others can provide many business ideas. People may desire convenience, time-saving, better products, a different opportunity.
Combining two or more ideas:
- Different selling items in one shop represent a departmental store’s new idea, which provides added convenience to consumers.
New ways of doing old things:
- Popularizing the gas-lighter as a substitute for a matchbox for lighting gas ovens give the idea of a new product. Instead of selling pizza in a bakery shop, the sale through mobile vans at different locations is a new idea for a business.
Improving the product or services:
- Milk, which is usually supplied in bottles when packed in sachets or tetra pack, was seen as a new idea as it gave a modern convenience to both the buyer and the seller.
Building up the skills:
- Skills very often provide a sense of ability-based enterprises. You are typing skills used for starting a typing school. The expertise of dressmaking or embroidery could be applied to create a profitable business.
Talking and listening to people:
- Being a keen listener, one can find out what people need or what new suggestions they have to offer or to set up new ventures or to improve the existing products.
Commercialization in inventions:
- Inventions in the laboratories may give rise to ideas for their marketing.
Turning the waste material into something useful:
- The availability of waste paper presents an enterprise’s plan for making paper products.
Doing market research:
- May determining demand-supply gaps through market research offers new views for products and services.
Use of hobby:
- A hobby of collecting flowers may give rise to a business idea of dried flower art objects.
Changing fashion and lifestyle:
- Changes in fashion require new products and services. Short hairstyles for ladies or new haircuts for males lead to the need for more parlors, as well as opportunities for some entrepreneurs to start a new business of serving people in their own homes.
RECALLING YOUR SELECTED IDEAS
Robust with your skills and knowledge:
- May the tasks of the enterprise the one you will benefit from doing yourself?
- Are the expecting a good return?
- How believe in the product or service?
- Do you encompass skills in this type of business?
- Whether they need it fits denote impressive to you personally?
- Would you like and recognize potential customers?
Robust with the market:
- Does the product or services you recommend have perceivable benefits?
- Is there a cost-efficient mode to get the message and the product to the customers?
- Is there a genuine customer requirement?
- Whether customers trust in the product coming from your corporation?
- Would you obtain a price that gives you good margins?
Robust with the venture:
- Could you visualize who might fund it?
- Does it appear cost-effective (high margin – low investment)
- Does it pursue the teamwork and fit in the enterprise culture?
- Will it show the way to outside markets and growth?
What will happen if your ideas will be redundant? Generally, as an entrepreneur, you may come across that your idea is not up to the mark or the rather has been rejected and is not successful as predict. There are a few little things you can accomplish:
- Locate a vital person to whom you convey your ideas by considering
- Pay attention carefully to comprehend what is wrong, recover your plan, and your presentation, and endeavor again.
- Renounce and pick a new design.