ENTREPRENEUR

An entrepreneur is a person who starts and operates

a new business venture and absorbs much of the
financial risk that comes from doing that, rather than
having an outside investor fund the project.
Entrepreneurs strike out on their own or with a
partner or partners, taking a business idea and turning
it into a reality—usually by investing their own
money into the venture and sometimes getting loans
or seed money from family and friends.
SOURCES OF IDEAS
TRENDS:
• The start of trend that lasts for a considerable period
of time provides one of the greatest opportunities
for starting a new venture.
• Trends that will provide opportunities include green
trend, clean-energy trend , economic trend.
CUSTOMER:
• Informally monitor potential ideas and needs.
• Customer options and problem recognition.
EXISTING PRODUCTS AND SERVICES:
• Analysis uncovers ways to improve offerings that may
result in a new products or service.
FEDERAL GOVERNMENT:
• New products can come in response to government
regulations.
IDEA GENERATION
Idea generation is described as the process of
creating, developing and communicating abstract,
concrete or visual ideas. It’s the front end part of
the idea management funnel and it focuses on coming
up with possible solutions to perceived or actual
problems and opportunities.
IDEA GENERATION
TECHNIQUES
Even with the wide variety of sources
available, coming up with an idea to
serve as the basis for the new venture can
still be a difficult problem. The
entrepreneur can use several methods to
help generate and test new ideas,
including focus groups, brain storming
,checklist method and brain writing.
Focus groups
Group of individuals providing information in a structured format is called a
focus group . A focus group is a form of qualitative research in which a group
of people are asked about their perception ,opinions, attitudes towards a
product, a service , concept , advertisement , idea .
The group of 8 to 14 participants is simulated by comments form other group
members and developing new product idea to fulfill a market need. Focus
groups is interaction within the group based on topics that are supplied by the
researcher.
Brainstorming
A group method of obtaining new ideas and solutions is called brainstorming.
The brainstorming method for generating new ideas is based on the fact that
people can be stimulated to greater creativity by meeting with others and
participating with organized group experiences. The participants shout out
ideas as they occur to them and then build on the ideas raised by others .All the
ideas are noted down and are not criticized only when the brainstorming
session is over all the ideas evaluated.
CHECKLIST METHOD.
A checklist is a list of statements that describe
the characteristics and performance of
employees on the job.

The rater checks to indicate if the behaviour of

an employee is positive or negative to each
statement.
The performance of an employee is rated on the
basis of number of positive checks.

TYPES OF CHECKLIST
1.Simple checklist.
2. Weighted checklist.
3.Forced checklist.
Brain Writing
• Brain writing is also called the 6-3-5 method through
which many ideas can be generated in a short period of
time. The 6-3-5 Brain writing method comes from the
process of having 6 people each write down 3 ideas on
a large sheet of paper.
• They pass this paper on to the participant next to them,
who will then add another 3 ideas to the paper. This is
done 5 times and generates 6×18 = 108 ideas in less
than an hour. This method can also be carried out in
another setting for example 4-3-2.
• Brainwriting is a quick and easy method and the
number of participants can vary from 5 to 300