Idea Creation & Exploring Opportunities

Presented By: Abhishek Bhartiya(004) Bhartiya(004) Amarjeet Singh(008) B. Aditya Mohan(024) Gargi Banerjee(034) Banerjee(034) Kavita Rai(044) Rai(044) Nishtha Sharma(059) Wasim Shaikh(131) Shaikh(131)

Ideas
Business ideas are all around you. Some business ideas come from a careful analysis of market trends and consumer needs; others come from serendipity. If you are interested in starting a business, but don't know what product or service you might sell, exploring these ways of getting business ideas flowing will help you choose.

Sources of Ideas
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Consumers Distribution channel Existing product and services Changing needs of people R&D Reading Recognizing fads Emerging trends

Idea Identification
‡ Personal reflection and self-discovery to determine what you really want, what really excites you, and how that might apply to a business. ‡ Capture ideas that come into your mind, both the spontaneous kind that just pop into your head as well as the "slow burning" kind that emerge over time. ‡ Pay attention to the world around you and look for needs or desires that are not met by someone else's products or services. ‡ Replicate another successful business, but in a way that is tailored to your marketplace and incorporates unique features that make your business stand out in some way ‡ Think about where you like to shop, eat, spend your time, etc., and pursue a franchise opportunity in that area ‡ Once you discover a great idea and test it against sound business practices, if it appears to be a viable business idea then you are in a position to move forward and start your own business.

Idea Generation Methods
Traditional Method:
‡ It is much less creative than it is methodical. It follows that ideas are born out of research and evaluation; based on measurable criteria, and then massaged and analyzed and tested through an exhaustive process of planning and preparation. The key is to be very thorough and very patient, because it takes time and serious thought to get from the initial step of selecting an industry to the final step of actually starting the business. Many entrepreneurs are found to generate their ideas by paying attention to the things in their lives about which they have greatest enthusiasm and passion.

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Idea Generation Methods
Other Methods: ‡ FOCUS GROUPS: Groups of individuals providing information format ‡ BRAINSTORMING: A group method for obtaining new ideas and solutions ‡ PROBLEM INVENTORY ANALYSIS: A method for obtaining new ideas and solutions by focusing on problems

Creativity
‡ Creativity is the ability to do old things in a new way, or to see new solutions to problems or to figure out different ways that things can work together. ‡ The more creative you are, the more good ideas you are likely to generate, and good ideas are the first step to business success. ‡ Creativity is an important attribute of a successful entrepreneur. Unfortunately, creativity tends to decline with age, education, lack of use and bureaucracy. ‡ Creativity, that is not nurtured, can diminish until it lies dormant and appears to have disappeared. The good news is that you can increase your creativity by nurturing it.

Creative Problem Solving
Creativity can be unlocked and creative ideas and innovations generated by using any of the creative problem-solving techniques, that are mentioned below:

‡ Brainstorming:

generate ideas about a problem within a limited time frame through the spontaneous contributions of participants. Similar to brainstorming, except that criticism is allowed. The process usually involves the identification of everything wrong with an idea, followed by a discussion of ways to overcome these problems. Brain writing is silent, written generation of ideas by a group of people. The participants write their ideas on special forms or cards that circulate within the group. the individuals are unaware of the problem

‡ Reverse brainstorming:

‡ Brain writing:

‡ Gordon method: Method for developing new ideas when

Creative Problem Solving
‡ Checklist method: a new idea is developed through a list
of related issues or suggestions. The entrepreneur can use the list of questions or statements to guide the direction of developing entirely new ideas or concentrating on specific idea areas. Developing a new idea through a chain

‡ Free association:
of word associations.

‡ Forced relationships:

It is a technique that asks questions about objects or ideas in an effort to develop a new idea.

‡ Collective notebook method:

Developing a new idea by group members regularly recording ideas.

Creative Problem Solving
‡ Attribute listing method:

Developing a new idea by looking at the positives and negatives.

‡ Big-dream approach:

Ideas should be conceptualized without any constraints until an idea is developed into a workable form.

Exploring Opportunities
Business Opportunity may be defined as a business proposal an entrepreneur would like to pursue considering risk and the reward involved in the proposal which may be manufacturing or servicing or trading.

Not Missing Opportunities
To avoid missing this opportunity, we need to keep in mind:
‡ Listen: Listen:
Open your ears to what friends, colleagues and business associates are saying. Listen to financial reports on television and radio. of interest to you. For example, if you lean toward real estate investing, be knowledgeable about interest rates for commercial and/or residential real estate and other topics related to real estate investing. Current events reveal trends in markets.

‡ Be Informed: Stay current on events, especially topics that are Informed:

‡ Read: Read:

Be an avid reader. In our time, most people have quit reading. Discipline yourself to skim headlines of newspapers, magazines, internet sites, etc. Then take the time to read in depth what has caught your interest from reading the headlines.

Not Missing Opportunities
‡ Awareness: Awareness:
Be aware of what's happening around you, business-wise. Take notice of new shops and stores, new construction and improvements. Notice advertising, billboards and marketing campaigns that other businesses are deploying. Businesses that are growing are investing in marketing, advertising or enlarging their facility. These are all indicators of opportunity. There are many books about positive thinking that are available, get one or two and read them! Positive thinking works because you are what you think and you feel what you want. Abraham Lincoln said, "Most folks are about as happy as they make up their minds to be." Make up your mind to be successful, happy and positive. Your life will reflect what you think, you'll see opportunity as you never have before.

‡ Think Positive: Positive:

Not Missing Opportunities
ts: ‡ Curre t Eve ts:
Ma y ti es si ess rt ities are c ecte t c rre t eve ts; c si er t e case f i t e after at f a at ral cala ity like a rrica e. F r exa le, sa s f trees ee e t e re ve fr es, t rive ays, yar s, r a s, fe ces, etc. T e l cal tree c a ies ere si ly ver el e . N ay c l t ey ake a e t i t e s eer v l e f rk t i a y reas a le a t f ti e. He ce, a rt ity f r tsi e tree c tract rs t c e a fi rk. T is as als tr e i t e r fi g, re eli g, fe ce c str cti sect rs as ell.

Opportunity in Entrepreneurship
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Entrepreneurship can be viewed as a process through which individuals pursue opportunities with the resources at their disposal. Research has established that Network entrepreneurs identify more opportunities than their solo counter parts. Prior knowledge refers to the body of knowledge which the individual/group carries within itself before approaching a business situation. There are three major identified dimensions of prior knowledge that are important to the process of entrepreneurial opportunity identification:  Prior knowledge of Markets.  Prior Knowledge of ways to serve markets.  Prior knowledge of customer problems

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Entrepreneurial opportunity identification framework
Alertness

Social Network

Entrepreneurial Ideas

Entrepreneurial Opportunities Identified

Prior Knowledge

Perceived, Desirability & Feasibility

Understanding interrelationships
‡ ‡ People with proactive attentiveness to information (alertness) will extend their social networks, as diversely as possible to gain more new or unique information. Diverse social networks serve as a platform that frames what information people receive in addition to the quality, quantity, and speed of the receipt of that information. five stages of the entrepreneurial opportunity identification process The first stage includes proactive attentiveness to information, social networks and prior knowledge . These are antecedents to associative thinking ability of an entrepreneur. In the third stage the entrepreneurial idea emerges based on above thought process Evaluation of an idea Identification as an entrepreneurial opportunity.

Thank You!!

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