ENTREPRENEUR

SHIP UNIT
ONE(1)
2. THE ENTREPRENEURIAL
1. GENERATING IDEAS
PROCESS
STEPS IN THE
ENTREPRENEURIAL PROCESS
1. Idea generation – The process pf creating, developing and communicating ideas which are
abstract, concrete or visual
2. Opportunity recognition - Scanning the environment and being able to ‘capture’, ‘recognize’
and make use of the information
3. Business Concept – An idea for a business that includes basic information such as the service
or product, target demographic and a unique selling proposition that gives a company an
advantage over competitors
4. Resource Acquisition – Focuses on defining needs for the venture and getting the right
resources
5. Implementing and managing the venture – Establishing the organizational goals and the
action plan for achieving goals and marketing
6. Harvesting the venture – A plan of reduction or termination of investments in a product,
product line or line of business, so that entities involved can reap the maximum profits
THE PROCESS OF IDEA
GENERATION
• Intrapersonal sources – interests, likes, skills,
Sources of •
abilities, Competencies, experiences
Opportunities in the external environment –
Ideas technology, culture, economic, political
• Knowledge of product and market structure

• Brainstorming, focus groups, check lists method,

Methods to problem inventory analysis, scenario thinking
Generate • Notebook method, reverse brainstorming, Delphi
method, Gordon method, free association
Ideas

Evaluating
Ideas •
•
Screening ideas, feasibility
Selecting among competing ideas
METHODS OF GENERATING
IDEAS
1. Brainstorming
 Encouraging as many options or alternatives as possible
 Not criticisms of alternatives/ideas are permitted
 All ideas are recorded for further discussion and analysis
 The issue must be stated and understood by all participants

What are Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
2. Focus Group
 A structured grouping
 Individuals provide information on products
 A moderator informs on what is to be examined by the group

What are Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
3. Check List Method
 A series of questions with a focus point
 A series of stimulating questions
 The checklist should meet the needs of the situation

What are Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
4. Problem Inventory Analysis
 A method of arriving at new ideas by focusing on problems
 Similar to focus group where consumers are given a list of problems to discuss

What are the Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
5. Scenario Thinking
 A strategic planning tool for making long term plans
 Different scenarios allow us to exploe how to deal with a variety of situations in the future

What are the Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
6. The Notebook Method
 Ideas are generated by group members who regularly record the findings

What are the Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
7. Reverse Brainstorming
 Brainstorming using a group that focuses on the negative e.g. finding problems or faults with a
particular suggestion/idea
 Identify what is wrong with the idea

What are the Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
8. Delphi Methodology
 Method used to explore an issue with a group of people, usually experts in the field

What are the Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
9. Gordon Methodology
 Method of developing new ideas when individuals are unaware of the problem
 The general concept is presented and the group responds with a number of ideas

What are the Advantages and Disadvantages to this method?

METHODS OF GENERATING
IDEAS
10. Free Association
 Developing a new idea through a chain of word association

What are the Advantages and Disadvantages to this method?