Idea generation is the key point for the commencement of business. It generates new concepts about the venture. Ideas support the venture creation. Entrepreneurs use different techniques to create the best ideas. Competent business people collect different kinds of information, select the best information, and make them business ideas. Various methods of idea generation creates unique concepts of the venture creation.
Methods of Idea Generation
Ideas are stimuli for the business people. It helps to commence the business in small way or vary way. Here we can discuss some methods of idea generation.
Brainstorming
Brainstorming is a group discussion method for idea generation. It is a well-known technique for the collection of information for idea creation. It involves groups of individuals freely expressing experiences or ideas which contribute to stimuli creativity of ideas. It focuses on quantity of individuals not quality, with the belief of greater probability of new ideas.
They collected information refined and combined from innovative solutions. Every piece of information is generated in the group discussion, and their potentiality about the business is checked. Positive and negative ideas arise in the discussion, but entrepreneurs choose suitable ideas as necessary for business.
Mind Mapping
Mind mapping is based on visual techniques. It creates diagrams to represent ideas and ideas-related relationships. Different ideas are generated with unique natures and mind mapping starts the ideas with a central concept. It organizes various thoughts and uncovers the relationships of those ideas.
In this technique, ideas are concerned with a central concept. To meet and combine central concept ideas are gathered from various sources. It discovers the connection of suitable ideas for the business venture.
SWOT Analysis
SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis is used in business to analyze the internal and external factors. Different kinds of factors affect business activities, however, SWOT analysis helps to categorize the favorable factors and those that are unfavorable for the business venture.
Business people’s ability refers to the strengths, it stimulates to commence the business. Weaknesses could be minimized with training, education, skills, and so on. They accept the opportunities analyze whether they are suitable or not for the business and manage the threats appropriately. Opportunities and threats have come together, they are unavoidable factors in the business environment. Hence, business people must analyze such factors to generate the best ideas to start a venture.
Scientific Method
The scientific method is mostly used in fields of inquiry. In this method, a business person defines the problems, analyzes them, gathers their data, and makes probable solutions to resolve them, then chooses the best ideas supported by the business. This method follows the principles and processes according to business to develop new ideas.
Based on the principles and processes, they observes the different sources of ideas, gathering the various information is also the vital task. It conceptualizes ideas and make them business related ideas.
Reverse Thinking
Reverse thinking is concerned with roll over of goals upside down. It is based on opposite perspective to generate the ideas. Entrepreneurs focus their achievement, but brainstorms the ideas opposite way from that perspective. It demands creative mind to develop the ideas for workable form. Normally it is not possible to generate the ideas in opposite manner. It is unconventional technique to idea generation for business.
Role Play and Persona
Role playing consists assuming various roles about the venture related challenges. Entrepreneurs roles are differ from person to person, it may suitable to perform different tasks as the nature of the business. Different participants can generate different ideas, as they have not considered in their normal way. Every people have capacity to develop ideas based on the nature of the people. It may suitable on one side of business, make the business upward at smoothly.
This method encourages the competent entrepreneurs to think outside of the box. Only considering own business related ideas may not be profitable. But analyzing competitive market environment, competitors, and customer desires might be helpful to develop ideas.