Science

2. Generation of Ideas
 It is the process of creating, developing and
communicating ideas which are abstract,
concrete or visual it focuses on finding
solutions for a problem
 Generation of big ideas is key to strategic
thinking Big ideas help the company to grow
faster than others in the business. Big Ideas
can be simple, straight forward, big or bold.
 Generation of ideas is the creative process of
generating new methods to solve problems
and to improve the product’s conditions of the
company.

3. Tips for Generation of Ideas
 Build an idea management system and
process in place
 Appoint an Idea Manager
 Include everyone
 Acknowledge every idea and don’t dismiss
anything
 Dedicate time of innovation
 The motto of generation of Ideas “Creative
thinkinig inspires ideas. Ideas inspire change”
 Source of generation of ideas are shown in
fig.5.1

5. Source Generation of new
ideas for entrepreneur are listed
below
 Customers
 Existing Organisation
 Distribution channels
 Government
 Financial Institutions
 Research and Development
 Trade shows, fairs and exhibitions
 Focus Groups
 Brain Storming
 Collective note book, method
 Checklist method
 Synectics method
 Dream approach
 Market gap analysis
 Life style analysis method

6. Business Idea Generation
Steps
Fig.5.2.7 Business Idea Generation tips

7. Life Cycle of Idea Management
is shown in Fig.5.3
Life Cycle of Idea Management

8. Techniques of Generation of
Idea

9. Flow Chart for the Process of
Generation of Ideas

10. SCAMMER

11.  Substitute
This technique refers to replacing a part of
company product with another to attain better
outcome
Combine
This technique combines two ideas into one to
obtain more effective solution
Adapt
This technique analyses the process and makes
it more flexible
Modify
This technique aims to improve over all result.

12.  Put to another User
This technique finds the ways to use the
existing idea for another purpose and
analyses the possible benefits.
Eliminate
This technique eliminates one or more
parts of the concept and examines the
possible outcome
Reverse
This technique focuses on reversing the
order of interchangeable elements of an
idea.

13. Idea Generation Activities
 Idea generation workshops
 Idea Generation in entrepreneurship
 Idea Generation in product development
 Idea Generation tools, etc.,

14. BUSINESS IDEA VS
BUSINESS OPPORTUNITIES
Business Ideas Business Opportunities
1. Unproven Concepts Proven Concepts
2. Concept to be used to make money Concept has proven commercial value
3. Concept without real customer Concept validated with real customers
4. Need inspiration Need Perspiration
5. Don’t need market research Need market research
6. Focuses on trying something which is not
tested to great success in the market
Involves in taking advantage of an existing
market, its customer base, demand to build a
successful business

15. 7. Every Business idea must have
following
- Prospective Market
- Solve the customers problem
- Be unique in the market
- Be Innovative
- Prospective revenue sources
- Profitability in the long run
Every business opportunity that have
the following
- High gross margin of the business
- The investment required is start up
must be realistic and within what the
company of raise
- Have the potential to keep’s
improving with time
- Have the skills to market the
business successful

16.  A business idea can become a business
opportunity only if it meets the following
conditions
 Business idea is attractive to customers
 It forecasts high gross margin
 It has the potential to break even within 12 –
36 months
 Customers can afford products and services
the result from the specific business idea
 An entrepreneur can turn the specific business
idea into business reality

17.  Conclusion
 Potential business opportunities are
built on good business ideas. But, not all
good ideas translate in the valuable
opportunities. Understanding his
difference is key to make the right
decisions.

18. Selecting the right opportunity
 For any person. It is important to know when a right opportunity comes
to him.
While Selecting the right opportunity in a firm. He/she should consider the
following aspects
Educational compensation and opportunity
Promotional Path
Size of the firm
Track record of the firm
Turn over of the firm
Reputation of the firm
Stability of the firm
Staff of the firm
Support of the firm
Work – life balance
Commute
Expectations of his/her role

19.  Before selecting the right opportunity to
attain success you follow the activities
listed below
 Define your career and life goals
 Take into account your past experiences
 Consider the type of company and its
reputation
For any business person to be successful in
the market, He/she should identify the
following opportunities.

20.  Speak to prospects he/she has lost.
 Talk to current customers
 Analyze the competitors
 Understand the market
 Explore indirect opportunitiites
 Look at environmental factors
 Analyse foreign markets
 Investigate other industries etc.,

21. Conclusion
 While selecting the right business
opportunities always remember the following
famous quotes
 Opportunites seldom knocks twice
 Never neglect opportunity for improvement
 Seize the opportunity when it comes up
 Nothing is more expensive than a missed
opportunity
 Small opportunity often the beginning of great
enterprise
 In the middle of every difficulty lies opportunity

22. Main steps of product selection
 Exploration
 Screening
 Business analysis
 Development
 Testing
 Commercialisation

23.  Exploration  New ideas are generated from
sales force, share holders, management,
employees.
 Screening  Technical feasibility of the idea is
analysed.
 Business Analysis  Commercial feasibility of
the ideas analysed
 Development  A working model of the
product is developed to evaluate the
practicability of the new idea.
 Testing  Working model is redesigned to
production prototype and tested
 Commercialisation  By production methods,
product is developed and marketed
successfully.

25. Importance of Product
Selection
 Changes in Business risk
 Changes in financial Risk
 Changes in the existing production system
 Changes in existing marketing system
 Changes in channels of sales and distribution
 Changes in Organisation structure and
personal positions
 Tapping new sources of raw materials
 Changes in the competitions
 Changes in the product position

26.  Line diagram shown below explains selectoin

28. THANK YOU