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Idea Generation Strategies for Entrepreneurs

Unleash your creativity with practical tips and exercises to generate innovative business ideas. Explore brainstorming, problem-solving, and lateral thinking techniques. Discover how to identify market needs, develop products, and navigate the product life cycle. Enhance your entrepreneurial skills and qualities to start your own successful venture.

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Idea Generation Strategies for Entrepreneurs

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  1. Enterprise: Starting your own Business Caroline McHale November2009

  2. “Business opportunities are like buses, there’s always another one coming.” Richard Branson, Founder, Virgin Enterprises

  3. Idea Generation

  4. Idea Generation Where do I begin? Fun 95% perspiration and 5% inspiration

  5. Idea Generation

  6. Idea Generation Left Brain / Right Brain Both

  7. Idea Generation Creative Thinking • 5% of adults over the age of 20 years consider themselves to be ‘Creative’. • 95% of children between the ages of 5 and 10 years exhibit a strong tendency towards creativity. Imagination is the fuel for creativity.

  8. Thinking ‘Outside the Box’ ‘ Inside the Box’ Idea Generation Try this exercise. What is half of 10? Both Try this exercise.

  9. Ideas Notebook Record unusual or interesting ideas. Camera/folders/etc

  10. Ideas Notebook Always carry an ideas notebook. Words/Pictures/Photographs Date ideas Re-visit and examine Encourage an ‘idea a week/month’ www.northconnaughtidea.ie

  11. Paperclip Challenge How many uses for a paperclip? Individual Group

  12. The ability to generate ideas comes from intuition, but is amplified by experience! Exercise your imagination Create a false crisis!!!! Idea Generation

  13. Everyone can search for and find ideas. The bicycle tyre - Vet The Frisbee - Baker Cornflakes - Farmer

  14. There is no magical formula…. Think in new ways…….. Associate things that don’t have an obvious link….. Find new uses for old things……. Analyse why something is not working…… Find solutions for consumer problems…… Identify a niche market……..

  15. There is no magical formula…. Recognise changes in consumer tastes……. Analyse the failures of others….. Apply new technologies in new ways… Try something different…Food Watch a TV show you don’t normally watch….

  16. Strategies Brainstorming Brain writing Matrix/ Scamper/ PEP Mind Maps Problem Solving Lateral / Creative thinking

  17. BrainstormingA poorly planned brainstorming session could cause more harm than good. Idea Generation Sharpen the Focus Strict rules Start with a number Stages for a facilitator Start- middle- end Space for ideas Stretch your mental muscles Show and tell

  18. Brain writing Idea Generation Ideas are written Individual Pair work Group work Variations.

  19. Idea Generation Scamper - Product

  20. Matrix Idea Generation Features: Colour Size Gift Markets: Babies Communion Religious Elderly Homeowners

  21. Matrix Idea Generation

  22. PEP approach Idea Generation Pre - Experience Experience Post - Experience What could make life easier for people when brushing their teeth?

  23. Mind Map Slate

  24. Mind Map Slate

  25. Problem Solving Problems mean opportunities Many a good idea has come from finding a solution to a problem. What causes the Problem? • Think Backwards • Think Bigger • Think smaller

  26. Steps in Problem Solving • Check the facts • What is causing the Problem? • Identify Solutions • Prioritise the Ideal solution • Implement • Evaluate

  27. Problem Solving Idea Generation Shift focus Make it unnecessary Reduce the problem Substitute Traffic Congestion

  28. Problem Solving Idea Generation Stain Remover Burglar Alarm Shopping trolley Spray Starch Fast Food

  29. Lateral Thinking……. Idea Generation Encourage students to Be adventurous • Take new paths ….not the logical / obvious choice

  30. Lateral Thinking……. Idea Generation Garages Billboards Crisps Organic food Scarf………….

  31. Develop a new idea Copy an idea Alter an idea Buy a business Idea Generation

  32. Product Life Cycle Idea Generation Introduction Growth Maturity Saturation Decline

  33. Product Life Cycle Idea Generation S A L E S 0 T I M E

  34. Idea Generation Needs and Wants The trick is to provide something that enough people want. Look around………… Can you identify needs?

  35. Other ideas…….. Idea Generation Events Craft Fair Car boot sales Buy and sell Local Markets Lifestyles Food

  36. Idea Generation Come to a road block ensure to take a detour

  37. Idea Generation Any Interesting Ideas! Thank You

  38. www.sligoenterprise.ie www.startingabusinessinireland.com

  39. www.basis.ie

  40. www.eoy.tv

  41. www.cro.ie

  42. Exploring EnterpriseA teaching and learning resource

  43. Engage the learner Teach for understanding Stimulate Recall A Typical Lesson

  44. Individual Work Pair Work Group Work Discussion Brainstorming Case Studies Project Work Presentations Using ICT CD ROMS Review & Evaluation Strategies Questioning Worksheets Matching Exercises Photos Newspapers Magazines DVD Resource Packs Textbooks Wall Charts/Posters Mind maps Methodologies & Resources

  45. What do you understand by the term ‘Entrepreneur’?

  46. Are these people enterprising?

  47. Skills Planning & Goal Setting Innovation Decision Making Communication Human Relations Management Delegation Motivation Leadership Assessing and Managing Risk Time Management Stress Management Reality Perception Networking Qualities Decisive Good Leader Highly motivated Independent Energetic Good communicator Flexible Positive self image Self – confident Opportunistic Innovative & Creative Persistent Determined Hard working Seeks challenge Enterprising Skills & Qualities

  48. The Business Plan Business Plan

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