MON SOURCES OF NEW VENTURE IDEAS bff the more frequently used sources Of {des for entrepreneurs include Consumers, existing produc ‘vices, distribution channels, governments, and research and development. umers ial entrepreneurs should continually pay close attention to potential customers. This attention i ta i Of informally monioring potential idews and needs or formally arranging for consumers to hive Unity to express ther ‘Care needs 9 be taken to ensure that the Idea oF need represent ‘market t0 support st new venture, sing Products and Services ial entrepreneurs should also establish a formal method for monitoring, and evaluating competiti as and services on the market, Frequently, this analysts uncovers ways to Improve on these offerin ay result in a new product oF service that has MOFE Market appeal and betler sles and profit potenti: ibution Channels .er8 Of the distribution channels are also excellent sources for new ideas because of te needs of the market, Not only do channel members frequently have suggestions for complete Foducts, but they ean also help in marketing the entrepreneur's newly developed products. O ener found out from a salesclerk in large department store that the reason his hosiery was » ‘well wats its color By heeding the suggestion ain making the appropriate color changes, 1 nny became one of the leading suppliers of nonbrand. hosiery in that region. ir famitiat mments ‘ment agencies, not only of one’s own couniry, but also. of other countries, can be a source of + ideas in two ways. First of all, they are the repositories of the patents filed by inventors « ‘ors, While many of the patented ideas may not be directly implementable as business produc 5. it would be useful for entrepreneurs to go through the, as they might stimulate thei thinking ¢ “help them in zeioping prose: HE it related fields by *hiteh-hiking’ on patented ideas. he office of the Controller General of Patents, Designs and Trademarks is located in Kolkata and Infavinatian Qistaet itn Nadine Rnibeantaneitt ahd wataitteMYTH OF CREATIVITY fity is in. Seminars teach employees to “think outside the box" and release their inner Pices: Jers preach innovation, and today’s rich and powerful prefer to describe themselves as creati . valiantly besting the naysayers to bring us the radical changes that add up to progress. Richa 5 best-selling The Rise of the Creative Class argues that societal progress increasingly comes fre like New York and San Francisco, in part because those cities encourage creativity by embraci jan self-expression and openness to diversity in dress, speech, or even sexuality pite this affirming chorus, much of the hoopla over creativity is a crock. Why? Because we are alrea ur eyeballs in it. Make no mistake: Innovation matters. Nothing is more essential for long-te) nic growth. But to get more innovation we may want less, not more, creativity. ‘sobering truth is that the dramatic artistic creations or intellectual insights we most admire { triking "creativity" matter little for economic growth. Creative new clothes or music may chan 1, but are soon eclipsed by newer fashions. Large and lasting economic innovations, like stec 25 or cell phones, are rare and tend to be independently “invented” by many people. One Ic ity would matter little ead, the innovations that matter most are the millions of small changes we constantly make llions of daily procedures and arrangements. Such changes do not require free-spirited se sion. Instead, people quite naturally think of changes as they go about their routine business a Son important issues, Identity the most promising Icteas, andi tell the right people about them. But tion of creativity gets in the way. ruth, we don’t need more suggestion boxes or more street mimes to fill people with a spirit ity. We instead need to better manage the flood of ideas we already have and to reward manag ually executing them ‘Reprinted fom the September 23,2000 issue of Business Week by special permission, copyright © 2006 by The McGra ‘panies In, “The Myth of Creativity.” by Robin Hanson. BusinessWeek, Issue 3991. p, 134 ion Information Retrieval (PAIR) system, the European Patent Register of the European Patent O} he Euro Asian Patent Information System (EAPATIS), the Register of the German Patent and Tr ‘ffice (DPINFO), and many other country-specific patent information systems as well as comme! orvices groups such as Patent Committee (PatCom) iecond way in which governments might become sources of new venture ideas is when their pro 1d regulatory measures open up business opportunities for discerning entrepreneurs. A few dec en the Government of India mandated the replacement of the ‘unhygienic’ re-usable bottle: dle blood-bags for blood transfusion, a smart entrepreneur started a venture for manufacturing bl the country for the first time. Similarly, in recent times when several state governments in India m slsory for all residential buildings to have the rain water harvesting system, several entreprenet have come un for nrovidine rin-water harvesting sustems and services arch and Development gest source of new ideas is the entrepreneur's own “research and development” efforts, which may il endeavor connected with one's eurtent employment or an informal lab ina basement or garage, O h scientist in a Fortune 500 company developed a new plastic resin that became the basis of a ne 1 anlastic molderl mactalar enn nallet as well ava new ventiate—the Araalite Pallet Camnanw Ine