Entrepreneurship: Creativity And The Business Idea

A. A sound unique idea for a new goods and services, properly evaluated, is vital to effectively start a fresh business. 1. Potential business owners should constantly pay close attention potential customers. 2. This can be an formal or casual survey of consumers expressing their opinions. 3. Be sure that the basic idea represents a big enough market. C. Existing Services and Products.

1. Potential business owners should establish a formal way for monitoring and analyzing the products and services on the market. 2. This might uncover ways to improve on present products, resulting in new goods and services ideas. 1. Because they are acquainted with the needs of the market, channel members often have recommendations for new products. 2. These channel users can assist in marketing the new product also.

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1. The documents of the Patent Office contain numerous new product opportunities. The patents can suggest other new product ideas. Several federal government companies and magazines, such as the Official Gazette, monitor patent applications. 2. New product ideas can come in response to government regulations also. F. Development and Research. 1. The largest source for new ideas is the business owner’s own research and development.

2. This can be a formal endeavor connected with one’s current work or an informal lab in the garage area. A. There are several methods to help generate and test new ideas as a basis for the new endeavor. 1. Focus group interviews involve a moderator leading a mixed group through an open in-depth conversation rather than simply requesting questions.

2. The moderator concentrates the dialogue on the new product area in the directive or nondirective manner. 3. The participants are stimulated by responses from other group associates in developing a new product idea. 4. The focus group is an excellent method for initial screening of ideas and concepts also.

1. Brainstorming allows people to be activated to greater creativeness by participating in organized group exercises. No criticism is allowed by anyone in the combined group. Level of ideas is desired. Improvements and Combos of ideas are encouraged. 3. Brainstorming sessions should be fun with no one inhibiting or dominating the discussion.

D. Problem Inventory Analysis. 1. Problem inventory evaluation uses individuals in a manner similar to focus groups, but of producing new ideas instead, consumers are given a list of problems for a general product category. 2. They are then asked to identify products in this category which have those nagging problems. 3. It is easier to connect known products to suggested problems in the creation of new product ideas.

4. Problem inventory analysis should be used mainly to identify product ideas for further development. 5. Results from product inventory analysis must be carefully evaluated as they may not actually reflect a new business opportunity. A. Creative problem resolving is important in determining a new product, but personal creativity declines with age, education, insufficient use, and bureaucracy.

1. Creativeness declines in stages generally. 2. Latent creative potential can be stifled by perceptual, social, emotional, and organizational factors. B. Brainstorming, the most used technique broadly, can generate possible ideas in regards to a nagging problem in a restricted time through spontaneous efforts of participants. 1. Once the problem statement is prepared, 6 to 12 folks are selected, without group member being an expert in the field of the problem. 2. All basic ideas are documented, with no criticism allowed.

1. Reverse brainstorming is comparable to brainstorming, except that criticism is allowed. 2. Since the concentrate is on the negative areas of something or product, care must be studied to preserve group morale. 3. The process involves determining everything incorrect with a concept usually, a dialogue of ways to conquer the issues then. 1. Brain writing is a form of written brainstorming. 2. It really is silent, written generation of ideas by a combined group of people. 3. Individuals write their ideas on special forms that circulate within the combined group.