This document discusses the importance of creativity, innovation, and idea generation for business. It defines key terms like business opportunity, idea generation, and creativity. It also describes approaches to generating ideas like brainstorming and improving existing products. Brainstorming techniques are explained, and entrepreneurship is discussed as being at the core of innovation. The story of Lijjat Papad, a successful women's cooperative in India, is provided as an example of how a small idea can become a large business. Finally, some organizations dedicated to idea generation are listed.

1. OPPORTUNITY AND IDEA GENERATION: 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 OPPORTUNITYBUSINESS OPPORTUNITY is possibility for new profitHOW?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 GENERATIONIDEA GENERATIONis the creative process of generating, developing, and communicating new ideas.CREATIVITY AND INNOVATIONCreativity is the ability to bring something new into existence. Innovation is the translation of an idea into application, which has a commercial value.

4. APPROACHES TO GENERATING IDEASBrainstorming: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.

5. BRAINSTORMINGBrainstorming 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.

6. TECHNIQUES OF BRAINSTORMINGGroup IdeationNominal GroupGroup PassingMind MapSWOT AnalysisRole StormingBrainwritingEdge StormingThink of the Solution

7. ENTREPRENEURSHIP

8. 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.

9. INVENTION AND INNOVATION :Primary function of entrepreneurship

10. ENTREPRENEURSHIP VIEWS

11. 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

13. PRODUCT DEVELOPMENTThe creation of products with new or different characteristics that offer new or additional benefits to the customerProduct 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 nicheProduct Development works on Idea generation, product designing and it follows another path which works on the market research and market analysis.

14. PROCESS OF IDEA GENERATION IN PRODUCT DEVELOPMENTOpportunity Identification

15. Opportunity Analysis

16. Idea Genesis

17. Idea Selection

18. Concept DevelopmentStory of lijjatpapadIncredible '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.

19. 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.

20. ORGANISATIONS DEDICATED TO IDEA GENERATIONThe Idea Generation Conducts seminars with client company’s employees to enhance creativityPower Decisions GroupConsulting in Product Concept, Brand, and Advertising Theme Concept Idea GenerationIdea Heroes An idea generation company which focuses on new ways of advertising products

21. BIBLIOGRAPHY www.google.comwww.wikipedia.comideageneration.comlijjat.comslideshare.combusinessdictionary.compowerdecisions.comideaheroes.com Modern business organisation by Gauri, ShankarModern Business Organisation by CB Gupta