How To Generate Business Ideas


Msesetz: entrepreneurs identify more ideas than opportunities because many  ideas are typically generated to find the best way to capitalise on an opportunity.  Several techniques can be used to stimulate and facilitate the generation of new

ideas for products, services and businesses. As follow below:-

Brainstorming
This is a process in which a small group of people interact with very little structure, with the goal of producing a large quantity of novel and imaginative ideas. The goal is to create an open, uninhibited atmosphere that allows members of the group to freewheel deas.

Normally, the leader of the group asks the participants to share their ideas. As group  members interact, each idea sparks the thinking of others, and the  spawning of ideas becomes contagious.

Focus Groups
These are group of individuals who provide information using a structured
format. Normally, a moderator will lead a group of people through an open, in depth discussion. The group members will form comments in open-end in-depth discussion for a new product area that can result in market penetration. This technique is an excellent source for screening
ideas and concept.

(c) Observation
A method that can be used to describe a person or group of people behaviour by probing:
(i) What do people/organisations buy?
(ii) What do they want and cannot buy?
(iii) What do they buy and don't like?
(iv) Where do they buy, when and how?
(v) Why do they buy?
(vi) What are they buying more of?
(vii) What else might they need but cannot get?

Surveys
This method is proposed by Zikmund (1994). This process involves the gathering of data based on communication with a representative sample of
individuals. This research technique requires asking people who are called respondents for information either verbally or by using written questions. Questionnaires or interviews are utilised to collect data on the telephone or
face-to-face interview.

Emerging Trends
The example is based on the population within your area may be getting older and creating demand for new products and services.

Research and Development
Research is a planned activity aimed at discovering new knowledge, with the hope of developing new or improved products and services.
Researching new methods, skills and techniques enable entrepreneurs to enhance their performance and ability to deliver better products and services.

Tradeshows and association meetings
This can be an excellent way to examine the products of many potential
competitors, uncover product trends and identify potential products.

Also Other Technique, This can be achieved by reading relevant trade magazines and browsing
through trade directories. These may include local, national and foreign
publications

SIMILAR POSTS

Write Your comment Here

Comments