Idea generation

• Idea generation or ideation is the act of forming

ideas. It is a creative process that encompasses the
generation, development and communication of
new thoughts and concepts, which become the
basis of your innovation strategy.
• As an individual activity, idea generation
techniques are a great way to shake up your routine
and spark new thoughts. As a collective or
organization, structured ideation can be
transformative as a tool for problem solving and
collaboration.
 Action Steps To Transform A Bright Idea Into A
Successful Business
• Figure out a problem that your idea solves. It is normal to be subjective and
emotional toward your precious idea. Desire is part of the process, but you need
sales to keep you in business. Instead of honing in on the great solution at first,
work on identifying a common problem your product will solve.

• Research the competition. You may have never heard of your idea or see anyone
around doing it, but take it step further. Do your homework to see if similar
products or services exist. That could save you the headache of entering a saturated
market or help you enter from a different angle. Similar products or services could
use your idea and what you can do to improve them.

• See a business consultant. A professional can guide you through completing each
step on your way to structuring your idea into a viable business. They can act as a
mentor to help you talk through if the idea makes sense to pursue. Business
consultants have an abundance of networks and could help you connect with the
right business funding too.
• Find a market for your idea. Even if everyone wants your product, not all of them need
it, can afford it or will buy it. The objective is to up your chances of reaching buyers.
Market research is an important step to have a solid marketing plan and promote to people
who will convert into customers. Consider demographic information such as age group,
residence, income, a line of work and hobbies.

• Find support and build your team. Business partners and a team who want to see you
succeed could speed up the process. Bringing the best of what each of you has to the table
with a team around you increases your chances of longevity in the business. Big business
names like Google, Apple, Twitter, Proctor and Gamble and Ben & Jerry’s can attribute
their lengthy business success to fusing good qualities within their partnership.

• Create your business plan. This foundation for success breaks down every component of
your business. Creating a business plan will put all the concepts swarming around in your
head in one place on a document. It helps you narrow down critical projections for at least
the first five years. Most investors require some form of a business plan to consider
placing their trust in your idea or company. Focus on these areas:
❖ Executive summary.
❖ Market analysis.
❖ Execution.
❖ Company and team information.
❖ Product or service.
❖ Financial plan.
• Find investors for your idea. Start with options that have the least amount of
risk in the early stages. Friends and loved ones, personal savings and
crowdfunding pose the least risk to your credit and are easier for a startup to
obtain. With more experience, pitching to a venture capitalist or angel investor
could yield more funds in exchange for company equity.

• Solidify your brand and promote your business. Influencers control a large
portion of market activity, so that means you need to be the face of your brand.
Work on building a loyal following on social media before your business idea
launches. Build email lists, submit press releases and create anticipation for
your upcoming product or service.
 Helpful Tips To Remember During The Process
• Pursue what you love to do. All the work you put in has to be about more
than money. Passion will be the driving force behind your idea. It is
invigorating to work toward a business doing what you love. Without that
enthusiasm, it feels more like work that you will not want to continue.

• Think about how your idea will serve society. The world needs your ideas to
transition to useful products and services. They need convenience, fresh
solutions and relief from things that cause physical pain, or that are just a pain
in the rear. Aspiring entrepreneurs need inspiration and motivation from seeing
you win. Your brilliant idea can do great things for the community, or even the
nation.

• Build relationships and reach out when you need to. Networking still works
in this century, and evolutions have expanded the ways we can reach out.
Social media groups, meet-ups and mixers make it easy to make business
friends close to home or abroad. Forming these bonds will make your journey
less lonely and give you resources to nurture ideas. Connect with entrepreneurs
of all levels and types to learn how they are propelling their idea.
• Keep an open mind. Seasoned business owners, business partners or mentors may be
eager to critique your idea or challenge different areas of it. Be open to learning and trying
new business strategies. You may have to release what you had your heart set on and opt
for what makes sense from a marketing or financial perspective.

• Be ready for growth. You will grow personally and professionally as you devote a chunk
of your time to building your business. As the business grows, you will also have learning
curves that will expand your mind and the business. Scalable growth is essential in the
early days to make sure your demand does not exceed your supply and your workforce
does not outweigh your working capital.

• Prepare for delayed gratification. Bringing your business idea to life will require
sacrifice. To nurture your “baby,” you will work a lot of hours with little immediate
return. Delaying your social life, income and sleep are common in the startup phase, but
you will reap your reward when the business takes off.

• Don’t let fear hold you back. Some call it False Evidence Appearing Real. You create
fictitious circumstances in your mind of what could happen based on previous experiences
or witnessing others’ experiences. Don’t get stuck in fear. Move forward with a plan and
action backing your idea. Feed positivity to your mind by canceling self-limiting
beliefs and infusing affirmative thoughts.