Definition of

IDEA
An Opinion, A conviction, A thought or conception
which exist in the mind
⚫Ideas are instigators
⚫Ideas are business thought starters
⚫A good idea doesn’t suggest” wouldn’t it be cool if cars
fly? A good idea tells the entrepreneur how to make a
car fly” Oliver Reichenstein (2005)
⚫Businesses are based on business ideas
⚫The more realizable the idea, the more its worth.
Importance of Ideas to
Business
⚫“There is no way to create wealth without ideas. Most
new ideas are created by newcomers. So anyone who
thinks the world is safe for incumbents is dead wrong.”
Gary Hamel, chairman, Strategos
Ideas lead to:
⚫Creation of Wealth
⚫Organizational Growth
⚫Production of Goods and Services
⚫Makes a business competitive
⚫Makes a company innovative
Brainstormin
gto generate several ideas.
⚫This is the process of thinking through a specific topic

⚫Brainstorming sessions could be formal or informal

- One person trying to fish for ideas
- Group of people with a moderator thinking through
each others idea.
⚫Brainstorming sessions are usually informal since
relaxed atmosphere produces better ideas.
Barringer & Ireland(2012).
Focus
Groups
⚫5 and up to 10 people selected due to their relationship
and insight into the topic at stake to generate business
ideas through a frank discussion Barringer &
Ireland(2012).
⚫Focus Groups could be selected from the customer
base, employees, a research group or any group with
good knowledge on the subject.
⚫There is a moderator who enables and challenges the
group to give off their best.
Resear
ch
⚫Library- Research
⚫ Internet- Research

These two sources provide industry information and

point to sources of niche in the industry
Customer Advisory Boards
⚫Companies and organizations could set up customer
advisory boards which meets regularly to needs, wants
challenges and problems.
⚫The ultimate goal of customer advisory boards is to
find out new ideas to confront the needs, wants,
challenges and problems that face the organization.
Family, Friends, Experiences
Bouncing ideas off
⚫Spouses
⚫Family
⚫Friends
⚫Work Colleagues
Life’s Experiences.
⚫ need
⚫Customer service experiences
⚫Pleasant accidents and surprises
Personal Illumination
⚫Sometimes ideas drop into the mind of an
entrepreneur at the spare of the moment and in the
moment of quietness.
⚫Sometimes while staring at a product or thinking
about a service, an idea pops up.
⚫Sometimes while pondering over a problem or a
challenge, ideas are generated.
What to do to be Effective at Idea
Generation
For an entrepreneur to be effective at idea generation,
there is the need for the following:

⚫Know the industry-perfect knowledge of the industry

⚫Identify sources of opportunity in the industry
⚫Be Open to all ideas and curious enough to gather
enough information about the idea
⚫Temper big ideas and dreams with reality.