Detail about opprtunity

1. : Role of creativity and
innovation in business

2. ‘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.

3. BUSINESS OPPORTUNITY is possibility for new
profit
HOW?
Either through (a) the founding and formation of a
new 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).
BUSINESS OPPORTUNITY

4. •IDEA GENERATION is the creative process of generating,
developing, and communicating new ideas.
Thought
cycle 1.innovation
2.development
3.actualization

5. CREATIVITY AND INNOVATION
CREATIVITY
Innovation
: Doing
different
things
Creativity:
Doing things
differently
Creativity is the ability to bring something new into
existence.
Innovation is the translation of an idea into application,
which has a commercial value.

6. 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.

7. 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.

8. TECHNIQUES OF
BRAINSTORMING
 Group Ideation
 Nominal Group
 Group Passing
 Mind Map
 SWOT Analysis
 Role Storming
 Brainwriting
 Edge Storming
 Think of the Solution

9. ENTREPRENEURSHIP
Entrepreneur
initiative
The act of being
an entrepreneur
can be defined
as initiating
innovation into
business
situations to
transform them
into economic
benefits. innovation

10.  INNOVATION is 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.

11. INVENTION AND
INNOVATION : Primary
function of entrepreneurship

12. ENTREPRENEURSHIP VIEWS
BASIS RECOGNIZED DISCOVERED ENACTED
Supply/Demand Supply and demand
are known
Only demand
known
Both supply and
demand unknown
Information
Assumptions
Complete
information
available
Information
imperfectly
distributed
Negligible
information
available
Opportunity Efficient use of
resources
Creating new ways
to achieve ends
Creating new means
and ends
Success Statistical
achievement
Outliving failures Mutually negotiated
consensus
Risk
Management
Through
diversification
Through
experimentation
Through
effectuation

13. 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

15. 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.

16. •Opportunity Identification
•Opportunity Analysis
•Idea Genesis
•Idea Selection
•Concept Development

17. Story of lijjat papad
Incredible 'rags to riches' story where a small idea and
initiative from a few people became a huge and successful
business venture.
Shri Mahila Griha Udyog Lijjat Papad 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).
Shri Mahila Griha Udyog Lijjat Papad, popularly known
as Lijjat, is an Indian women’s cooperative involved in
manufacturing of various fast moving consumer goods.

18.  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.

19. 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

20. 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