The document discusses sources of entrepreneurial ideas and methods for generating ideas. It identifies some common sources as consumers' wants and feedback, existing products and services, distribution channels, and government regulations. It also describes several methods for generating ideas such as focus groups, brainstorming, and problem inventory analysis. Problem inventory analysis involves providing consumers a list of product problems and identifying products that suffer from specific issues.
The document discusses sources of entrepreneurial ideas and methods for generating ideas. It identifies some common sources as consumers' wants and feedback, existing products and services, distribution channels, and government regulations. It also describes several methods for generating ideas such as focus groups, brainstorming, and problem inventory analysis. Problem inventory analysis involves providing consumers a list of product problems and identifying products that suffer from specific issues.
The document discusses sources of entrepreneurial ideas and methods for generating ideas. It identifies some common sources as consumers' wants and feedback, existing products and services, distribution channels, and government regulations. It also describes several methods for generating ideas such as focus groups, brainstorming, and problem inventory analysis. Problem inventory analysis involves providing consumers a list of product problems and identifying products that suffer from specific issues.
Factor’s in Identifying Opportunities Methods in Generating Ideas
Their own or partner’s Availability of inputs o Focus Groups – focus group consisting past experience in thatlike raw materials, of 6-12 members belonging to various business line labor, etc. at cheaper socio-economic background are formed rates to focus on some particular matter like Govt.’s promotional Expansion or new product idea. schemes and facilities diversification plans of o Brainstorming – this technique was offered business originally adopted by Alex Osborn in High profitability of Products reserved for 1938 for encouraging creative thinking products small-scale units in groups of six to eight people. Increasing demand in According to him, brainstorming means the market using the brain to storm the Source of Ideas issue/problem. Consumers consumers’ wants can be known through their feedback about the products and services they have been using and would want to use in future. Existing Products and many enterprises are Services established mainly to offer better products and services over the existing ones. Distribution also called market Channels intermediaries, ultimately deal with the ultimate consumers and, hence, better known the consumers’ wants. Government government from time-to- o Problem inventory analysis – This time issues regulations on differs from focus group because this product production and does not only generate ideas, but also consumption. These identifies the problems the product regulations become faces. excellent sources for new ideas for enterprise 2 steps: formation. Providing consumers a list of specific problems in a Research and R&D activity suggests general product category Development what and how a new or modified product can be Identifying and discussing the products in the produced to meet the category that, suffer from specific problems. customers’ requirements. ENTREPRENEURIAL MINDSET AND THINKING SKILLS Chapter 2 ENT AA