OPPORTUNITY AND IDEA GENERATION : Role of creativity and innovation in business
‘Business is not about the idea of power, but the power of ideas’ The starting point of any business organisation is a powerful idea. An idea worth thinking about, an idea worth enhancing and developing , an idea worth converting into a business.
BUSINESS OPPORTUNITY BUSINESS OPPORTUNITY is possibility for new profit
Either through (a) the founding and formation of anew venture, or (b) the significant improvement of an existing venture”.
Opportunity recognition can be considered as an activity that can occur both prior to establishment of a firm, and also post founding of a firm (throughout the life of the firm, and throughout the life of the entrepreneur).
IDEA GENERATIONis the creative process of generating, developing, and communicating new ideas.
CREATIVITY AND INNOVATION Creativity is the ability to bring something new into existence. Innovation is the translation of an idea into application, which has a commercial value.
APPROACHES TO GENERATING IDEAS Brainstorming:Under this approach all the members of the group attempt to make suggestions. This helps in generating a large number of product ideas. Improvement of an existing product:a business idea may be related to removing shortcomings in an existing product by means of technology. E.g. color TV was an improvement over black and white TV.
BRAINSTORMING Brainstorming is a method of generating ideas and sharing knowledge to solve a particular commercial or technical problem, in which participants are encouraged to think without interruption. Brainstorming is a group activity where each participant shares their ideas as soon as they come to mind. At the conclusion of the session, ideas are categorised and ranked for follow-on action. During brainstorming sessions there should be no criticism of ideas: You are trying to open up possibilities and break down wrong assumptions about the limits of the problem. Ideas should only be evaluated at the end of the brainstorming session – this is the time to explore solutions further using conventional approaches.
TECHNIQUES OF BRAINSTORMING Group Ideation Nominal Group Group Passing Mind Map SWOT Analysis Role Storming Brainwriting Edge Storming Think of the Solution
INNOVATIONis at the core of entrepreneurship, an entrepreneur does something new, key to entrepreneurial success is coming up with a new product, a new technology, new location, new market and so on.. IDEA GENERATION from entrepreneurship point of view clearly refers to either the discovery of a business idea or the development of an idea into a more feasible business concept over time. The IDEA could be a plan, proposal, suggestion, opinion or belief. A better informed entrepreneur would have bigger chances at recognizing emerging opportunities.
INVENTION AND INNOVATION :Primary function of entrepreneurship
INNOVATION IN ADVERTISING Innovation or creativity is, without doubt, the most important element of advertising as new ideas and ways of presenting a product are crucial in enhancing its appeal to customers. The Bleeding Edge of Innovation focuses on 3 trends which are nowadays essential for effective advertising: Platform thinking Brand utility Participatory culture
PRODUCT DEVELOPMENT The creation of products with new or different characteristics that offer new or additional benefits to the customer Product development may involve modification of an existing product or its presentation, or formulation of an entirely new product that satisfies a newly defined customer want or market niche Product Development works on Idea generation, product designing and it follows another path which works on the market research and market analysis.
PROCESS OF IDEA GENERATION IN PRODUCT DEVELOPMENT
Story of lijjatpapad Incredible 'rags to riches' story where a small idea and initiative from a few people became a huge and successful business venture. ShriMahilaGrihaUdyogLijjatPapad started in the year 1959 with a modest loan of Rs 80, , the cooperative now has annual sales exceeding Rs 301 crore (Rs 3.1 billion). ShriMahilaGrihaUdyogLijjatPapad, popularly known as Lijjat, is an Indian women’s cooperative involved in manufacturing of various fast moving consumer goods.
In this way a small idea and initiative by few women became a huge business entity, expanded all over India and even abroad, it provided employment opportunities to a number of people and livelihood to its employees with a sense of belonging and respect and standing in the society.
ORGANISATIONS DEDICATED TO IDEA GENERATION The Idea Generation Conducts seminars with client company’s employees to enhance creativity Power Decisions Group Consulting in Product Concept, Brand, and Advertising Theme Concept Idea Generation Idea Heroes An idea generation company which focuses on new ways of advertising products
BIBLIOGRAPHY www.google.com www.wikipedia.com ideageneration.com lijjat.com slideshare.com businessdictionary.com powerdecisions.com ideaheroes.com Modern business organisation by Gauri, Shankar Modern Business Organisation by CB Gupta