Creativity, the business idea & opportunity analysis

1. Creativity, the business idea & opportunity analysis Entrepreneurship

2. Sources of New Ideas • Consumers • Existing Products & Services • Distribution Channels • Federal Government - New ideas can be generated through the patent office - New ideas can also come in response to government regulations. • Research & Development

3. Methods of Generating Ideas • Focus Groups: Groups of individuals providing information in a structured format. • Brainstorming: A group method for obtaining new ideas and solutions by participating in meetings and organized group experiences. • Problem Inventory Analysis: uses individuals for obtaining new ideas & solutions by focusing on the problems.

4. Creative Problem Solving • Brainstorming: spontaneous idea generation without judging the viability. • Reverse Brainstorming: is similar to brainstorming but the focus is on criticism and finding the negative aspects of a product, service or idea. • Brain writing: form of written brainstorming, however, participants have more time to respond.

5. Innovation • Innovation means a new way of doing something. • Types of Innovation • Breakthrough Innovation: Breakthrough innovation establishes a platform on which future innovations in an area are developed. It often changes the course of action of an industry. These include steam engine, computer, airplane, internet etc. • Technological Innovation: are more frequently developed. These involve scientific discoveries that trigger advancements in a certain product/market area. Such as jet planes, personal computers etc. • Ordinary innovation: Most frequent type of innovation which comes from market analysis. It results in extending a technological innovation into a better product or a service or one that has better market appeal.