Creativity & Business Idea

SOURCES OF NEW IDEAS

Some of the more frequently used sources of ideas for entrepreneurs
include: consumers, existing products and services, distribution
channels, the government, and research and development.
Consumers
Potential entrepreneurs should continually pay close attention to potential
customers.

This attention can take the form of informally monitoring potential ideas
and needs or formally arranging for consumers to have an opportunity to
express their opinion.

Care needs to be taken to ensure that the idea or need represent a large
enough market to support a new venture
Existing Products and Services
Potential entrepreneurs and intrapreneurs should also establish a formal
method for monitoring and evaluating competitive products and services
on the market.
Frequently, this analysis uncovers ways to improve on these offerings
that may result in a new product or service that has more market appeal.
Distribution Channels
Members of the distribution channels are excellent sources for new
ideas because of their familiarity with the needs of the market.
Not only do channel members frequently have suggestions for
completely new products but they can also help in marketing the
entrepreneur's newly developed product.
One entrepreneur found out from a sales clerk in a large departmental
store that the reason his hosiery was not selling was its color.
Government
The government can be a source of new product ideas in two ways.
First, the documents of planning commission contain numerous new
product possibilities.
Secondly, new product ideas can come in response of government
regulations
Research and Development
The largest source of new ideas is the entrepreneur’s own research and
development efforts which may be a formal endeavor connected with
one’s current employment or an informal lab research.
METHODS OF GENERATING IDEAS
Focus Groups
Brainstorming
Problem Inventory Analysis
Assignemnt#1
Case study of an Entrepreneur/ Businessman
Assignment#2
Meet 1 Jobless person, Job holder and a business man
Take their views
Jobless -----Job or Business and why????
Job holder----------Satisfied/ Not satisfied. Why
Businessman---------Satisfied/ Not satisfied

Businessman/ Jobholder Advantages ---Disadvantages

Assignment#3
Case Study
As an entrepreneur, how FREDERICK W. SMITH is different from
other entrepreneurs?
what innovative thought triggered him to start freight-only
business ???
List down number of crisis he encountered during his journey???

Timeline of his success??? Major success events during his journey

Assignment#4
Evaluation of “Business Plans”

Fb Page Address: Entrepreneur of 2k13

Group of 3 students
Evaluate Product critically on the basis of NEED, CREATIVITY,
MARKETING(Video and Poster)
Class Activity
First 15 students
Visit the campus area and find out what business, people would like to
opt in case not having any job after the degree and why????